The Founding Fathers certainly didn’t intend for members of Congress to be elected to represent “We the People” and then use their elected offices to fatten their bank accounts — but unfortunately, that seems to be a top priority for many of those serving in both chambers these days. And House Speaker Nancy Pelosi (D-CA) is no exception.
A new report from the Washington Free Beacon exposes that Pelosi, an apparent master in the art of self-enrichment, may soon get a hefty pay-out thanks to some well-timed investments her husband made just before Joe Biden assumed the presidency.
What’s going on?
As you’ve probably heard, President Biden’s next legislative victory will likely come in the form of a $2.25 infrastructure bill, which will set aside massive piles of money for virtually any industry connected to American infrastructure.
One field set to receive a windfall of hard cash is the electric vehicle (EV) industry, with leaders like Tesla sitting pretty as the bill will reportedly carve out a staggering $174 billion to bolster the reputation of electric vehicles, steer new car buyers toward them, and add physical benefits for EV drivers like more charging stations.
Keep in mind, Pelosi is literally one of the richest members of Congress right now, as the Free Beacon notes. That’s why it’s not surprising that her husband was reportedly able to toss in an amount between $500,000 and $1 million into investments into Tesla in December.
The respected and popular financial news outlet Barron’s recently published a detailed analysis of who will stand to gain the most from Biden’s upcoming bill, and it listed Tesla as one of the premier winners, as the billions earmarked for EVs will likely take the already-popular company to new heights.
Apparently, it’s going to take Pelosi’s investment portfolio along with it.
How is that legal?
It turns out that the spouse of an elected official is free to invest in whatever they want, even if the industry or business they choose to invest in is regulated by the spouse serving in Congress. The only caveat is that the spouse is not allowed to act on “private information,” as the Free Beacon notes.
While it can probably never be proven, it’s not unreasonable to suggest that in December, as White House officials met with Pelosi and other congressional leaders, talk of an upcoming infrastructure bill might have been mentioned as one of Biden’s ultimate goals.
“There’s a reason Nancy Pelosi is one of the most disliked politicians in America—she’s corrupt,” National Republican Congressional Committee (NRCC) press secretary Torunn Sinclair told the Free Beacon.
“This is yet another example of Nancy Pelosi using her power to tax the middle class and personally profit from it,” Sinclair added.
Only time will tell if the Pelosis ever face the music over their perfectly timed investments, but either way, it just stands to serve as further proof of why most Americans think so poorly of most members of Congress, who only seem to want to enter public office if it means they can reap the rewards.