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What Next: Congress Can't Quit the Stock Market

Slate News

Slate Podcasts

News, News Commentary, Politics

4.66K Ratings

🗓️ 5 October 2022

⏱️ 27 minutes

🧾️ Download transcript

Summary

A bipartisan effort to prevent members of Congress from trading stock while in office is wildly popular. But so far, no such bill has gained much traction on Capitol Hill. Why? Guest: Sam Brodey, congressional reporter for The Daily Beast. If you enjoy this show, please consider signing up for Slate Plus. Slate Plus members get benefits like zero ads on any Slate podcast, bonus episodes of shows like Slow Burn and Dear Prudence—and you’ll be supporting the work we do here on What Next. Sign up now at slate.com/whatnextplus to help support our work. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hello, ho, ho! Here's an important message from Network Rail for anyone who's travelling by train this Christmas and New Year.

0:08.0

We'll be working over the festive period to make improvements to the railway. Most of the network remains open, but some train services will be affected from Sunday the 25th of December until Monday the 2nd of January.

0:22.0

So, to keep your festive plans on track, please check before you travel at nationalrail.co.uk slash Christmas.

0:36.0

So, Sam, if I wanted to, how easy is it to figure out what kind of stocks U.S. politicians are trading?

0:42.0

Oh, it's very easy.

0:44.0

Really? Yeah.

0:46.0

Do you know every time Nancy Pelosi trades something?

0:52.0

I could if I wanted to.

0:54.0

Sam Burdy reports on Congress over the daily beast.

0:58.0

Some enterprising folks online have actually set up alerts for particular lawmakers and their stock trades.

1:06.0

You can now buy into an exchange-treated fund that's essentially based on what lawmakers are trading.

1:12.0

So, it's gotten, you want to get the Nancy Pelosi ETF? Like, yeah, you can get that these days.

1:22.0

Scroll through the right TikToks and you'll find a cottage industry of would-be financial advisors who are obsessed with the money moves of lawmakers.

1:31.0

Sometimes it's a little hard to tell whether these accounts are looking to scold politicians or celebrate them.

1:37.0

Shots out to Nancy Pelosi, the stock market's biggest whale. Many take a special interest in Speaker of the House Nancy Pelosi, who, to be fair, does not trade stocks herself, but her husband does aggressively.

1:51.0

So, I've come to the conclusion that Nancy Pelosi is a sidekick and she can guess when a stock is going to pump.

1:57.0

One TikToker called her a psychic.

2:00.0

Right, and so you get to this sort of like, you know, yass queenification of investing a year in, but I don't mean you can separate it from the fact that the optics of this whole practice are pretty uncomfortable and sort of gross from a good government perspective.

2:16.0

Despite all the cheerleading on TikTok, most Americans do not think lawmakers should be able to trade stocks at all.

2:23.0

Which is why some thought this was going to be the year that Congress reigned itself in when it came to the stock market.

2:30.0

After all, there are multiple bills floating around the Capitol that could ban elected officials from investing in companies directly.

2:37.0

There's not a whole lot of issues that are like talked about on the agenda right now that commands such bipartisan support.

...

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