Latest news with #StopTradingonCongressionalKnowledge
Miami Herald
2 days ago
- Business
- Miami Herald
Full List of Lawmakers Who Traded Stocks After Trump's Tariffs Announcement
In the days that followed President Donald Trump's "Liberation Day" announcements, the climax of his second-term trade policy, lawmakers reported hundreds of stock trades. Newsweek has compiled a ranking of trades made by members of Congress between April 3, the day after President Trump unveiled reciprocal tariffs on dozens of trading partners, and when these were paused on April 9. The imposition and subsequent reversal of the president's sweeping tariff policies resulted in significant stock market volatility, with indexes crashing following the announcement and those who purchased in the interim benefitting from a boost when these were placed on hold. The high number of trades made by lawmakers during this period has again raised questions about the ethics of congressional stock trading. Members of Congress are permitted to buy and sell stocks, provided they disclose these within 30 days of the transaction, per the 2012 Stop Trading on Congressional Knowledge (STOCK) Act. However, many lawmakers, including some of those in the list below, have advocated that lawmakers be banned from stock trading altogether, given the insider knowledge they may have of market-moving events, as well as the concerns this could raise among citizens' regarding possible conflicts of interest. Surveys have also shown that overwhelming bipartisan majorities are in favor of banning stock trading by members of Congress. Below is a list of trades made by U.S. lawmakers between April 3 and April 9, based on publicly available disclosures tracked by The list includes both sales and purchases during this time and is ranked according to the total number. Representative Rob Bresnahan, Republican, Pennsylvania Total trades: 182 Representative Josh Gottheimer, Democrat, New Jersey Total trades: 87 Representative Jefferson Shreve, Republican, Indiana Total trades: 57 Representative Marjorie Taylor Greene, Republican, Georgia Total trades: 42 Representative Julie Johnson, Democrat, Texas Total trades: 31 Representative Jared Moskowitz, Democrat, Florida Total trades: 25 Senator Markwayne Mullin, Republican, Oklahoma Total trades: 20 Representative Michael McCaul, Republican, Texas Total trades: 18 Senator John Boozman, Republican, Arkansas Total trades: 14 Representative Dwight Evans, Democrat, Pennsylvania Total trades: 13 Representative April Delaney, Democrat, Maryland Total trades: 10 Representative Bruce Westerman, Republican, Arkansas Total trades: 7 Senator Dave McCormick, Republican, Pennsylvania Total trades: 6 Representative Tony Wied, Republican, Wisconsin Total trades: 5 Senator Ashley Moody, Republican, Florida Total trades: 4 Representative Gilbert Cisneros, Democrat, California Total trades: 3 Senator Sheldon Whitehouse, Democrat, Rhode Island Total trades: 2 Representative Mike Collins, Republican, Georgia Total trades: 2 Representative Kevin Hern, Republican, Oklahoma Total trades: 2 Representative Rick Larsen, Democrat, Washington Total trades: 2 Representative Vicente Gonzalez, Democrat, Texas Total trades: 2 Representative Gilbert Cisneros, Democrat, California Total trades: 1 Representative Victoria Spartz, Republican, Indiana Total trades: 1 Representative Max Miller, Republican, Ohio Total trades: 1 Representative Donald Sternoff Beyer, Democrat, Virginia Total trades: 1 Despite being the two most prolific traders on this list, Pennsylvania Republican Bresnahan and New Jersey Democrat Josh Gottheimer have both in the past advocated for regulations on congressional stock trading. In 2024, Bresnahan penned an article in the Pottsville Republican Herald in which he said he would "happily co-sponsor" bipartisan legislation aimed at banning congressional stock trading. In May, following a report on his stock trades in the New York Times, Bresnahan introduced a bill entitled the Transparency in Representation through Uniform Stock Trading Ban Act, which would go into effect in 2027 and require lawmakers to place certain assets into a blind trust, an arrangement in which assets are transferred to and managed by a third party without the individual's knowledge or control. Bresnahan said he would work to move his own personal assets into a