The findings showing politicians made more than $1 billion worth of trades in 2023 have strengthened a long-criticized campaign to ban parliamentary leaders from stock trading.
Some lawmakers support the bill, called the Ethics Act, but it would need more supporters to pass. daily mail report Sunday.
Among those who benefited from stock trading is former House Speaker Nancy Pelosi, who reportedly made trades worth about $100 million since 2019, with a return of 65% in 2023. That’s what it means. Post said the article.
“We found that Mark Green, the Republican chairman of the Homeland Security Committee, received a 122.2 percent return,” the report said.
However, the trade community Unusual Whales teamed up with an anti-corruption group called RepresentUs to oppose this practice.
“They argue that politicians should be completely prohibited from owning or trading stocks to prevent them from manipulating inside information or making decisions based on their own economic interests. “There is,” he said. Post said the article.
A rare whale in January share 2023 Politician Deals Infographic.
“Like every year since 2020, U.S. politicians have beaten the market. And many in Congress have made trades at unusual times, resulting in huge profits. The top performers in 2023 are: Yes,” the group said.
🚨Breaking news🚨
We just released our full report on politician trades in 2023.
Like every year since 2020, US politicians have beaten the market.
And many in Congress made deals at unusual times, resulting in huge profits.
The top performers for 2023 are: pic.twitter.com/ykf9VICsBw
— unusual_whales (@unusual_whales) January 2, 2024
Meanwhile, RepresentUs CEO Joshua Graham-Lynn expressed displeasure at this business practice among politicians. “It is outrageous that members of Congress are playing games with the stock market while millions of Americans are struggling to make ends meet,” he said. I call it gang action, which implies it’s illegal, but unfortunately it’s not. ”
“The overwhelming majority of Americans want this to stop. So let’s stop it,” Lin added.
Regarding insider trading, Peter Schweitzer, author, director of the Government Accountability Institute (GAI), and senior Breitbart News contributor, said in 2013 that Rep. Spencer Backus (R-Alabama), who served 11 terms, It was reported that he later announced that he would not seek re-election.
Mr. Backus served as chairman of the powerful House Financial Services Committee for six years before stepping down as chairman in 2012 following an investigation by the Office of Congressional Ethics. In my book Throw it all awayI discovered evidence of insider trading, along with subsequent reporting by Breitbart News. 60 minutes And I worked with Representative Nancy Pelosi (D-Calif.) on an investigation that uncovered insider trading by Mr. Backus. Congress subsequently passed the Stop Trading Congressional Knowledge (STOCK) Act, which prohibits members of Congress from engaging in insider trading.
Unsurprisingly, Mr. Backus’ friends on the committee were acquitted, but they subsequently spent $422,000 in legal fees funded from his campaign account and another $209,000 from his attorney’s fees trust. was forced to. In a very nepotistic manner, politiko reported that “the bulk of Backus’ defense funding came from companies and PACs with ties to Alabama, including Mortgage American, Bryant Bank, and Winfield’s Citizens Bancorp.”
At the time, Schweitzer highlighted the fact that “these cynical, crony capitalist actions are why the late Andrew Breitbart first called for Backus’ resignation.”
In February 2023, Rep. Zach Nunn (R-Iowa) introduced a bipartisan bill that would “prohibit members of Congress and their spouses from owning or trading individual stocks,” Breitbart News reported. However, this will make it more difficult to practice insider trading.
