The latest installment of Blaze Originals documentaries, "Bought and Paid For: How Politicians Get Filthy Rich," drops on Wednesday for Blaze Media subscribers, and it covers a topic that is sure to interest — and infuriate — viewers of all political persuasions: insider stock-trading by members of Congress.
In this 30-minute episode, host James Poulos travels to Washington, D.C., the belly of the proverbial beast, to learn the extent of the problem. Even Poulos, a seasoned conservative thinker, appeared shocked by what he learned, noting that "some of the most richly rewarded investors in the world" are members of Congress and that running for Congress would give average Americans their best chance at earning "outsized returns" on stock trades.
During his time in D.C., Poulos chatted with some of the good guys in the fight, including Republican Reps. Matt Gaetz of Florida and Chip Roy of Texas, and learned that the issue is both bipartisan and bicameral, meaning it has infiltrated the U.S. House and Senate.
Rep. Gaetz even takes Poulos on a tour of Capitol Hill, walking past or visiting the offices of some of the worst stock-trading offenders, including Sen. Bob Menendez (D-N.J.), currently under federal indictment for bribery, and Rep. Nancy Pelosi (D-Calif.), whose net worth has skyrocketed in the last 15 years or so from $21 million in 2008 to a current net worth somewhere between $300 and $350 million, the documentary claimed.
Some of the names mentioned, however, are less familiar to the public. They include Rep. Michael Guest (R-Miss.); Rep. Josh Gottheimer (D-N.J.), who reportedly sold his stock of Silicon Valley Bank the day before the bank collapsed in March 2023; and Sen. Tommy Tuberville (R-Ala.), who sits on several influential committees such as the Armed Services Committee and the Committee on Agriculture, Nutrition, and Forestry.
"It's less about the insider trading, although that's a thing. But it's more about the fact that [members of Congress] have an inherent conflict of interest," said Roy, who has repeatedly introduced failed legislation, cosponsored by Democrat Rep. Abigail Spanberger of Virginia, that would prohibit equities trading for members of Congress and their immediate families.
Viewers of "Bought and Paid For" will likely be outraged that so many federal lawmakers brazenly and wantonly seem to engage in unethical stock-trading, but with almost no outside force to police the private behavior of lawmakers and their families, participants in the documentary are skeptical that things will change anytime soon.
"It turns out that congressional stock trading will occur in an ecosystem of shamelessness," Gaetz quipped.
While Blaze Originals documentaries have covered such hot-button topics as the Maui fires and the deplorable conditions at the Texas development Colony Ridge, Blaze Media personalities believe this may be the most powerful episode yet.
"This is maybe the best work our platform has ever done," said BlazeTV host Steve Deace. "It's among the greatest works right-of-center alternative media has ever done. ... It's phenomenal. Don't miss it."
"Bought and Paid For" debuts on Wednesday, but you must have a Blaze Media subscription to see it. Click here to subscribe today. You can also check out a trailer for the episode below:
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“Give me your tired, your poor
Your huddled masses yearning to breathe free.”
“Give me your cunning, money-hungry politicians
Starving for riches and power.”
You know that’s not how the poem goes.
And yet, take one look at our fabulously wealthy members of Congress (ahem, Nancy Pelosi) – whose salaries range from $174k to $223.5k per year – and it’s obvious America has become a place where those who are supposed to serve the country are actually exploiting their positions of power for personal gain.
It turns out earning a degree, starting a business, or even taking a job on Wall Street isn’t the easiest way to earn the big bucks in the United States.
But getting elected to Congress? Now, that’s a surefire way to line your pockets for life.
What would it be like if you were able to buy shares in companies you regulate, or invest in defense contractors right before a war breaks out, or sell your stocks because you found out before everyone else there’s going to be a global pandemic?
We wanted answers to those questions, so we sent James Poulos and the Blaze Originals team to Washington, D.C., to expose how members of Congress get filthy rich.
Featuring X user Unusual Whales, Rep. Matt Gaetz (R-Fla.), Rep. Chip Roy (R-Texas), and former U.S. Rep. George Santos, this documentary shines a light into the shady dealings of America’s corrupt politicians.
Join us on Wednesday, April 10 at 8:00 p.m. ET on YouTube and BlazeTV for a very special live premiere hosted by Glenn Beck, and watch the full episode immediately after.
For more docuseries with your favorite BlazeTV hosts covering groundbreaking issues in the most important regions of our national theater, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.
Republican Rep. Pat Fallon of Texas is pushing legislation that would bar Congress members and their spouses from trading individual stocks.
According to a copy of the proposal posted by the Daily Caller, the text of the measure would prohibit lawmakers and their spouses buying and selling a "covered financial instrument," which the measure defines as a security "as defined in section 3(a) of the Securities Exchange Act of 1934."
The measure stipulates that certain vehicles such as mutual funds, exchange-traded funds, U.S. Treasury bills, bonds, and notes, and "any investment fund held in a Federal, State, or local government employee retirement plan" would not qualify as a "covered financial instrument."
The measure would allow for the spouse of a lawmaker to receive a "covered financial instrument" as payment for their work. "Beginning one year after the date on which a spouse of a Member of Congress is employed in the primary occupation of such spouse, such spouse may receive a covered financial instrument as compensation from such primary occupation during the period of employment at such occupation," the text of the measure reads.
Violators would be slapped with a fine of either "$25,000 per violation" or an amount equivalent to the value of the financial instrument that was sold or bought, whichever fine is larger.
"Undoubtedly some members seek to use their position to enrich themselves and their families. Still more make honest mistakes trying to navigate the often confusing reporting requirements. A cottage industry has sprung up in the media, often ignoring bad actors and instead excoriating innocent oversights for partisan reasons. To end all of this, we should simply pass legislation that, once and for all, makes it clear the sitting members of Congress are banned from trading individual stocks altogether," Fallon told the Daily Caller.
"The Insider Trading Prevention Act is a critical first step to restore the public's faith in Congress. This is clear, easy to understand and will eliminate altogether good faith errors and, more importantly, egregious self aggrandizement and insider trading," he noted, according to the outlet.
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