blind trust in a May 6 press release. Gottheimer told CNBC in 2022 that he didn't believe members of Congress should not be "be directly involved in trading," and instead said hand control of their investments over to a blind trust, later cosponsoring legislation to this end. Gottheimer said that his own investments were managed by an outside party, adding: "I think that's the way it should be: Hands off, third-party, no decision-making from a member of Congress." Newsweek has reached out to the offices of Representatives Bresnahan and Gottheimer via phone for comment. Republican Representative Mike Lawler, in response to a chart showing the gains made by a stock purchased by Representative Marjorie Taylor Greene, wrote: "Just another reason why stock trading by members of Congress or their spouses should be banned. The appearance of impropriety, or worse, is too great." Democratic Senator Jon Ossoff, in a statement following the introduction of the Ban Congressional Stock Trading Act, said: "Members of Congress should not be playing the stock market while we make Federal policy and have extraordinary access to confidential information. Stock trading by members of Congress massively erodes public confidence in Congress and creates a serious appearance of impropriety, which is why we should ban stock trading by members of Congress altogether." President Trump's Liberation Day tariffs are still subject to the 90-day pause announced on April 9, which will expire in early July. The administration has said that this window will allow for comprehensive negotiations with America's main trading partners. Related Articles Donald Trump Issues Next Trade Deal Update After ChinaTrump Tariffs Face Delay as White House Struggles To Meet 90 Deals DeadlineTrump Says Trade Deal With China 'Done'Retail Layoffs Soar Nearly 300% So Far This Year 2025 NEWSWEEK DIGITAL LLC.
Newsweek
2 days ago
- Business
- Newsweek
Full List of Lawmakers Who Traded Stocks After Trump's Tariffs Announcement
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. In the days that followed President Donald Trump's "Liberation Day" announcements, the climax of his second-term trade policy, lawmakers reported hundreds of stock trades. Newsweek has compiled a ranking of trades made by members of Congress between April 3, the day after President Trump unveiled reciprocal tariffs on dozens of trading partners, and when these were paused on April 9. Why It Matters The imposition and subsequent reversal of the president's sweeping tariff policies resulted in significant stock market volatility, with indexes crashing following the announcement and those who purchased in the interim benefitting from a boost when these were placed on hold. The high number of trades made by lawmakers during this period has again raised questions about the ethics of congressional stock trading. Rob Bresnahan speaks at a campaign rally for Donald Trump at the Mohegan Sun Arena at Casey Plaza, Aug. 17, 2024, in Wilkes-Barre, Pa. President Donald Trump speaks during a 'Make America Wealthy Again' trade... Rob Bresnahan speaks at a campaign rally for Donald Trump at the Mohegan Sun Arena at Casey Plaza, Aug. 17, 2024, in Wilkes-Barre, Pa. President Donald Trump speaks during a 'Make America Wealthy Again' trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, DC. Rep. Josh Gottheimer, D-N.J., speaks to the media on Capitol Hill in Washington, Dec. 21, 2020. More Carolyn Kaster / Chip Somodevilla / Jacquelyn Martin/AP Photo / Getty Images / AP Photo Members of Congress are permitted to buy and sell stocks, provided they disclose these within 30 days of the transaction, per the 2012 Stop Trading on Congressional Knowledge (STOCK) Act. However, many lawmakers, including some of those in the list below, have advocated that lawmakers be banned from stock trading altogether, given the insider knowledge they may have of market-moving events, as well as the concerns this could raise among citizens' regarding possible conflicts of interest. Surveys have also shown that overwhelming bipartisan majorities are in favor of banning stock trading by members of Congress. Which Lawmakers Made Trades After Liberation Day? Below is a list of trades made by U.S. lawmakers between April 3 and April 9, based on publicly available disclosures tracked by The list includes both sales and purchases