I don’t believe there’s a lot of love left between Joe Biden and Nancy Pelosi. She was a key figure in forcing Biden out of the 2024 presidential race, and according to some recent reports, he’s still bitter about it. While he may find some comfort in the fact that Kamala Harris failed to defeat Donald Trump as well, I believe Biden has made a final jab at Pelosi before he leaves office.
In a recent interview, Biden took an unequivocal stance on one of the most controversial issues in Congress: stock trading by lawmakers.
“Nobody in the Congress should be able to make money in the stock market while they’re in the Congress,” Biden said.
His comments, made during an interview with Faiz Shakir, a political adviser to Sen. Bernie Sanders (I-Vt.), were published by A More Perfect Union, a pro-labor organization.
Biden’s endorsement of the ban comes in the context of broader discussions about his economic legacy. The president touted his administration’s support for unions and investments in clean energy and infrastructure. However, his remarks on stock trading have sparked particular interest due to the ongoing scrutiny of lawmakers using their access to non-public information for personal gain.
And Pelosi is the most notorious one of all. It’s not exactly a secret. There are ads for apps that make it easier for you to copy her stock trades to make money in the market.
The issue of stock trading in Congress became a hot-button topic in recent years, especially after some lawmakers were accused of trading stocks based on privileged information during the COVID-19 pandemic. In response, a bipartisan proposal has been introduced to ban stock trading by members of Congress and their families, gaining support from several sponsors. However, Congress has yet to vote on the proposal, and little progress has taken place.
It probably won’t, either.
According to the Associated Press, the lack of enforcement of existing disclosure requirements has only added to the controversy. Lawmakers are currently required to report stock transactions over $1,000, but many fail to file these disclosures on time or at all, making it difficult to track potential conflicts of interest.
Biden himself shared his stance on the issue, recalling that during his time as a senator, he refrained from participating in stock trading. He emphasized that he focused on his salary and not on profiting from investments while in office. Of course, I suspect that his son Hunter’s illicit business deals were far more profitable for the family anyway.
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Lawmakers have been allowed to trade stocks with minimal oversight for a long time now, yet little has been done to address the issue. This is where Biden’s recent remarks stand out. Previously, the White House had been silent on the issue, with former Press Secretary Jen Psaki stating that it was a decision best left to Congress itself. Expecting Congress to take the lead in banning stock trades seems as foolish as expecting Congress to vote to give themselves term limits.
While Biden seems to have as much political capital as a floater in a congressional toilet, his endorsement of the ban could be seen as a dramatic shift, especially since it comes just weeks before his term ends. And perhaps more than anything, it could be a not-so-subtle jab at Pelosi before he leaves office. It’s hardly a coincidence that he has taken this position now and that Pelosi’s stock trading has been a subject of scrutiny for years. Her reputation for avoiding losses or profit handsomely based on her access to non-public information is legendary.
The debate over congressional stock trading is far from over. While bipartisan proposals to ban such trades have gained traction, the lack of political will to pass them remains a significant hurdle. Biden’s newfound push for action on this sure feels like a parting shot at someone with whom he’ll forever hold a grudge.
