Congress's Big Tech Stock Stakes Make Regulation Awkward

A proposed antitrust bill has cast a spotlight on the immense portfolios of dozens of lawmakers. From a report: At a December press conference, House Speaker Nancy Pelosi was asked her opinion of proposed restrictions on stock trading by members of Congress. Her response was quick and clear: She hated the idea. 'We are a free-market economy,' Pelosi, whose family's shareholdings exceed $100 million, shot back. 'They should be able to participate in that.' Growing numbers of legislators from both sides of the aisle disagree. Following a series of recent abuses, at least five bills making their way through Congress would forbid lawmakers from owning individual stocks or force them to move their assets into a blind trust. One would make violators turn over any profits they earn to the U.S. Treasury Department. Another would extend the ban to family members. A third would also encompass top staffers.

The fight over the measure highlights the potential conflicts of interest in lawmakers' shareholdings. A Bloomberg Businessweek examination of financial filings found that at least 18 senators and 77 House members report owning shares of one or more of the companies, and the law could have a significant effect on the value of their portfolios. Pelosi disclosed that her husband has as much as $25.5 million in Apple stock alone. Republican Representative Mike McCaul of Texas reported that his family holds shares of all four tech giants, with a collective value topping $8 million. Last year members of Congress filed more than 4,000 trading disclosures involving more than $315 million of stock and bond transactions, according to Tim Carambat, a researcher who maintains databases of lawmakers' financial trades.

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