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But the Biden administration is rejecting the notion that it’s hiding anything. Spokeswoman Taylor Rogers told Fox News Digital that “all officials who are obligated to make public reports continue to do so,” and added that includes “the obligation to file periodic transaction reports disclosing the purchase or sale of certain securities.”
While Schiff insists his inquiry is about safeguarding ethics, a White House spokesman pointed the finger back at his fellow California Democrat, Nancy Pelosi. White House spokesman Kush Desai told ABC News: “The American people remain highly concerned about Nancy Pelosi’s long, documented history of insider trading and eagerly await Adam Schiff refocusing his political stunt on serious issues, like Pelosi’s portfolio.”
For years, Republicans and critics have targeted Pelosi, whose wealth has ballooned to an estimated $120 million, with accusations that she and her husband, Paul Pelosi, have profited from insider knowledge of legislative moves and regulatory changes. When confronted last month on Capitol Hill by a Fox News Digital reporter about the allegations, Pelosi refused to answer. Later, her spokesman Ian Krager tried to extinguish the controversy, saying, “She does not own any stocks, and she has no prior knowledge or subsequent involvement in any transactions.”
Pelosi’s silence hasn’t deterred GOP lawmakers determined to keep the issue in the spotlight. Missouri Republican Sen. Josh Hawley introduced the PELOSI Act—the Preventing Elected Leaders from Owning Securities and Investments Act—in 2023, directly targeting members of Congress who trade stocks while in office. Rep. Mark Alford, R-Mo., has filed a similar bill in the House.
“Members of Congress should be fighting for the people they were elected to serve—not day trading at the expense of their constituents,” Sen. Hawley declared. “Americans have seen politician after politician turn a profit using information not available to the general public. It’s time we ban all members of Congress from trading and holding stocks and restore Americans’ trust in our nation’s legislative body.”
Rep. Alford echoed those sentiments, warning that lawmakers should avoid even the appearance of corruption. “As public servants, we should hold ourselves to a higher standard and avoid the mere appearance of corruption,” Alford stated in a press release. “Unfortunately, too many members of Congress are engaging in suspicious stock trades based on non-public information to enrich themselves. These gross violations of the public trust make clear: We must finally take action to ban members and their spouses from owning or selling individual stocks.”
Despite the growing scrutiny, Pelosi has remained coy about supporting reforms that would end stock trading among lawmakers. When asked in May if she’d support a ban, she responded dismissively with, “if they do, they do,” and gave a hesitant “sure” when pressed if she’d vote in favor.
For Republicans, Schiff’s pursuit of Biden’s officials reeks of hypocrisy. They argue that if he’s truly committed to ethics, he should focus his microscope on Pelosi’s financial dealings instead of staging political grandstanding.
As Washington’s ethics battles rage on, it’s clear that insider trading allegations and demands for transparency aren’t going away anytime soon—and neither is the partisan finger-pointing.
