Speaker of the House Nancy Pelosi is the sixth-richest member of Congress. As Pelosi rose within the Democrat Party ranks, her wealth skyrocketed, putting her at a $115 million net worth.
How is she so rich? Paul Pelosi, her husband, buys and sells stocks, specifically in industries that Nancy has enormous influence over through Congress. The following is just the most recent example.
Paul Pelosi just purchased $5 million in stock options in a computer-chip company. Next week, Congress will vote on sending billions in subsidies to the industry. Nancy Pelosi either knows it will pass or could push it through and get a substantial payday.
Is it illegal? There are laws to prevent insider trading and conflicts of interest, but allowing politicians and spouses to continue buying individual stocks lets them get away with it.
- Nancy Pelosi initially opposed a ban that would block congresspeople from buying individual stocks but has now greenlighted a plan to make it happen. It’s unclear when it will go through.
She’s not the only one in Congress to do this. A report from last month found that 65 members of Congress violated laws designed to prevent insider trading and conflicts of interests.