during this time and is ranked according to the total number. Representative Rob Bresnahan, Republican, Pennsylvania Total trades: 182 Representative Josh Gottheimer, Democrat, New Jersey Total trades: 87 Representative Jefferson Shreve, Republican, Indiana Total trades: 57 Representative Marjorie Taylor Greene, Republican, Georgia Total trades: 42 Representative Julie Johnson, Democrat, Texas Total trades: 31 Representative Jared Moskowitz, Democrat, Florida Total trades: 25 Senator Markwayne Mullin, Republican, Oklahoma Total trades: 20 Representative Michael McCaul, Republican, Texas Total trades: 18 Senator John Boozman, Republican, Arkansas Total trades: 14 Representative Dwight Evans, Democrat, Pennsylvania Total trades: 13 Representative April Delaney, Democrat, Maryland Total trades: 10 Representative Bruce Westerman, Republican, Arkansas Total trades: 7 Senator Dave McCormick, Republican, Pennsylvania Total trades: 6 Representative Tony Wied, Republican, Wisconsin Total trades: 5 Senator Ashley Moody, Republican, Florida Total trades: 4 Representative Gilbert Cisneros, Democrat, California Total trades: 3 Senator Sheldon Whitehouse, Democrat, Rhode Island Total trades: 2 Representative Mike Collins, Republican, Georgia Total trades: 2 Representative Kevin Hern, Republican, Oklahoma Total trades: 2 Representative Rick Larsen, Democrat, Washington Total trades: 2 Representative Vicente Gonzalez, Democrat, Texas Total trades: 2 Representative Gilbert Cisneros, Democrat, California Total trades: 1 Representative Victoria Spartz, Republican, Indiana Total trades: 1 Representative Max Miller, Republican, Ohio Total trades: 1 Representative Donald Sternoff Beyer, Democrat, Virginia Total trades: 1 Despite being the two most prolific traders on this list, Pennsylvania Republican Bresnahan and New Jersey Democrat Josh Gottheimer have both in the past advocated for regulations on congressional stock trading. In 2024, Bresnahan penned an article in the Pottsville Republican Herald in which he said he would "happily co-sponsor" bipartisan legislation aimed at banning congressional stock trading. In May, following a report on his stock trades in the New York Times, Bresnahan introduced a bill entitled the Transparency in Representation through Uniform Stock Trading Ban Act, which would go into effect in 2027 and require lawmakers to place certain assets into a blind trust, an arrangement in which assets are transferred to and managed by a third party without the individual's knowledge or control. Bresnahan said he would work to move his own personal assets into a blind trust in a May 6 press release. Gottheimer told CNBC in 2022 that he didn't believe members of Congress should not be "be directly involved in trading," and instead said hand control of their investments over to a blind trust, later cosponsoring legislation to this end. Gottheimer said that his own investments were managed by an outside party, adding: "I think that's the way it should be: Hands off, third-party, no decision-making from a member of Congress." Newsweek has reached out to the offices of Representatives Bresnahan and Gottheimer via phone for comment. What People Are Saying Republican Representative Mike Lawler, in response to a chart showing the gains made by a stock purchased by Representative Marjorie Taylor Greene, wrote: "Just another reason why stock trading by members of Congress or their spouses should be banned. The appearance of impropriety, or worse, is too great." Democratic Senator Jon Ossoff, in a statement following the introduction of the Ban Congressional Stock Trading Act, said: "Members of Congress should not be playing the stock market while we make Federal policy and have extraordinary access to confidential information. Stock trading by members of Congress massively erodes public confidence in Congress and creates a serious appearance of impropriety, which is why we should ban stock trading by members of Congress altogether." What Happens Next? President Trump's Liberation Day tariffs are still subject to the 90-day pause announced on April 9, which will expire in early July. The administration has said that this window will allow for comprehensive negotiations with America's main trading partners.
Forbes
30-03-2025
- Business
- Forbes
What Is Dub: The Trading App That Copies Politician Portfolios And More?
