Should members of Congress be allowed to trade stocks?

Speaker of the House Nancy Pelosi recently came under fire after a financial disclosure revealed that her husband Paul - as The Daily Caller reported - “bought up to $5 million in stock of a computer chip company ahead of a vote on a bill next week that would hand billions in subsidies to boost chip manufacturing….”

Earlier this year, Pelosi tweeted her support of the AmericaCOMPETES Act, which, according to her, “will supercharge our investment in CHIPS,” the same industry her husband “just happened" to invest into. According to South Carolina Rep. Ralph Norman, “for anyone in her orbit to purchase seven-figures worth of stock of an U.S.-based chip manufacturer just reeks of impropriety.”

Seemingly, this is just the latest in a long line of rapacious schemes. And unfortunately, she is not alone.

Research from Unusual Whales reveals the great extent to which members of Congress are involved in trading stocks and other financial assets. In 2021 alone, “Congress bought and sold nearly $290 million in stocks” plus hundreds of millions more in options contracts, private equity funds and cryptocurrencies.

Although Democrats like Nancy Pelosi are disproportionately criticized for their shady stock deals, both parties are close to equally involved in trading. The value of stocks sold and purchased by House Republicans and Democrats in 2021 “were nearly identical.” In fact, the top five rates of return for 2021 all belonged to GOP representatives.

Republican Dan Crenshaw, who had the fifth-highest rate of all members, made some of his purchases under questionable circumstances. In early 2020, as the pandemic began, the Texas representative acquired stock in Boeing. At the time, Crenshaw served on the House Budget Committee even as Boeing petitioned Congress for billions of dollars. Crenshaw obtained his stocks on the same day Boeing’s request (granted for $17 billion) was signed into law.

To make matters worse, a Boeing PAC donated to Crenshaw’s 2020 campaign. It’s also worth noting that since entering office on January 3, 2019, the representative hadn’t bought or sold any stocks - until March 2020 when Congress passed its stimulus package which included funding for Boeing.

This is yet another example of the unscrupulous behavior of many of our elected officials. Rather than go to Washington, D.C., to advocate for the best of their constituents, many become too preoccupied with lining their own pockets.

Convention of States believes that Congress should be held accountable to the people and the states. Using Article V of the Constitution, our grassroots-led movement seeks to rein in the federal government by limiting its power and jurisdiction, imposing fiscal restraints, and placing term limits on members of Congress and other officials.

This is our chance to ensure that “public service” becomes less of a money grab for power-hungry politicians and more of what our Founders intended for it to be. To show your support for this important effort, sign the petition below!