House Speaker Nancy Pelosi has made millions from her stock market investments, including from companies she helps regulate.
Her wealth grew by an estimated $16.7 million in 2020, trading over $50million in assets and generating an annualized return of 69 percent that beat legendary investors like Warren Buffet and George Soros, according to Congressional disclosures.
Many of her outsized gains came from bets on big tech stocks like Google, Amazon, and Apple – while DC insiders have accused the House Speaker of dragging her feet on reforms to rein in Silicon Valley.
Her Wall Street plays are handled by her husband, Paul Pelosi Sr., who runs investment firm Financial Leasing Services.
His well-timed bets included buying 4,000 shares of Google parent company Alphabet just before a House Judiciary Committee vote on antitrust regulations for Silicon Valley monopolies. The investment earned the Pelosi’s $5.3 million.
The couple’s fortune is worth an estimated $100million, making Nancy one of the richest members of Congress.
Prominent fellow Democrats Alexandra Ocasio-Cortez and Elizabeth Warren have called for members of Congress to be barred from investing on Wall Street.
‘The access and influence we have should be exercised for the public interest, not our profit. It shouldn’t be legal for us to trade individual stock with the info we have,’ Ocasio-Cortez tweeted last month.
Nancy Pelosi told a reporter in December that she believed she and her colleagues ‘should be able to participate’ in trading because ‘we’re a free-market economy’, and denied any conflict of interest.
Reliance on tech stocks led the couple to underperform in 2021, trailing the S&P500 by 15.5 percent, according to FinePrint.