Facebook is yet to announce if its move will trickle down to other platforms and countries as well, and exactly when will it be rolled out for people to use.
Facebook's current political ads policy does not take any action against ads run by political leaders or groups even if they contain misinformation or lies.
Democratic presidential candidate Michael Bloomberg is promoting his political campaign via sponsored content through Facebook and Instagram influencers.
Pelosi accused Facebook of having a shameful business model where it is only interested in tax cuts and avoiding antitrust action against itself.
Facebook has been criticized over its content policies by both Democrats and Republicans for refusing to fact-check political ads.
Snapchat CEO Evan Spiegel's stance follows Facebook head Mark Zuckerberg's refusal to censor political ads, and Twitter's Jack Dorsey banning them altogether.
During India's 17th Lok Sabha elections earlier this year, Facebook's Ad Library Report showed that the site had 1.21 lakh political ads worth over Rs 26.5 crore.
Facebook said that it will neither censor nor send statements, ads or any other content shared by politicians to its third-party fact-checkers.
All political adverts on Facebook must have "Published by" or "Paid for by" disclaimers.
Facebook is also adding more ownership details for Pages running the political adverts in India.