Pelosi’s Empty Stock Talk: Dem Bill to ‘Ban’ Trading Has Loophole Allowing Spouses to Buy, Sell Shares

House Speaker Nancy Pelosi has suddenly begun talking tough about members of Congress enriching themselves with stock trades, but the bill she favors to stop it has loopholes big enough to drive a Brinks truck through.

Last week, Pelosi was suddenly seen calling for new rules to govern how members of Congress deal in stocks, Just the News reported.

Her sudden concern comes after months of questions over the millions that members of Congress have made on the stock market. Many worry that these congressmen are buying and selling stocks based on their insider knowledge about how legislation will affect certain companies.

Pelosi finally signed onto a stock trading ban for members of Congress by supporting the Ban Conflicted Trading Act, which “prohibits a Member of Congress or certain congressional officers or employees from (1) purchasing or selling specified investments, (2) entering into a transaction that creates a net short position in a security, or (3) serving as an officer or member of any board of any for-profit entity.”

The bill, though, does not apply to spouses and family of members of Congress, and many feel it defeats the ban if a congressman’s family can make the same suspicious stock trades to enrich their family.

Without a ban on family members trading stocks with insider information, the act is practically toothless.- READ MORE