Posted on 01/05/2024 7:08:29 AM PST by Twotone
Members of Congress beat the stock market last year, with Democrats dominating their Republican counterparts significantly, according to a new report by Unusual Whales, a market analysis group.
Members on both sides of the aisle had major years, including Speaker Emeritus Nancy Pelosi (D-CA), Rep. Garret Graves (R-LA), Senate Minority Leader Mitch McConnell (R-KY), and Sen. Tommy Tuberville (R-AL).
The largest standout was Rep. Brian Higgins (D-NY), who beat the market with 238.9% returns over 2023, nearly 10 times the increase in the S&P 500 index. Right behind him was Rep. Mark Green (R-TN), at 122.2%.
Green defended his stock trading and insisted he has no control over his accounts, revealing a letter to his stockbroker in 2020 that cut him out of decision-making.
"I have no insight into how trades are made, and am only notified after they occur," Green said in a statement. "In fact, in my first year in Congress, to go above and beyond even the hint of impropriety, I instructed my broker in writing to manage my family's investments and to disregard any instructions from me should I try to provide input (which I have not).
“I believe firmly that using insider information for personal benefit is a crime that should be strictly enforced," he added. "All transactions and stocks I own can be viewed online. Using insider information for personal benefit is a crime that should be strictly enforced."
Of the 100 trading members, 33% beat the market in 2023, according to the Unusual Whales analysis. Democratic members of Congress secured a 31% gain in returns in comparison to Republicans’ 18% gain. Republicans invested more in financials and oil, which had a lean year, while Democrats preferred tech investments.
Efforts to ban lawmaker stock trading once again have fallen short. A bipartisan push in the House has 69 co-sponsors while another effort was reintroduced last month to ban lawmakers, the president, the vice president, Supreme Court justices, and top Federal Reserve Board officials from owning individual stocks.
The pursuit comes as lawmakers attempt to update the current rules, which were established in 2012. Then-President Barack Obama signed the STOCK Act, which prevented members of Congress from trading based on privileged information they were able to receive through work.
Congressmen should absolutely not be allowed to trade stocks, even through a “blind trust”. Same should apply to any of their immediate family, and/or business associates. They’re a bunch of insider-trading criminals.
It pays to be a member of CONgre$$.
Just like Hillary’s cattle futures.
THOSE PEOPLE ARE wall street GENIUSES!................
Martha Stewart says to herself, “I should have run for Congress.”.............
Gee, did Congress “exempt themselves” from paying taxes on this “insider trading” gains? I wouldn’t be surprised.
Amazing. Looks like they missed their true calling.
How to get rich quick? ...
Get elected to Congre$$.
Invest in stocks of companies you make judgments over yeah that’s insider trading but it’s okay if your above the law.
Pelosi alone is worth over 400 million alone yep looking out for the people huh Moe.
Democracy in action
But, But we don’t need to change the way our Government works.
Get in line turn around ,pull down your pants and bend over!
Generate some clicks. Minor outrage. Back to business as usual.
This is why political donations are unnecessary. We pay via increased prices on the products insider traded to these folks.
Nearly none of them go for their salaries. Connections is the game.
So the spouses tell the brokers what to do
One the one hand we could be in favor mandatory blind trust-accounts for all persons in government, yet on the other hand we WOULD be in favor of getting government out of the business of trying to control so much of the economy and its businesses, leading to fewer government decisions impacting businesses.
Jesse Watters breaks down @unusual_whales
report on politicians trading in 2023.
“Our lawmakers made over $1B in financial transactions this year… This is what corruption looks like and that is why Congress still hasn’t passed a ban on insider stock trading.”
https://twitter.com/alx/status/1742357034560082374
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