(DCWatchdog.com) – While United States House of Representatives Speaker Nancy Pelosi is the only woman in history with the political power to have been elected Speaker, there are fresh signs that her influence may finally be fading.
Putting aside the fact that many political prognosticators are predicting the Republicans will retake the House after the upcoming November elections, and that would cast Pelosi out of the Speaker’s chair, there’s also trouble brewing for Pelosi because she was determined to maintain the ability of members of Congress to trade stocks even though all Americans realize those members routinely get inside information and preferential treatment from publicly traded companies.
In short, members of Congress – most especially Pelosi – get very rich from the information they get that John and Jane Q. Public never receive.
But, the tide may be turning.
As the New York Post is reporting in Push to ban Pelosi-style stock trading in Congress gains steam with new bipartisan bill:
“Sens. Elizabeth Warren and Steve Daines are teaming up on the first bipartisan Senate bill to prohibit stock trading by members of Congress and their spouses — adding to growing momentum on both sides of the aisle for a ban on the practice.
“The bill from Warren (D-Mass.) and Daines (R-Mont.) would ban lawmakers and their spouses from owning or trading individual stocks, Senate sources told The Post. They would only be allowed to own stocks through broad exchange-traded funds and mutual funds under the bill, which has not yet been introduced.”
And here’s the kicker that shows Pelosi knows she’s losing power and influence with her colleagues.
“After defending congressional stock trades as part of the “free-market economy” as recently as December, Pelosi has folded to pressure from both sides of the aisle and is working with other Democratic leaders on a plan to ban the practice, Punchbowl News reported on Wednesday.”
Bottom line: Pelosi realizes her power is fading along with the odds of the Democrats holding the House in November, so to save face, she will abandon the position that made her family millions upon millions in stock trades almost every other American couldn’t make because of the inside knowledge she received as one of the most powerful pols in DC.
— New York Post (@nypost) February 9, 2022