Elon Musk, the head of DOGE (the Department of Government Efficiency), has indicated that he’ll be focusing his attention on members of Congress with base salaries below $200,000.
The tech mogul, philanthropist, and businessman made these comments at a rally for Wisconsin Supreme Court candidate Brad Schimel.
He told the audience that he was trying to figure out how some members of Congress became so rich.
How did they earn $20 million when they only make $200,000 per year? Musk added, “Nobody can explain it.” “We’re going to try and figure it out and stop it from ever happening.”
You haven’t seen anything yet if you thought Congressmen were losing their minds over DOGE’s attempts to investigate fraud.
Members of Congress can now buy and sell stocks and cryptocurrency as long as they declare all transactions. Senators and Representatives earn a base salary of $174,000 annually. The Speaker of the House, the President pro-tempore of Senate, and the majority and minor leaders of the House and Senate are some exceptions.
Some members of Congress are in the elite group with net worths exceeding $100-$200 million.
The controversy is largely a result of what critics believe to be insider trading. Sen. Josh Hawley, R-MO, went as far as introducing legislation in 2023 to ban members of Congress from trading or buying stock.
The “Preventing Eligible Leaders From Owning Securities and Investments Act” (PELOSI) was the name he gave it.
Pelosi’s net worth and that of her husband Paul Pelosi is nearly $250 million. Tulsi Gabrield, Director of National Intelligence, has in the past, when she was a Democrat, called out Pelosis’ trading ability as proof that the system is rigged.
She said, “We have people who are in positions of authority to pass legislation and to implement new policies. They know which industries or companies will benefit from this. I will make the investments, purchase this or that stock, have my husband/wife do it, and then make some money. ‘”
Pelosi’s defense of members of Congress who have insider information about legislation that could affect certain industries or companies may shock you.
Pelosi has told reporters that “we’re a market economy.” “They should be allowed to participate.”
She insists that legislators should comply with the STOCK Act by disclosing all their transactions.
Pelosi’s success is not the only one to benefit from insider information. Other members of Congress have also had amazing success in beating the stock markets.
Business Insider published a report in 2021 titled “Conflicted Congress” that revealed “the many ways members of the US House of Representatives and Senate have eviscerated themselves” and “avoided consequence” when it came to questionable financial transactions.
They said that lawmakers had “blinded Americans” to “the many moments” where their “personal financial duties clash with their public duty.”
The bipartisan effort to end the practice of members of Congress trading stocks has consistently failed.
Can Musk and the DOGE team put an end to this?