The heated November race to succeed former House Speaker Nancy Pelosi in Congress has brought a controversial twist to Supervisor Connie Chan’s campaign. While Chan has built her platform on progressive credentials—supporting Medicare for All and advocating for a ban on congressional stock trading her high-profile endorsements from Nancy Pelosi and Rep. Ro Khanna have drawn sharp criticism. Her opponent, state Sen. Scott Wiener, argues that these endorsements undermine Chan’s branding as a champion for working-class families due to the lawmakers’ heavily scrutinized stock-trading volumes.
The Stock Trading Controversy and Defenses:
According to recent analyses, Rep. Ro Khanna and Nancy Pelosi rank among the members of Congress with the highest reported stock-trading volumes.
Ro Khanna’s Response: Khanna defended his portfolio valued between $24 million and $147 million explaining that the shares are held in a family trust managed by a third-party trustee and that he does not trade stocks. He dismissed the attacks as right-wing talking points originally perpetrated by billionaires like Elon Musk.
Nancy Pelosi’s Response: Pelosi’s portfolio has faced intense public tracking, though she shifted her stance in 2022 to support congressional trading regulations after initial resistance.
Candidate Commitments: Both Chan and Wiener support banning congressional stock trading, with Chan backing specific legislation such as the Ending Trading and Holdings in Congressional Stocks Act introduced by Rep. Raja Krishnamoorthi.
Campaign Clashes Over Donors and Policies:
The political sparring escalated as Wiener’s campaign spokesperson, Joe Arellano, criticized the volume of trades associated with Chan’s supporters, stating that working families do not engage in thousands of stock transactions. In response, Chan pivoted the critique back toward Wiener, questioning his reliance on billionaire donors and defending Khanna against what she called desperate political attacks. Chan’s campaign also highlighted Wiener’s opposition to Proposition 40, a November ballot measure proposing a tax on California’s billionaire class, contrasting it with her own rejection of corporate PAC money.
