Throughout 2022, there were a number of instances of very well timed trades among members of Congress. Let's examine a few examples.
In February, Marjorie Taylor Greene, a House Republican, bought stocks in Lockheed Martin, Chevron, and NextEra Energy. Mere days later, the Ukraine conflict escalated. Other politicians followed suit, buying up oil and defense stocks before the Ukraine invasion.
In July, Nancy and Paul Pelosi sold all their Nvidia stock. By August, Nvidia was instructed by the US to limit chip sales in China and Russia, causing the stock to drop 20%. When questioned about the timing of her sale, Pelosi remained silent.
Senator Thomas Carper bought bearish ETFs before significant rate hikes and CPI data from the federal reserve. Interestingly, he sits on the Senate Finance Committee, and his positions have profited.
Congress members also heavily invested in semiconductors prior to the passing of the CHIPS bill and restrictions in China. This led to significant gains for them in 2023.
Dan Crenshaw was questioned about his stock trades, including a sale in February that brought him a 32% return. In response, he implied that trading was a way for Congress members to better themselves.
In 2022, both Pat Fallon and Tom Suozzi faced STOCK Act violations for late disclosures of trades worth hundreds of thousands, but the House Ethics Committee dismissed their cases, citing lack of clear evidence of intentional non-disclosure. Both Fallon and Suozzi continued to make late disclosures of trades throughout the year.
Leave a Reply