This month, Democratic House Speaker Nancy Pelosi argued that members of Congress should not be criticized for owning personal stocks.
Days later, she bought millions of dollars worth of call options for stocks in various companies.
According to disclosures signed Wednesday, Pelosi purchased between $1.75 and $3.6 million worth of call options between Dec. 17 and Dec. 22 for companies including Google, Salesforce, Roblox and Disney.
Her largest purchases were between $500,000 and $1 million for Google and between $600,000 and $1.25 million for Salesforce.
According to the New York Post, Pelosi said on Dec. 15 that members of Congress should be able to hold individual stocks in the U.S.
“We’re a free-market economy,” Pelosi said. “[Members of Congress] should be able to participate in that.”
She added that lawmakers need to disclose stock market purchases and actions when they take them.
“If people aren’t reporting [stock trades], they should be,” she said, according to the Post.
U.S. Senate candidate Lucas Kunce said he disagreed with Pelosi’s position.
“What I heard was, ‘Let them eat cake, 2021,’” he told MSNBC.
“That’s the person who’s supposed to be taking care of normal, everyday Americans … and instead, they’re legislating for their own stock portfolios.”
When asked about rampant insider trading in Congress, all Nancy Pelosi could say was, “We’re a free market.”
All I heard was: “Let them eat cake.”
Why are the rules harsher for you, me, and Martha Stewart than they are for the Speaker of the House? pic.twitter.com/r5vmg3nz3V
— Lucas Kunce (@LucasKunceMO) December 18, 2021
Other Twitter users agreed that members of Congress should not be able to hold individual stocks because they are likely to have insider information.
Can someone please let Nancy Pelosi know that insider trading is not, in fact, “participating in the free market?”
I and several hundred million other Americans would appreciate it, thanks.
— Blue Check Beth! (@torstrick) December 22, 2021
According to Nancy Pelosi, insider trading is the equivalent to a free market economy.
— John D • (@RedWingGrips) December 15, 2021
It appears this criticism has not fazed Pelosi as she continues to make massive stock market purchases.