Filthy rich Dem Nancy Pelosi tops newest list of congressional stock traders

Former Speaker of the House Nancy Pelosi (D-CA) has amassed a fortune by parlaying her amazing luck at picking stocks into millions of dollars, but she isn’t the only member of Congress playing the market.

Even though lawmakers aren’t allowed to trade based on information obtained from their jobs on Capitol Hill, the rules aren’t easy to enforce, and according to the Daily Mail, the 84-year-old Democrat has already had an impressive year when it comes to raking it in, trading nearly $4 million ins stocks already.

The outlet has reviewed data on congressional traders from the investment research platform Quiver Quantitative and broke down who else in Congress is heavily into the market.

“Pelosi, according to disclosures, has purchased $3.93 million worth of securities so far in 2024, much of it in tech, with specific trades in Palo Alto Networks and Forge Investments – a firm that allows investors to get a piece of private companies like OpenAI – of which she disclosed purchasing between $1 – $5 million worth of shares,” the Daily Mail reported.

In addition to Pelosi, the Daily Mail lists some of the other big players this year with Rep. Josh Gottheimer (D-NJ) having traded stock worth over $46.2 million, Sen. Rick Scott (R-FL) with $26.4 million, Rep. Marjorie Taylor Greene (R-GA) with $1.3 million, and Rep. Dan Meuser (R-PA) traded $1.2 million.

“According to our estimates, Nancy Pelosi has the sixth highest trade volume in Congress over the last year,” Quiver Quantitative co-founder Christopher Kardatzke told the outlet.

“Pelosi doesn’t sit on any House technology committees, but she does represent a district in California which covers San Francisco, so obviously there’s kind of a question there whether she gets any sort of insights from that position that she holds,” he said.

“The volume is just crazy. It’s often trades of millions of dollars of options or tens of millions of dollars of stock. So obviously that’s a lot of volume,’ Kardatzke said. ‘With Pelosi, it seems like much more intentional, large, large bets on particular companies, largely focused in tech,” Kardatzke said.

Quiver Quantitative has shed light on other congressional lawmakers and their stock trading with posts to its X account.

“It’s funny because the House Ethics Committee is the committee in charge of enforcement STOCK Act. I mean, we’ve actually caught several members of violating the Stock Act themselves,” Kardatzke told the Daily Mail. “It seems it’s kind of being taken as a joke of a regulation where it’s a rule that’s in place, but the punishments and penalties for it aren’t really severe enough for anybody to take it that seriously.”

Chris Donaldson

Comment

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

Latest Articles