Nancy Pelosi has been an obstacle to progressive policies moving forward for a long time.
Progressives and government watchdog groups on Wednesday condemned House Speaker Nancy Pelosi's defense of individual stock trading by members of Congress, days after an extensive report revealed dozens of conflicts of interest by lawmakers who own stocks related to the healthcare industry and other sectors Congress is supposed to regulate.
After being asked by Business Insider at her weekly press conference whether members of Congress and their spouses should be barred from trading stocks, Pelosi said the practice should be permitted to continue because "we are a free market economy. They should be able to participate in that."
Progressive lawmakers including Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Elizabeth Warren (D-Mass.) have spoken out about the issue, with Warren telling Business Insider on Wednesday, "The American people should never have to guess whether or not an elected official is advancing an issue or voting on a bill based on what's good for the country or what's good for their own personal financial interests."
Some critics suggested Pelosi defended stock trading on Capitol Hill because she has personally benefited from the practice; her husband, venture capitalist Paul Pelosi, trades corporate stocks and in 2020 owned shares worth as much as $25 million in Apple, Amazon, and Visa. The couple's net worth grew by $16.7 million last year.
Others noted that Pelosi's defensive comments came just as it was reported that the Democratic Party is planning to shelve the Build Back Better Act—the $1.75 trillion reconciliation package that would invest in climate action and anti-poverty measures—due to objections to the Child Tax Credit from right-wing Democratic Sen. Joe Manchin of West Virginia—and as the Biden administration is preparing to force millions of Americans to restart payments of the student debt, leading to questions about how the party will inspire voter turnout in 2022 and beyond.