Dub represents a novel approach to investment strategy by democratizing access to the trading ... More activities of politicians and other influential market participants. Technological innovation continues to democratize access to financial markets in the evolving landscape of retail investing. Among these innovations, Dub has emerged as a distinctive platform that allows everyday investors to track and potentially mirror the investment activities of politicians, corporate insiders and other influential market participants. This specialized trading app has captured attention for its unique approach to investment strategy, leveraging publicly available financial disclosures to provide previously complex insights for average investors to access and analyze. This article explores what Dub is, how it functions, the appeal of tracking politicians' portfolios and its key features. We'll also examine who might benefit most from this platform, weigh its advantages and disadvantages and answer common questions about this increasingly popular trading tool. Dub is a specialized trading application that launched in early 2023, designed to provide retail investors with transparent access to the trading activities of U.S. politicians, corporate executives and other influential market participants. The platform's core mission centers on demystifying the often opaque world of political trading by aggregating, analyzing and presenting publicly disclosed financial information in an accessible format. Targeting novice and experienced investors, Dub positions itself at the intersection of civic transparency and investment strategy. The app synthesizes data from official government filings and corporate disclosures, transforming complex regulatory documents into actionable trading insights. At its core, Dub aims to level the playing field between everyday investors and those with potential information advantages, offering users the ability to make more informed investment decisions based on the activities of influential market participants. Dub systematically tracks and analyzes public financial disclosures required by law, particularly those mandated by the Stop Trading on Congressional Knowledge (STOCK) Act of 2012. This legislation requires members of Congress, their staff, and certain executive branch employees to report their financial transactions within 30-45 days of execution. Dub's technology continuously monitors these filings, primarily from the Senate Office of Public Records and the House Office of the Clerk, processing the data as soon as it becomes available. When a politician or tracked insider executes a trade, Dub's system identifies the disclosure, processes the information and pushes notifications to interested users. The platform translates often-complex government filings into user-friendly alerts detailing the stock traded, transaction type (purchase or sale), approximate value range and when the transaction occurred. This near real-time monitoring enables users to react to these disclosures promptly, a significant advantage considering the typical lag between a politician's trade and its public disclosure. Beyond merely presenting the data, Dub incorporates analytical tools that help users identify patterns and trends in trading behavior. The platform categorizes transactions by industry, size, and timing relative to market events or legislative activities. This contextualization helps users understand what trades were made and potentially why they were made. It offers insights that might inform their investment decisions or satisfy their curiosity about how elected officials manage their finances. The appeal of monitoring politicians' trading activities stems from several factors, including the potential information advantage elected officials may possess. Members of Congress frequently receive briefings on national security, economic matters and pending legislation that could impact specific industries or companies. While trading based on material nonpublic information is illegal, the line between general knowledge gained through congressional work and specific inside information can sometimes appear blurry to the public. Historical analysis suggests that some politicians have demonstrated remarkable market timing. Various academic studies, including research from the Journal of Financial Economics, have indicated that certain members of Congress have achieved returns that consistently outperform market averages. For instance, a widely cited 2004 study found that Senators' stock purchases outperformed the market by approximately 12% annually. While more recent research has shown mixed results, especially after the STOCK Act's implementation, public perception of politicians' potential trading advantages persists, driving interest in platforms like Dub. The transparency that comes with tracking politicians' portfolios also serves a civic purpose. By making these financial activities more visible and digestible, platforms like Dub contribute to public oversight of elected officials. For many users, the motivation isn't purely financial—it's about understanding how those in positions of power manage their investments, especially when their legislative decisions could potentially impact those same investments. This transparency helps citizens evaluate potential conflicts of interest and holds politicians accountable for their financial activities while in public service. Dub distinguishes itself through a comprehensive suite of features designed to provide users with actionable insights based on the financial activities of politicians, corporate insiders and other influential market participants. The cornerstone of Dub's platform is its comprehensive politician portfolio tracking capability. Users gain visibility into the trading activities of hundreds of members of Congress across both the House of Representatives and the Senate. The platform reports individual transactions and aggregates data to reveal broader patterns