House Republican Leader Kevin McCarthy said that he is considering banning congressmen from insider stock trading should the Republicans regain control of the house in 2022, according to a Bloomberg report. (1)
According to the report, "McCarthy’s plans -- first reported by Punchbowl News -- put him at odds with Speaker Nancy Pelosi who has said she doesn’t support banning lawmakers from trading individual stocks “because this is a free market and people – we are a free market economy.”
“They should be able to participate in that,” she told reporters Dec. 15."
These words from speaker Nancy Pelosi (a Democrat) have drawn harsh scrutiny after it was discovered that she is making as much as $30 million personally from insider stock trades.
But the criticism only intensified once it was discovered by the New York Post that
"the House Speaker disclosed that the Pelosi scooped up millions in bullish call options for stocks including Google, Salesforce, Micron Technology, and Roblox. At the same, some insiders say she has slow-walked efforts to rein in Big Tech." (2)
So it turns out that the same Nancy Pelosi that despises cooperate greed, the Nancy Pelosi
that passed Biden's "Build Back Better" bill, which would essentially end the free market economy in America, the same Nancy Pelosi that oversees the Big Tech companies for a living and is supposed to be reigning them in, said that she should be able to rake in tens of millions of dollars off of these companies through insider trading because we have a "free market economy.”
This is dangerous and corrupt. And hopefully, those across party lines can see that.
As conservatives, we generally agree that less regulation more freedom is always better, but when it comes to the select few people who are charged with creating the laws that often end up defining the future of large corporations, for them, insider trading is nothing but an outlet for corruption.
Kevin McCarthy is right to plan on banning insider trading. So when the Republicans have their two years in congress, they better get it done.
Al K. Scott, Joseph Hugh, Max B. David
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