Congress is in recess – but Nancy Pelosi has been busy playing the market.
The Democratic Majority Leader and her husband, Paul Pelosi, recently bought millions of dollars in call options for stocks including Google, Salesforce, Roblox and Disney, according to financial disclosures published Thursday.
The buying took place from December 17 to December 21 — just days after Pelosi insisted at a press conference that members of Congress should be allowed to trade individual stocks even though they often have insider information that could move markets.
“We are a free market economy,” Pelosi told reporters, adding that members of Congress “should be able to participate in that.”
Pelosi’s family trades this month include Google and Salesforce call options worth between $500,000 and $1 million each, as well as Roblox call options worth between $100,000 and $250,000. The duo also purchased between $250,000 and $500,000 in call options from chip maker Micron Technology and between $100,000 and $250,000 in Disney call options in disclosures previously reported by Congresstrading.com.
Paul Pelosi runs Financial Leasing Services, a real estate and venture capital advisory and advisory firm. In recent years, he’s made big bets on the companies his wife is supposed to regulate, including Amazon, Apple and Google.
The December calls — which are due to expire in late 2022 and early 2023 — show that Peluses believes tech stocks will continue their current rally in the new year, according to Thomas Hayes of Great Hill Capital.
“They’re trying to ride the momentum,” Hayes told The Post. “Pelousis lives in San Francisco – they make a lot of noise so I’ll see how they fell into ecstasy.”
Some insiders in Washington have speculated that Pelosi is a slow-moving bipartisan piece of legislation that would hurt big tech companies.
Critics from both the left and the right argued that members of Congress should be banned from trading individual stocks and instead only allowed to invest in broader funds.
Progressives, including Representative Alexandria Ocasio-Cortez of New York and Senator Elizabeth Warren of Massachusetts, have criticized stock-trading members of Congress as “rude” and “ridiculous,” while Arizona Republican Senate candidate Blake Masters called Pelosi a “troublemaker.” Nancy” and called for a ban on all stock trading by members of Congress.
Under a law called the Stock Act passed in 2012, members of Congress are required to disclose trades. But 52 members of Congress including Democratic Senators Dianne Feinstein of California and Mark Kelly of Arizona, as well as Republican Senators Rand Paul of Kentucky and Roger Marshall of Kansas, have broken the law in recent years, Insider reports.
Pelosi’s office did not immediately respond to a request for comment.