Congressional stock trading has been under intensifying scrutiny lately as US senators and other politicians continue to draw attention to substantial gains in their portfolios, sparking concerns about potential insider information use.
For instance, former Speaker of the House Nancy Pelosi witnessed a remarkable 65% return on her investments in 2023, surpassing the broader market by some distance.
Adding to the controversy surrounding this issue, new congressional stock trades seem to be “getting hidden,” Quiver Quantitative, an alternative trading data platform that meticulously tracks such trades, revealed on January 7
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Congressional stock trading disclosures not visible in the database
In an attempt to raise awareness of the issue, Quiver Quantitative noted in a recent X post that “new congressional stock trades appear to be getting hidden.”
Notably, the account provided images displaying four stock trading disclosures made by Congress members in 2024. However, it pointed out that “none of them are visible in the disclosure database.”
In a follow-up comment to its own post, Quiver said it also notified the House Clerk about this issue on January 5. The House Clerk is an official responsible for record-keeping, documentation, and administrative tasks within the United States House of Representatives.
“Haven’t heard anything back yet,” the account noted.
Congress “blew the market out of the water” in 2023
In its annual report released on January 2, industry news service Unusual Whales emphasized that “Congress blew the market out of the water” in 2023, resulting in fresh calls for banning US lawmakers and their immediate family members from stock trading.
Responding to the group’s report, former Democratic congressional candidate Melanie D’Arrigo said:
“Members of Congress shouldn’t be allowed to trade stocks of the companies they regulate for the same reasons referees aren’t allowed to bet on the games they officiate.”
In a similar sign of support, Nina Turner, who also previously ran for Congress, wrote:
“Members of Congress should not be allowed to trade stock. It’s corruption.”
Although the primary objective of the Stop Trading on Congressional Knowledge (STOCK) Act of 2012 is to prohibit insider trading by members of Congress, legislators are still allowed to engage in buying and selling stocks, including those of companies influenced by their work on Capitol Hill. Quiver Quantitative previously noted that several US representatives violated the STOCK Act multiple times.
In a bid to further tighten the grip, a group of US politicians introduced the Bipartisan Ban on Congressional Stock Ownership Act last year, although it remains uncertain whether the legislation can pass Congress.
