Congressional Democrats appear to have significantly increased their wealth in 2024, despite making only $174,000 a year.
Unusual Whales Research Shows Democratic Stock Portfolio Will Far Outperform S&P 500 in 2024 Found They rose an average of 31% on Tuesday, 7 points higher than the S&P 500 (24%) and 5 points higher than their Republican colleagues (26%).
Unusual Whales estimated the performance of each member's stock portfolio by calculating the value of each stock from the beginning of 2024 to the end of 2024.
The biggest offender among Democrats was Rep. Debbie Wasserman Schultz (D-Fla.), whose portfolio soared 142 percent, the report found.
- Wasserman Schultz, who serves on the Environment, Manufacturing, and Critical Minerals Subcommittee, purchased shares of Hecla Mining Company ($HL), which peaked at +45%.
- The congressman, who also serves on the House Military Construction Appropriations Subcommittee, also bought stock in military company ViaSat ($VSAT). Since her purchase, Viasat stock has increased 41 percent.
Wasserman Schultz wasn't the only Democrat to develop an aggressive investment strategy.
Following Wasserman Schultz, the top seven Democratic stock traders are:
- Sen. Ron Wyden (Oregon), +123%
- Rep. Morgan McGarvey (Kentucky), +105%
- Rep. Nancy Pelosi (California), +70%
- Rep. Thomas Suozzi (New York), +62%
- Rep. Kathy Manning (North Carolina), +56%
- Rep. Seth Moulton (Massachusetts), +45%
- Rep. Tina Smith (New Mexico), +44%
Notable member returns:
- Rep. Dan Crenshaw (R-TX), +61%
- Sen. Mitch McConnell (R-KY), +45%
- Rep. Dean Phillips (D-MN), +28%
- Rep. Hakeem Jeffries (D-NY), +8%
- Rep. Mike Kelly (R-Pennsylvania), -53%
Unusual Whales reported on the details of the Congress's stock transactions:
But if you look at the 100 or so members of Congress who are actively trading, only half outperform the S&P. However, most of Congress was tracking SPY (20% to 27% return), and trading was not as active as in previous years. Additionally, the companies that outperformed SPY actually outperformed S&P, including in the options world (especially Nancy Pelosi)
why? Well, because Congress often hosted the big tech companies that were the winners this cycle. Holdings such as Amazon, NVDA, and META have increased Congress' profits this year.
It's also important to remember that many of these big tech companies lobby the same people who own their stock. Our politicians may be able to directly oversee policy decisions that could financially help or hurt these companies.
Congressional stock trading is an issue that unites most Americans.
According to the poll, 86% of Americans support banning stock trading for members of Congress and their families, including 87% of Republicans, 88% of Democrats and 81% of independents. Found In 2023.
Wendell Husebo is a political reporter for Breitbart News and a former RNC war room analyst. He is the author of The Politics of Slave Morality. Follow Wendell “×” @WendellHusebø or society of truth @WendellHusebo.
