Former House Speaker Nancy Pelosi rejected President Donald Trump’s suggestion that she “became rich” through insider trading, branding the allegation “ridiculous” during a CNN appearance on Wednesday.
Speaking to Newsweek, Pelosi spokesperson Ian Krager said: “Speaker Pelosi does not own any stocks and has no knowledge or subsequent involvement in any transactions.”
Why It Matters
Stock market trading by members of Congress has become controversial in recent years, with critics suggesting some lawmakers have benefited from insider trading.
However, none have been convicted since former New York Representative Chris Collins in 2017.
Earlier this week, the Senate Homeland Security and Government Affairs Committee voted 8-7 to advance a bill that would ban members of Congress, the president and the vice president from buying stocks and require them to divest from their stock holdings by the start of their next term. The bill was introduced by Missouri Republican Josh Hawley, sparking anger from Trump.
What To Know
Speaking to reporters about Hawley’s bill on Wednesday, Trump said, “You know, Nancy Pelosi became rich by having inside information.”
He went on to call for an investigation into the California Democrat, claiming, without providing evidence, that she “has the highest return of anybody practically in the history of Wall Street.”
Pelosi was asked about Trump’s comments during a live CNN appearance on Thursday, which she branded “ridiculous,” adding she supports the proposal to ban stock trading by members of Congress.
“I had no concern about the obvious investments that have been made over time, I’m not into it, my husband is, but it isn’t anything to do with anything insider, but the president has his own exposure, so he’s always projecting,” Pelosi said.
Jemal Countess/GETTY
Hawley’s proposed legislation would block members of Congress, the president and the vice president from purchasing stock immediately and selling stocks after 90 days.
It would also mean lawmakers have to divest from their stock holdings by the beginning of the next congressional term, while the president and vice president would be required to do so by the next presidential term in 2029. As Trump is constitutionally limited to two terms, this wouldn’t impact him, though he has on occasion toyed with seeking a third term.
In a post on Truth Social, Trump said Hawley was “playing right into the dirty hands of the Democrats” with his bill.
Trump told Time in April that he would “absolutely” sign a bill to ban congressional stock trading.
April also saw prominent Democrats call for an investigation into whether members of the Trump administration or lawmakers benefited from insider trading before the president announced a pause to his global tariff rollout.
What People Are Saying
In a statement published on her website about Hawley’s bill Pelosi said: “We must have strong transparency, robust accountability and tough enforcement for financial conduct in office because the American people deserve confidence that their elected leaders are serving the public interest—not their personal portfolios. If legislation is advanced to help restore trust in government and ensure that those in power are held to the highest ethical standards, then I am proud to support it—no matter what they decide to name it.
“While I appreciate the creativity of my Republican colleagues in drafting legislative acronyms, I welcome any serious effort to raise ethical standards in public service. The HONEST Act, as amended, rightly applies its stock trading ban not only to Members of Congress, but now to the President and Vice President as well. I strongly support this legislation and look forward to voting for it on the Floor of the House.”
President Donald Trump, on Truth Social: “I don’t think real Republicans want to see their President, who has had unprecedented success, TARGETED, because of the ‘whims’ of a second-tier Senator named Josh Hawley!”
Florida Senator Rick Scott said Wednesday, following Hawley’s remarks: “He made a reference to billionaires, OK? I don’t know when in this country it became a negative to make money. But somehow, if you’ve made money, you’re supposedly—I think Senator Hawley suggests—you shouldn’t be serving because you might trade stocks.”
Cenk Uygur, host of the left-leaning Young Turks media outlet, on X: “Almost all our politicians are frauds. When GOP was out of power, Trump was in favor of banning Congressional insider trading. Nancy Pelosi was opposed. Now that Democrats are out of power, Pelosi is pretending she’s in favor of banning insider trading and now Trump is against.”
What Happens Next
The next step for Hawley’s bill would be for it to receive a Senate floor vote. However, similar legislation that also passed the Senate Homeland Security and Government Affairs Committee last year failed to reach this stage.
Update 1/8/25, 3:11 a.m. ET: This story has been updated with comment from Speaker Emerita Nancy Pelosi.
