Lindy Li, a finance committee member for the Democratic National Committee, shared her thoughts on Friday night about why President Joe Biden recently spoke out against members of Congress trading stocks based on insider information.
According to Li, Biden’s decision might be tied to his lingering frustrations with former House Speaker Nancy Pelosi.
Right now, it’s legal for members of Congress to trade stocks, but Biden explained in an interview with More Perfect Union that he personally chose not to own any stocks during his 40 years in the Senate.
He said, “I don’t know how you can look your voters in the eye knowing that your position gave you special information to make money. No one in Congress should be allowed to profit from their role.”
Nancy Pelosi, who has represented California in Congress for decades, is known to have made a large fortune through stock market investments, especially in technology companies.
According to Investopedia, Pelosi is reportedly worth $240 million, with most of her wealth coming from her investments.
During an episode of Fox News @ Night, host Kevin Corke talked about a report from the Daily Mail that claimed First Lady Jill Biden was feeling upset as her husband’s presidency moves closer to the end of his term.
The report said she encouraged Biden to take bold actions and “burn the whole thing down” before leaving office. Corke asked Lindy Li for her opinion on this report.
Li agreed with the claim, saying that Biden’s recent move to speak against insider trading was a significant step. She said, “It took Biden 50 years to take a stand on this issue, but it’s clear there’s more behind it.
He’s still upset with Nancy Pelosi, and this is his way of addressing it. Biden feels strongly that no one in Congress should be allowed to profit from the insider knowledge they gain in their jobs. And let’s be honest—Pelosi has a reputation for doing just that.”
Reports from earlier this year suggest that Pelosi was part of a group that tried to convince Biden not to run for reelection.
According to Li and other sources, both Biden and First Lady Jill Biden are still upset about this and haven’t forgotten it. Li believes Biden’s tough stance on insider trading is his way of settling old scores while taking a strong position on an important issue.