in political trading behavior. Users can filter and sort by politician, political party, committee membership and transaction size to identify trends that align with their investment interests. The platform's politician tracking goes beyond basic disclosure reporting by providing contextual information about each legislator's committee assignments and voting record. This additional context helps users evaluate whether politicians' trades correlate with their legislative activities or specialized knowledge. For example, a user might find it particularly interesting when a member of the Senate Banking Committee makes significant trades in financial sector stocks, or when a member of the Armed Services Committee invests in defense contractors. Cross-referencing financial and legislative activity represents one of Dub's most valuable analytical features. Dub's copy trading feature transforms passive tracking into an active investment strategy. The platform allows users to automatically mirror the trades of selected politicians, corporate insiders, or other users with a demonstrated track record of success. When enabled, this feature executes proportional trades in a user's connected brokerage account when their chosen figures make transactions, allowing investors to delegate their trading decisions to the investment behavior of those they perceive as having market insight. The implementation incorporates customizable parameters that give users control over their copy trading experience. Users can set maximum allocation percentages, specify which securities to include or exclude and establish value thresholds to prevent unwanted small or excessively large positions. This automation removes emotional decision-making from the equation while allowing personalization based on individual risk tolerance and investment goals. For investors who believe in the information advantage or market acumen of specific politicians or insiders, this feature provides a turnkey solution to leverage that perceived edge. Beyond political trading, Dub provides comprehensive tracking of corporate insider transactions. The platform monitors Form 4 filings submitted to the Securities and Exchange Commission (SEC), which disclose when corporate directors, officers and significant shareholders buy or sell company stock. These transactions often signal insider confidence or concern about a company's prospects, making them valuable indicators for external investors to gauge internal sentiment about a corporation's future. Dub enhances raw insider trading data with analytical context, including historical patterns of insider behavior, correlation with company announcements or earnings reports and performance metrics of previous insider transactions. The platform distinguishes between routine transactions (like scheduled sales under 10b5-1 plans) and discretionary trades that might carry more substantial signaling value. Users can focus on specific types of insiders, such as C-suite executives whose decisions may reflect more profound company knowledge, or independent directors whose purchases might indicate confidence without the potential conflicts of interest that executive compensation packages can create. Dub's alert system enables users to receive timely notifications based on their specific interests and investment criteria. Rather than being overwhelmed with all transaction data, users can filter alerts by politician, insider, company, industry sector, transaction size or transaction type. These customizable parameters ensure users receive only the most relevant information that aligns with their investment strategy or areas of interest. The platform offers multiple notification channels, including push notifications, email alerts and SMS messages, allowing users to select their preferred communication method based on urgency and importance. Alert timing options range from immediate notifications for high-priority transactions to daily or weekly digests for less time-sensitive information. This flexibility helps users balance the need for timely information with the risk of notification fatigue. For serious investors, these custom alerts can provide a crucial time advantage in reacting to significant trades, especially given the reporting delays already built into the disclosure system. Dub fosters a collaborative investment community through its integrated discussion forums and social features. Each tracked portfolio, politician and security has a dedicated discussion space where users can share insights, ask questions and debate the significance of recent transactions. These community-driven conversations often surface valuable perspectives that might not be immediately apparent from the raw trading data alone. The platform incorporates reputation systems and verification mechanisms to help users identify credible community members with demonstrated expertise or track records. Discussion threads are organized by topic and recency, making conversations about specific trades or broader investment themes easy to follow. For many users, this social dimension transforms Dub from a mere data provider into an interactive learning environment where they can develop their investment knowledge through peer discussion. The community aspect also serves as a real-time filter that helps highlight particularly significant transactions that might otherwise get lost in the volume of disclosure data. While politician portfolio tracking remains Dub's signature feature, the platform has expanded to monitor various influential market participants. Corporate executives, institutional fund managers and high-profile individual investors with strong track records are all included in Dub's tracking ecosystem. This broader coverage acknowledges that valuable trading insights can come from many sources beyond Washington, D.C. The platform also incorporates thematic portfolio tracking, allowing users to follow investment activities focused on specific sectors, emerging technologies