U.S. Politicians Rake in Millions Trading Stocks in July 📈
July has been exceptionally profitable for members of Congress, Senate, and the House, who managed to earn millions from trading stocks in a span of two weeks. The gains made by these politicians are quite impressive, especially considering the average congressional salary for a year is $174,000.
The Profits of U.S. Politicians 🇺🇸
– Both Democratic and Republican members contributed around $32.9 million in profits from trading stocks during the first half of July.
– Former House Speaker, Nancy Pelosi, saw the most significant gains, with over $5.5 million. She owes this success to the strong performance of her extensive holdings in companies like Apple, Nvidia, and Broadcom.
– Pelosi’s Republican counterpart, Utah Senator Mitt Romney, may not own individual stocks. Still, she has investments in various mutual funds and recently cashed in between $250,000 and $500,000 worth of gold bullion, earning her $3 million in July.
– Republican Senator Pete Ricketts from Nebraska secured $2 million this month, thanks to his stake in the Vanguard Wellington Fund and holdings in Lowe’s Companies and Microsoft.
– Interestingly, members of the Democratic Party outperformed their Republican counterparts, claiming 17 spots on the list compared to 13 Republicans.
A Proposed Ban on Congressional Trading 🚫
– A bipartisan group of Senators, including Jeff Merkley, Gary Peters, Jon Ossoff, and Josh Hawley, proposed the “ETHICS Act” to ban Congress members, their spouses, and dependent children from trading individual stocks.
– The aim of this measure is to prevent lawmakers from potentially benefitting from insider knowledge, as critics argue that existing laws like the 2012 STOCK Act are poorly enforced.
– The ETHICS Act mandates an immediate halt on new stock purchases and requires divestment from individual assets by 2027.
– While supporters believe it is crucial for maintaining public trust and propose significant fines for non-compliance, skeptics like Pelosi resist similar reforms.
– Proponents are hopeful about attaching the bill to must-pass legislation this year, in response to the strong public support for banning stock trading by Congress members.
Hot Take 🌶️
If you were surprised by the recent headlines about U.S. politicians making millions from stock trading in just two weeks, you’re not alone. The proposed ban on congressional trading is receiving mixed reactions, but the potential impact it could have on maintaining public trust and accountability is significant. Stay updated on the evolving situation surrounding the ETHICS Act and its implications for the financial landscape going forward.
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