Congress Members Make Massive Profit In 2023 From Stock Trading
Congressional Stock Trading in 2023: How Members of Congress Outperformed the Market.
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In 2023, members of the United States Congress made significant strides in stock trading, with some members outperforming the S&P 500—sometimes by considerable margins. Despite calls for a ban on stock trading among members of Congress and the introduction of a bill to that effect, the practice remains prevalent.
One of the most notable examples is former House Speaker Nancy Pelosi, who achieved a staggering 65% return on her stocks in 2023. This remarkable feat highlights how adept some members of Congress have become at navigating the stock market.
Another standout was Representative Kevin Hern, who sold $5.1 million in technology stocks. Additionally, Republican representative Mark Green from Tennessee made 8 trades in 2023, for an estimated value of $1.42 million.
A Bipartisan Affair
It is noteworthy to mention that this trend was not confined to any one political party. Both Democrats and Republicans made significant profits from stock trading. However, Democrats managed to outperform their Republican colleagues by a substantial margin.
Unusual Whales Report Findings
According to the Unusual Whales Congress Trading Report for 2023, of the 100 trading members, 33% beat SPY (S&P 500 ETF) with their portfolios. The report also noted that members are once again trading options, after abstaining from doing so in 2022.
The report identified several unusual trades and conflicts, possibly suggesting that some members of Congress were leveraging their positions for personal gain. However, it also noted that the overall number of transactions by Congress was down, potentially due to increased scrutiny and a push for more transparency.
The Debate Continues
Despite the impressive returns, the practice of members of Congress trading stocks continues to be controversial. A bill introduced in the Senate in April 2023 aimed to prohibit members of Congress (and their spouses and dependents) from purchasing or selling certain securities. However, the bill has yet to be passed.
The debate over whether such trading should be allowed is likely to continue into 2024, especially given the significant profits made by members of Congress in 2023.
In conclusion, while the stock trading prowess of members of Congress is impressive, it raises important questions about the potential for conflicts of interest and the need for greater transparency in our political system.
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