or macroeconomic trends. These portfolios aggregate transactions from tracked individuals demonstrating particular interest or expertise in a given area. For instance, users can precisely follow the collective trading activity of politicians who sit on technology oversight committees or corporate insiders within the renewable energy sector. This multidimensional approach to portfolio tracking provides users with a more comprehensive view of market activity among informed participants. Dub appeals primarily to information-oriented investors who believe that understanding the behavior of well-connected market participants provides valuable trading insights. These investors typically take a more active approach to portfolio management and are willing to adjust positions based on signals from tracked individuals. The platform particularly suits those skeptical about market efficiency and believe that certain participants may possess information advantages that aren't fully reflected in market prices. Mid-to-long-term investors, rather than day traders, tend to derive the most benefit from Dub's features. Given the inherent reporting delays in the disclosure system, the platform isn't optimized for high-frequency trading strategies that require immediate execution. Instead, it better serves investors looking for intermediate-term positioning based on the activities of those potentially privy to market-moving information or industry developments. Those interested in the intersection of politics, business and investing will find additional value in the platform beyond pure financial returns, as it provides a unique window into how power and capital interact in American political and economic systems. Bottom Line Dub represents a novel approach to investment strategy by democratizing access to the trading activities of politicians and other influential market participants. While not a guaranteed path to outperformance, the platform provides unique insights that can complement traditional investment research. Its value proposition extends beyond potential returns to increased transparency in public officials' financial activities. For investors willing to look beyond conventional wisdom and incorporate alternative data into their decision-making process, Dub offers a distinctive tool that blends financial strategy with civic awareness. Dub operates on a freemium model, offering basic tracking features at no cost while reserving premium features like advanced filters, real-time alerts, and copy trading functionality for paid subscription tiers that typically range from $15-50 monthly, depending on the plan selected. Research shows mixed results, with some studies indicating outperformance by certain politicians while others suggest more average returns after accounting for risk factors. Success likely depends on which specific politicians you track, timing considerations given disclosure delays and how their trades are incorporated into a broader investment strategy. The Stop Trading on Congressional Knowledge (STOCK) Act of 2012 requires members of Congress, their staff, and certain executive branch employees to publicly disclose financial transactions exceeding $1,000 within 30-45 days, with these reports filed to the Senate Office of Public Records or House Office of the Clerk. Yes, Dub comprehensively tracks corporate insider transactions through SEC Form 4 filings, monitoring trading activity by company executives, board members and major shareholders while providing analytical context to help users distinguish between routine transactions and potentially significant discretionary trades.
Yahoo
22-02-2025
- Business
- Yahoo
Rashida Tlaib blasts Congress for ‘disgusting' way they ‘benefit financially' from war funding
Rep. Rashida Tlaib finds Congress's priorities 'disturbing.' The member of Congress from Michigan recently put her colleagues on blast in an op-ed for the Detroit Free Press. Writing shortly after the House of Commons approved a $895.2 billion defense budget, Tlaib pointed out that at least 50 members of Congress owned stock in defense contractors, including Lockheed Martin, Boeing, Honeywell and RTX (formerly Raytheon). I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) A near-record number of Americans are grappling with $1,000 car payments and many drivers can't keep up. Here are 3 ways to stay ahead Protect your retirement savings with these 5 essential money moves — most of which you can complete in just minutes 'It is disgusting that members of Congress benefit financially when they vote to pass more funding for war,' Tlaib added in a post on X sharing the piece. 'This is corruption. They should not be able to profit off death.' The issue has been on Tlaib's radar for a while — she introduced the Stop Politicians Profiting from War Act in February 2024. And she's not the only lawmaker who's growing increasingly concerned about other lawmakers profiting from the power and influence their office lends them. In her op-ed, Tlaib writes that she finds it 'incredibly disturbing' there are children in the U.S. who are drinking lead-contaminated water while, at the same time, Congress passed a record-breaking $895.2 billion defense budget. But, more troubling, she says, is the fact that many of the lawmakers who voted on that near-trillion-dollar budget own stock in the very war manufacturers that stand to benefit financially from this decision. 'Year after year, members of Congress continue to funnel billions of our tax dollars to the same defense contractors that some of them are invested in and take campaign donations from — while our communities are neglected,' she wrote. She points to analysis done by Sludge, which identified more than 50 members of Congress who own stock in defense contractors that are benefiting from the increased Pentagon spending. The total value of these stock holdings could be as much as $10.9 million as of 2023, according to Sludge analysis. 