Why did Nancy Pelosi not allow a vote on the Credit Card Fair Fee Act?

The San Francisco Chronicle reports on a suspicious stock deal involving Nancy Pelosi.

Excerpt:

House Minority Leader Nancy Pelosi is the subject of a report on the stock investments of members of Congress that is to air Sunday on CBS’ “60 Minutes.”

[…]Kroft asked Pelosi why she and her investor husband, Paul Pelosi, bought an initial public offering of stock in Visa, the San Francisco-based credit card company, in March of 2008.

The same month, former House Judiciary Committee Chairman John Conyers, D-Mich., introduced the Credit Card Fair Fee Act, which would have given merchants the power to negotiate lower fees with credit card companies. The bill, hostile to the credit card industry, was passed by the committee but never brought to the floor. Pelosi was speaker at the time, and controlled which legislation came to a vote.

The Pelosis bought the Visa stock in three transactions totaling $1 million to $5 million, according to financial disclosure reports. The first was the IPO, followed by two other purchases of the stock at higher prices, Pelosi said.

It certainly seems suspicious to me. She owns millions of dollars of stock in a credit card company, and then proposed legislation to regulate that industry is not allowed a vote on the floor of the House.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s