California Democratic Sen. Adam Schiff received backlash after asking White House Counsel David Warrington to produce financial declarations for key officials, leading a Trump adviser to propose that he begin by seeking the same from longstanding California Democratic Rep. Nancy Pelosi.
“The American people remain highly concerned about Nancy Pelosi’s long, documented history of insider trading and eagerly await Adam Schiff refocusing his political stunt on serious issues, like Pelosi’s portfolio,” White House spokesman Kush Desai told ABC News after it inquired about Schiff’s letter.
In a letter to Warrington and White House chief of staff Susie Wiles, Schiff expressed “continued and growing concern regarding… failure to submit any financial disclosure reports for senior White House officials to the Office of Government Ethics within the statutorily mandated period.”
Schiff demanded the White House turn over a list of officials required to file “new entrant” reports, an explanation for “failure to transmit” such reports for certification, and any late-filing fees imposed for “delinquent filings.”
He stated that he had signed on to a bicameral April letter, which included fellow Californian Rep. Mike Levin, Rep. Jerrold Nadler, D-N.Y., and numerous other Democrats, requesting comparable information.
The White House pushed back on Schiff again on Thursday, telling Fox News Digital that all officials who are obligated to make public reports continue to do so.
“Including the obligation to file periodic transaction reports disclosing the purchase or sale of certain securities,” said Taylor Rogers, a White House spokeswoman.
“For decades, administrations of both parties, including the first Trump Administration, have fulfilled this obligation, recognizing that public trust in government depends on robust, enforceable transparency standards,” Schiff said in a statement.
“However, senior officials in this administration have repeatedly failed to disclose assets and business entanglements, as well as potentially misused their official positions for personal gain. Transparency and compliance with ethics laws are essential,” Schiff added.
If Schiff is genuinely concerned about ethics, he might consider examining his longtime ally more closely.
Pelosi, whose personal wealth reportedly tops $120 million, has faced accusations of insider trading for years. She didn’t answer when a Fox News Digital reporter asked her about it on Capitol Hill last month. Her spokesman, Ian Krager, later claimed, “She does not own any stocks, and she has no prior knowledge or subsequent involvement in any transactions.”
That didn’t stop Republicans from pushing back. Missouri Sen. Josh Hawley introduced the PELOSI Act, the Preventing Elected Leaders from Owning Securities and Investments Act, in 2023. Congressman Mark Alford followed up with a House version. The long-standing questions surrounding Pelosi’s trades inspired both bills.
“Members of Congress should be fighting for the people they were elected to serve—not day trading at the expense of their constituents,” Sen. Hawley said. “Americans have seen politician after politician turn a profit using information not available to the general public. It’s time we ban all members of Congress from trading and holding stocks and restore Americans’ trust in our nation’s legislative body.”
Missouri Republican Rep. Mark Alford introduced his bill in the House to ban congressional stock trading, which he said is “complementary” to the legislation proposed by Missouri Republican Sen. Josh Hawley in the Senate.
“As public servants, we should hold ourselves to a higher standard and avoid the mere appearance of corruption,” Rep. Alford said in a press release. “Unfortunately, too many members of Congress are engaging in suspicious stock trades based on non-public information to enrich themselves. These gross violations of the public trust make clear: We must finally take action to ban members and their spouses from owning or selling individual stocks.”
In May, when asked if she would support a ban on congressional stock trading, Pelosi responded with a dismissive “if they do, they do” and a hesitant “sure” when asked if she would vote for it.