Former House Speaker Nancy Pelosi, D-Calif., quietly had a very bad week.
During President Joe Biden’s struggles and the Democratic Party infighting surrounding him this week, Pelosi found herself at the center of two unfolding scandals.
The first blow came with allegations of sexual assault by one of her former senior staffers. Two women have accused a Pelosi insider and local Democratic leader, Kevin Ortiz, of sexual assault in separate incidents dating back to 2019 and 2021.
Ortiz denies the allegations, claiming all interactions were consensual, but the accusations have raised questions about the culture within Pelosi’s office and the Democratic establishment in San Francisco.
Pelosi’s office has declined to comment beyond confirming Ortiz’s employment dates, leaving critics to question the extent of their knowledge regarding these allegations.
As if one scandal weren’t enough, Pelosi faces renewed scrutiny over her husband Paul’s controversial stock trading activities. A series of suspiciously timed and highly profitable trades by Paul Pelosi has reignited concerns about insider trading and conflicts of interest.
For decades, critics say Paul Pelosi has a pattern of well-timed trades, including investments in big tech companies, that have been well timed before Congressional regulatory decisions.
While Nancy Pelosi maintains that her husband does not make trades based on information from her, and her office insists she has no involvement in his financial decisions, the optics have fueled public outrage — and bipartisan action in Congress.
In response to these concerns, a bipartisan group of Senators, including Democrats Gary Peters, Jeff Merkley, and Jon Ossoff, along with Republican Josh Hawley, announced a new deal to ban stock trading for members of Congress.
Hawley explicitly stated that the bill aims to stop Pelosi from profiting from insider trading, underscoring how central her family’s trading activities have become to this debate.
“My new stock trade bill BANS blind trusts and ALL trading by members of Congress. It’s time to shut down Nancy Pelosi’s stock profiteering – and every politician like her,” Hawley said on social media.
My new stock trade bill BANS blind trusts and ALL trading by members of Congress. It’s time to shut down Nancy Pelosi’s stock profiteering – and every politician like her pic.twitter.com/rDjN8vPnjT
— Josh Hawley (@HawleyMO) July 11, 2024
The proposed legislation, set to be submitted to the Senate Committee on Homeland Security and Governmental Affairs on July 24, marks a significant step towards addressing these conflicts of interest in Congress.
Analysis shows that many Congressional members consistently outperform the market in their trading activities, raising suspicions of unfair advantages — especially the Pelosis.
Since being elected 37 years ago, Pelosi has become one of the wealthiest members of Congress.
These dual scandals have put her, long a powerful figure in Democratic politics, on the defensive at a time when Democrats are reeling in the polls and can’t afford any more mistakes.