A Virginia pol says it’s time for Congress to finally pass her stalled bill banning fellow members and their families from trading stock while in office, after a recent report found dozens of lawmakers beat the market in 2022 despite Wall Street suffering its worst yr since 2008.
“These numbers illustrate the apparent — that we’re long overdue for a vote on laws to ban” stock trading in Congress — the Trust in Congress Act, Rep. Abigail Spanberger told The Post.
“A overwhelming majority of the American people need to get this done, and lawmakers should show that they’re focused solely on advancing the interests of the American people — not the interests of their very own stock portfolios,” the Dem continued.
Spanberger — who was joined Thursday by Texas Republican Rep. Chip Roy in reintroducing the bipartisan bill — was responding to an eye-opening report by the stock-trading news site Unusual Whales. It showed the S&P 500 was down 18.2% in 2022 as many Americans’ 401Ks sank just like the Titanic, but Democratic Congress members and senators who traded saw their returns drop just one.76%. Republican pols actually finished up 0.4% on their trades.
Rep. Abigail Spanberger said “a overwhelming majority of the American people need to get this done.”Getty Images
Topping the list of winners was Rep. Patrick Fallon (R-Texas), who made 51.6% on his investments in 2022. Right behind him was Rep. Debbie Wasserman-Schultz (D-Fla.), with a 50.8% spike, and Rep. Susie Lee (D-Nevada) at 21.4%.
Fallon’s most lucrative bet was on Twitter. He snatched up as much as $150,000 value of stock in January 2022 and flipped it after Elon Musk announced plans to amass the social media giant — making as much as $75,000, in accordance with the evaluation.
Former Rep. Marie Newman (D-Illinois), who lost a re-election bid last yr, was one among the few members of Congress to do worse than the S&P 500, ending last amongst her stock-market playing Congress colleagues with a net lack of 83.1%.
US Rep. Patrick Fallon of Texas had the very best returns on stocks of anyone in Congress in 2022.SHAWN THEW/EPA-EFE/Shutterstock
But essentially the most notable loser last yr: California Democrat Nancy Pelosi, who waffled forwards and backwards over her stances on a proposed trading ban in 2021 and 2022 when she was still House speaker. Her family portfolio, overseen by enterprise capitalist husband Paul Pelosi, dropped 19.8%.
No Latest York City-based pols were prominently featured within the document, but Unusual Whales provided The Post additional data showing modest trading activity in securities over the past two years by recent House Minority Leader Hakeem Jeffries and former Rep. Carolyn Maloney, each Democrats.
Senate Majority Leader Chuck Schumer (D-NY) said through a spokesman he backs banning trading by Congress members.
Rep Marie Newman of Illinois finished last amongst her stock-market playing Congress colleagues.Allison Bailey/NurPhoto/Shutters
Usual Whales relied on financial disclosure forms filed by 131 – or 24% — of the 535 members of Congress who reported trading activity in 2022. An earlier report it released in 2021 also showed Congress members fared higher at trading than the common United States investor.
Because the Post has previously reported, dozens of lawmakers across each parties have a protracted history of curiously timed trades involving the businesses they regulate.
Members of Congress are required to reveal their stock trades, though they often snub the law by doing so weeks or months after making them.
US Sen. Chuck Schumer said he agrees that members of Congress shouldn’t trade stocks.
Outgoing Speaker of the House Nancy Pelosi’s family portfolio, overseen by enterprise capitalist husband Paul Pelosi, dropped 19.8%.
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US Rep. Chip Roy reintroduced the bill with Rep. Spanberger.
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In 2022, they traded as much as $788 million in various assets through greater than 12,700 purchases, sales and exchanges. That’s $189 million less in trades than 2021 when there have been similar variety of transactions reported by 147 pols who filed disclosure statements.
Among the many top stocks purchased last yr by Congress members were Apple ($6.3 million), Disney ($6.25 million), Google ($6.2 million), Musk’s electric automotive company Tesla ($6.08 million) and tech giant Nvidia ($5.68 million). Top stocks hawked included Visa ($11.2 million), Nvidia ($6.35 million), Exxon Mobile ($5.32 million), pharmaceutical titan Eli Lilly ($5.21 million) and Microsoft ($3.4 million).
