At a weekly press conference, Speaker of the House Nancy Pelosi (D-Calif.) defended stock market investment by members of Congress after an investigation by Insider alleged that 49 members of Congress have violated laws against insider trading. U.S. law forbids people with insider information, including members of Congress, from buying stocks on the basis of that information, and those who break these laws can be subject to criminal prosecution. Laws against congressional insider trading were strengthened in 2012 amid a wave of insider trading in Congress; the STOCK Act, or Stop Trading on Congressional Knowledge Act of 2012, placed limitations and new reporting guidelines on federal lawmakers. Most critically, the law began requiring members of congress to disclose trades made by themselves, their spouse, or their dependent children publicly and quickly. Insider’s report found that a large, bipartisan swath of 49 members in both chambers had violated these laws. These include, among many …
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