AOC pushes back on Pelosi: ‘No reason members of Congress should hold and trade individual stock’ – Business Insider
- AOC pushed back on Pelosi after she rejected the idea of banning members of congress from owning stock.
- AOC says it should be banned because members “write major policy and have access to sensitive information.”
- Insider recently found that 52 members of congress and 182 senior staffers have violated the STOCK Act.
Democratic Rep. Alexandria Ocasio-Cortez pushed back against House Speaker Nancy Pelosi’s rejection of a ban on members of Congress from trading and holding individual stock while in office.
In a series of tweets on Friday evening, Ocasio-Cortez reiterated her prior opposition to members trading individual stock while in office, writing that the practice is inappropriate when members “write major policy and have access to sensitive information.”
—Alexandria Ocasio-Cortez (@AOC) December 18, 2021
Earlier this week, Insider’s “Conflicted Congress” investigation identified the myriad ways members of the US House and Senate have undermined their own ethical standards, skirted consequences, and, as Insider’s Dave Levinthal reported, blinded Americans to the many moments when lawmakers’ personal finances clash with their public duties.
The investigation revealed that 15 lawmakers tasked with shaping US defense policy actively invest in military contractors, over a dozen environmentally-minded Democrats invest in fossil fuel companies or other corporations with concerning environmental track records, and many members regularly chide “the media” but personally pour their money into at least one of the nation’s largest news media or social media companies, including Facebook, Twitter, Comcast, Disney, and the New York Times Co.
Ocasio-Cortez pointed to other ways in which members could still invest without running into conflicts of interest, including thrift savings plans or index funds. Ocasio-Cortez has previously co-sponsored a bill to ban the practice, while several members of Congress have touted “blind trusts” as another avenue to avoid ethical quandaries.
The New York lawmaker went on to tie congressional stock-trading to the issue of inadequate compensation for members of Congress, writing that they will vote against increasing pay for members and staffers alike in the name of “fiscal responsibility” only to “compensate by engaging in this highly questionable trading.”
“It incentivizes this bad behavior,” she added.
—Alexandria Ocasio-Cortez (@AOC) December 18, 2021
While members of Congress aren’t exactly strapped — both senators and House members make at least $174,000 per year — Ocasio-Cortez pointed out that the job comes with unique burdens as well.
“Many don’t know it requires paying 2 rents,” she wrote. She went on to say that members of congress are “trading stock to make up for” not being …….