The New York Times just released a massive analysis focused on the current members of Congress. This is a huge signal that we need somebody back in D.C. who can clean up the swamp.
The Times found that at least 97 current members of Congress or their immediate families bought or sold stock, bonds, or other financial assets that “intersected with their congressional work.”
To be clear, members of Congress are not banned from investing in any company including those that can be affected by their leadership as lawmakers. But the number of congressmen has seen increased scrutiny in the last several years for their economic windfalls.
Some of the members have done so well in the market that expert traders have created several exchange-traded funds that simply mirror the personal portfolios of these members of Congress.
The New York Times analysis shows many trades that at least demonstrate curious timing.
The wife of Representative Alan Lowenthal (D-Calif.) sold Boeing shares on March 5, 2020. This is just one day before a committee that Lowenthal sits on released damaging information about Boeing’s handling of its 737 Max jet, which was involved in two fatal crashes.
This report is not one-sided, there were 47 Democrats under watch and 49 Republicans.
Bob Gibbs (R-Ohio) sits on the House Oversight Committee. He bought shares of the pharmaceutical company AbbVie in 2020 and 2021 — while his committee was investigating AbbVie over drug prices.
Speaker Nancy Pelosi has been under scrutiny as well. She is facing a slew of allegations that involve her husband, Paul. And she was not one of the members that the Times identified in the report.
“The American people don’t want us day trading for profit, and engaging in active trading of the very equities that are connected to the policies that we are deciding on and voting on every day,” said Representative Chip Roy (R-Texas).
He is co-sponsoring a bill that would “require members to put individual stocks, bonds and many other financial assets in a blind trust,” according to the Times.