the staff of the Ridgewood blog
Washington DC, Elon Musk, head of the Department of Government Efficiency (DOGE), has turned his attention to a pressing issue: how members of Congress have amassed enormous wealth despite earning base salaries of under $200,000 per year.
Speaking at a Wisconsin rally in support of state Supreme Court candidate Judge Brad Schimel, Musk questioned the financial success of some lawmakers, saying:
“A lot of strangely wealthy members of Congress—where I just can’t—I’m trying to connect the dots of how did they become rich.”
Musk went on to add:
“How’d they get $20 million if they’re earning $200,000 a year? Nobody can explain that. We’re gonna try to figure it out and certainly stop it from happening.”
His remarks come amid growing scrutiny over Congressional stock trading, with many lawmakers managing to outperform the stock market—raising concerns over insider trading.
The Congressional Wealth Debate: Insider Trading or Smart Investments?
Currently, members of Congress are legally allowed to purchase and trade stocks and cryptocurrency, provided they disclose their transactions under the STOCK Act. Salaries for lawmakers are as follows:
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Senators & Representatives: $174,000 per year
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Speaker of the House: $223,500
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Majority & Minority Leaders: $193,400
Despite these salaries, some lawmakers boast net worths exceeding $100 million, with some surpassing $200 million.
A major point of contention is the timing of stock trades, often occurring before key legislation is passed—prompting allegations of insider trading.
Josh Hawley’s PELOSI Act: A Push for Stock Trading Ban
In response, Senator Josh Hawley (R-MO) introduced the Preventing Elected Leaders from Owning Securities and Investments Act—or PELOSI Act—to ban lawmakers from trading stocks.
Hawley’s bill was a direct jab at Nancy Pelosi, whose husband, Paul Pelosi, has made millions through well-timed stock trades. With a combined net worth nearing $250 million, critics argue that the Pelosis’ trading success is evidence of a rigged system.
Former Rep. Tulsi Gabbard, once a Democrat, has also called out the blatant conflicts of interest in Congress:
“We have people in positions of power to pass legislation, to enact new policies. They can see, ‘OK, here are the industries or companies that will benefit from this. I’m going to make these investments, buy this stock or that stock, or have my husband or wife do it and then make money in the process.’”
Pelosi’s Defense & Bipartisan Roadblocks
Despite widespread criticism, Pelosi has defended lawmakers’ right to trade stocks, stating:
“We’re a free-market economy. They should be able to participate in that.”
However, she insists that lawmakers must comply with the STOCK Act and disclose their trades.
Still, investigations reveal a pattern of Congressional stock success that far exceeds the market average. A Business Insider report titled “Conflicted Congress” found that members of Congress:
✅ Have repeatedly avoided consequences for questionable financial transactions
✅ Have loosened ethical standards to continue trading
✅ Have engaged in trades that directly conflict with their public duties
Efforts to ban lawmakers from trading stocks have gained bipartisan support but consistently stalled in Congress.
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Because it’s a club. You are made to feel like you’re in it, but you’re not.
Hope it opens up and let’s the sun in. But, whatever happened to the Epstein files? Still waiting.
Hi Gottheimer, better get your lawyer and defense ready