Need to get spending bill done: Sen. Warren
Congressional correspondent Chad Pergram reports the latest on ‘Your World’ as Democrats continue to push Biden’s spending agenda before the holidays.
A couple of liberal NBC anchors had some harsh words for House Speaker Nancy Pelosi, D-Calif., after her comments about members of Congress trading stocks.
On Wednesday, a reporter asked Pelosi whether lawmakers and their spouses should be banned form trading individual stocks while in office after a report detailed several conflicting stock deals with several members of Congress.
Pelosi answered "No," later adding "We’re a free-market economy. They should be able to participate in that."
On Thursday, MSNBC host Stephanie Ruhle criticizing Pelosi’s response, wondering how lawmakers making investments is "remotely legal."
"When you’re the CEO of a publicly traded company, there are all sorts of restrictions on what you can do. When you work in an investment bank, when you work as an investor, so many restrictions when it comes to personal investments. But these people, lawmakers, these are policymakers – policies that directly influence the way business is done all over the country – how is this even remotely legal?" Ruhle asked.
Meanwhile, CNBC anchor Andrew Ross Sorkin had harsher words for Pelosi, calling it "one of the most disappointing" comments he has heard from the speaker.
House Speaker Nancy Pelosi of Calif. speaks during her weekly press briefing on Capitol Hill, Thursday, Sept. 30, 2021, in Washington. (AP Photo/Andrew Harnik) (AP Photo/Andrew Harnik)
"This was one of the most disappointing and, maybe to put it even less politely, disgraceful comments in views I have heard espoused on this issue and surprising given Pelosi’s views on many other issues. We have insider trading laws for a reason. CEOs, executives cannot trade. Members of the Federal Reserve now cannot trade," Sorkin said.
"And yet we are allowing our politicians, who do have access to inside information, they are often briefed regularly about all sorts of things that are about to happen and that they have a meaningful influence on what is about to happen and they are trading," he added. "To the extent that politicians should want the public to trust them, this undermines every bit of trust. It goes to every worst expectation of corruption, and it’s not even expectation. It’s real!"
Ruhle said the current penalties for lawmakers who violate the current law are a "joke."
"This isn’t about free markets. This is about having privileged information and using it to your own personal advantage … Even if you agree that the current laws make sense, that you should be able to buy and sell stock, the penalties are a joke. You can make tens of millions of dollars with privileged information. And what’s going to happen? You’re going to get fined $200," she said.
(MSNBC)
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Several Democrats publicly came out against Pelosi’s comments, including former director of the Office of Government Ethics Walter Shaub, who served during the Obama administration.
"They should absolutely be banned from trading stocks," Shaub said. "Let them buy diversified mutual funds. Let them buy government bonds. But bar them from trading stocks for crying out loud."