A new Business Insider report revealed 49 members of Congress failed to correctly report their stock trades which is required under the STOCK Act.
Lawmakers from both sides of the aisle failed to disclose stock trades.
Citing Business Insider, a reporter asked House Speaker Nancy Pelosi if members of Congress should be banned from trading stocks.
“Should members of congress and their spouses be banned from trading individual stocks while serving in Congress?” a reporter asked Pelosi.
Pelosi defended the herself and other lawmakers.
“No…We are a free market economy. We are a free-market economy and they should be able to participate in that,” Pelosi said.
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A free-market economy that includes insider trading by lawmakers…
Last year the FBI seized Senator Richard Burr’s (R-NC) phone in connection with the federal probe into his stock trades.
Burr dumped as much as $1.72 million in hotel stocks before the Coronavirus panic hit the US while reassuring the public about Coronavirus preparedness.
This was also at the same time Burr was receiving daily briefings on the Coronavirus health threat.
It was also revealed Richard Burr’s brother-in-law called his broker and dumped stock just one minute after getting off the phone with the North Carolina senator, according to a report by ProPublica.
Democrat Senator Dianne Feinstein was also connected to suspicious stocks after the Coronavirus meeting.
Feinstein’s husband, Richard Blum sold his shares in Allogene Therapeutics Inc, a biotech company, and made between $1.5 million and $6 million before the Coronavirus stock market spiral.
According to Feinstein’s spox, the Democrat Senator voluntarily turned over documents to the FBI and answered questions about her husband’s stock transactions.
Feinstein claims she had nothing to do with her husband’s stock trades.