Google searches for ‘Pelosi stock trades’ reached an all-time high earlier this month.
Users on social media platforms such as Twitter, Reddit, Youtube, and TikTok scrutinize her investments, believing the U.S. Speaker of the House has an advantage on Wall Street.
A year ago, retail investors banded together. They coordinated frenzied buying of video game retailer GameStop (NYSE: GME) and other companies that became known as meme stocks.
Her reports have sparked increased interest amid a massive increase in retail trading, as well as recent calls to prohibit lawmakers from trading at all, a debate Pelosi has been drawn into in recent weeks.
On Monday, 27 House members signed a letter. They requested a floor vote on recent proposals to prohibit members of Congress from owning stocks in light of recent misconduct.
That was the latest attempt by lawmakers to prohibit stock trading, following Pelosi’s defense of their trading rights in December. Last year, Pelosi filed transaction reports. It revealed that her husband, financier Paul Pelosi, made trades in ‘Big Tech’ companies. Allegedly, he made up to $5 million at a time in companies. He is facing an antitrust bill in Congress. Because these companies are on Wall Street, investing in them is relatively standard.
A law passed in 2012 makes it illegal for lawmakers to use information obtained from their work in Congress for personal gain. Nonetheless, a recent analysis by Unusual Whales, a financial data service, concluded that Congressional lawmakers traded $290 million in stocks, options, cryptocurrency, and other assets last year. They outperformed the market on average.
Pelosi’s performance was sixth-best in 2021, with Republican Congressman Austin Scott leading.
