(ReliableNews.org) – Ethical questions surrounding politicians and stock purchases are nothing new. Congress passed a bill making it illegal for its members to use insider information from trading stocks in 2012. However, that law doesn’t bar the purchase or sale of individual stocks rendering it almost useless.
Questions emerged recently regarding December 2020 stock purchases made by House Speaker Nancy Pelosi (D-CA). On January 26, 2021, Yahoo Finance reported that she purchased 25 call options for stock in Tesla. For those unfamiliar with the term, a call option is a contract that gives the purchaser the right to buy a stock at a predetermined price.
When the cat’s away the mice will play…
Trump leaves and Pelosi starts inside trading again.
She would have never done this with Trump in the White House.
Will she be investigated?
— John Dennis (@RealJohnDennis) January 28, 2021
However, that contract raises serious ethical concerns. Joe Biden is pushing for Congressional approval of clean energy initiatives. At the same time, he’s encouraging the purchase of electric vehicles, which could be promoted by the federal government through federal tax credits and other incentives.
As Speaker of the House, Pelosi’s job would require her to ensure Congress passes environmentally friendly laws and tax breaks. In short, Pelosi stands to benefit financially from Biden’s plans.
Although it remains unclear whether Pelosi violated any laws, the suspicious nature and timing of her stock purchases warrants a formal investigation.
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