As the buzz around the Congressional stock trading controversy grows, a group of senators has pitched the “Ban Congressional Stock Trading Act” last year to curb potential misuse of insider information.
The bill proposes a simple yet impactful solution: Congress members and their families should stow away their stocks in blind trusts or divest to ensure fair play. While the bill awaits its fate, suspicions linger over Capitol Hill’s trading practices.
Today, on January 4, Finbold unravels another series of questionable Congressional stock trades, this time honing in on peculiar activities tied to a single energy stock.
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These US politicians bought the same energy stock
Drawing significant attention on X, alternative data platform Quiver Quantitative highlighted an investment made by Senator Thomas Carper in Valero Energy (NYSE: VLO), a downstream petroleum company.
While this trade might not stand out on its own, its significance becomes apparent when viewed in a broader context.
Notably, Carper is only one of several US politicians who recently purchased VLO stock, and all of them sit on committees that have “some level of oversight over the company,” Quiver noted.
For instance, Carper is the chairman of the Senate Committee on Environment and Public Works. Meanwhile, US representative Michael Burgess bought VLO on December 8 and sits on the House Energy Committee, while Senator Markwayne Mullin, a member of the Senate Committee on Environment, purchased Valero’s shares on September 13.
Representatives Michael Guest and John Curtis also invested in VLO last year. The two politicians hold roles on the House Subcommittee on Energy and House Committee on Energy, respectively.
“It’s strange to see so much buying in a relatively short period of time.”
– Quiver said.
Numerous American politicians have recorded significant success in 2023, with some of them broadly outperforming the wider market.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