'Our elected officials should not be able to profit off death,' Tlaib concluded. 'They should not be able to use their positions of power to get rich from defense contractors while voting to pass more funding to bomb people. The American people deserve better.' Read more: Home prices in America could fly through the roof in 2025 — here's the big reason why and how to take full advantage (with as little as $10) Lawmakers and watchdogs have been debating the issue of whether Washington insiders (and their families) should be allowed to trade stocks for over a decade. The Stop Trading on Congressional Knowledge (STOCK) Act was signed by President Barack Obama on April 4, 2012. However, as Sludge's investigation found, several lawmakers have violated this act in recent years. Some critics argue the $200 penalty fee for violating the act is simply too low to deter stock trading based on privileged information. And it's not just defense spending that concerns watchdogs. Rep. Nancy Pelosi and her husband Paul, an investment banker, came under sharp criticism for his sale of shares of tech company NVIDIA just weeks before a Chinese rival caused a blowout. Meanwhile, Rep. Michael McCaul has been pushing for a new cybersecurity bill called the PIVOTT Act while recently purchasing shares of Fortinet, a cybersecurity firm that lobbied for the bill, according to Quiver Quantitative. These conflicts of interest were recently highlighted by Rep. Alexandria Ocasio-Cortez, who called congressional stock trading a glaring and 'insane' problem on an episode of 'The Weekly Show with Jon Stewart.' Meanwhile, 67% of Americans support a ban on stock trading from members of Congress, according to Data for Progress. With this in mind, Rep. Marie Gluesenkamp Perez and Rep. Zach Nunn, introduced the bipartisan No Corruption in Government Act to block members of Congress and their spouses from holding or trading individual stocks. Jamie Dimon issues a warning about the US stock market — says prices are 'kind of inflated.' Crashproof your portfolio with these 3 rock-solid strategies This self-made $500M real estate mogul reveals his 'essential' US portfolio that he says Amazon 'can't hurt' — here's how everyday investors can copy his secret formula Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
07-02-2025
- Business
- Yahoo
Democrats demand investigation into Musk's alleged 'conflicts' over billions in fed contracts
House Judiciary Democrats sent a terse letter Friday to newly minted Attorney General Pam Bondi, expressing concerns that Elon Musk's role at DOGE creates "conflicts of interest" due to what they said are his "sprawling financial interests" in federal contracts and subsidies. Democrats contend that Musk's companies' routine engagement with federal agencies on defense contracts, telecommunications regulations, and energy policy is complicated by his participation in governmental matters impacting those sectors -- which risks violating the law because his financial interests could be directly implicated. "Mr. Musk's position as an SGE demands heightened scrutiny," the lawmakers write in their letter to Bondi that was first obtained by ABC News. "The law's criminal and civil enforcement mechanisms, which fall solely under the DOJ's authority, must be rigorously applied to prevent actual or perceived conflicts of interest." MORE: New details on Musk's DOGE agency raise questions about its scope, transparency The group asserts that 18 U.S.C. § 208 "explicitly prohibits" federal employees, including Special Government Employees like Musk, from "participating personally and substantially in a particular Government matter that will affect his own financial interests, as well as the financial interests of certain individuals with whom he has ties outside the Government." House Judiciary Democrats letter to AG Pam Bondi by ABC News Politics on Scribd The letter was also sent to David Huitema the director of the U.S. Office of Government Ethics. The AG's office and Huitema didn't immediately comment about the request. Democrats also believe Musk is subject to "strict disclosure standards" established by the Stop Trading on Congressional Knowledge, or STOCK Act, which requires Musk to publicly disclose financial interests that could create conflicts with his federal role atop DOGE. SpaceX and its subsidiary Starlink, companies that Musk owns, have received approximately $1.7 billion from NASA, $1.3 billion from the Air Force, and $199.2 million from the Defense Information Systems Agency --- a massive total over $3.3 billion in just the past 12 months, according to Democrats reject that the White House believes it's up to Musk to self-determine whether there is a conflict of interest. President Trump has repeatedly said that if there was a conflict, Musk would not work on areas of concern. MORE: 'What's going to break?' DOGE staffers 'scorching the earth' as they reshape federal government "If there's a conflict then we won't let him get near it," Trump said Monday. "He would know not to do it, so we haven't had that yet. But if there was a conflict, we wouldn't let him work in that area." In their letter, Democrats urged DOJ and OGE "to promptly investigate" whether Musk's actions or engagements as an SGE have violated law and to "take appropriate enforcement action if warranted." "The American people deserve assurances that no individual, regardless of stature, is permitted to influence policy for personal gain," the letter states. "Failure to enforce this statute risks eroding confidence in the impartiality of federal decision-making." The letter is signed by 11 Democrats on the Judiciary Committee, including the ranking Democrat Rep. Jamie Raskin, and Reps. Deborah Ross, Hank Johnson, Pramila Jayapal, Becca Balint, Sydney Kamlager-Dove, Steve Cohen, Eric Swalwell, Mary Gay Scanlon, Jasmine Crockett, Dan Goldman -- as well as Rep. Valerie Foushee of North Carolina. Democrats demand investigation into Musk's alleged 'conflicts' over billions in fed contracts originally appeared on
