Congressional Democrats drastically increased their wealth in 2024, despite earning an annual salary of only $174,000.
Democrat stock portfolio to outperform S&P 500 in 2024, a study from Unusual Whales found On Tuesday, the average surged 31 percent, seven points higher than the S&P 500 (24 percent) and five points higher than Republican colleagues (26 percent).
Uncommon Whales estimated each member’s stock portfolio performance by calculating the value of each stock from the beginning of 2024 to the end of 2024.
The report found that the biggest Democrat offender was Representative Debbie Wasserman Schultz (D-FL), whose portfolio was increased by 142 percent:
- Wasserman Schultz sits on the Environment, Manufacturing and Critical Minerals subcommittee and bought shares in Hekla Mining Company ($HL), which peaked at +45 percent.
- The congresswoman, who also sits on the House Appropriations Subcommittee on Military Construction, also purchased shares in Viasat ($VSAT), a military company. Viasat’s stock price increased 41 percent since its purchase.
Wasserman Schultz was not the only Democrat to implement an aggressive investment strategy.
After Wasserman Schultz, the top seven Democrat stock traders are:
- Senator Ron Wyden (OR), +123 percent
- Rep. Morgan McGarvey (KY), +105 percent
- Rep. Nancy Pelosi (CA), +70 percent
- Rep. Thomas Suozzi (NY), +62 percent
- Rep. Kathy Manning (NC), +56 percent
- Rep. Seth Moulton (MA), +45 percent
- Rep. Tina Smith (NM), +44 percent
Notable returning members:
- Rep. Dan Crenshaw (R-TX), +61 percent
- Senator Mitch McConnell (R-KY), +45 percent
- Rep. Dean Phillips (D-MN), +28 percent
- Rep. Hakeem Jeffries (D-NY), +8 percent
- Rep. Mike Kelly (R-PA), -53 percent
Unusual Whales gave more specific details of Congress’s stock trades:
But looking at the ~100 members of Congress who actively trade, only half beat the S&P. Although most of Congress tracked SPY (20-27% returns), there was less active trading than in previous years. Furthermore, many of those who outperformed the SPY actually outperformed the S&P, including those in the options world (notably Nancy Pelosi).
Why? Well, because Congress often gave big tech to the winners this cycle. Holdings of Amazon, NVDA, Meta and other companies boosted Congress’s returns this year.
We should not forget that many of these big tech companies also lobby the same people who own shares in the company. Our politicians can have direct oversight over policy decisions that can help or hurt these companies economically.
Congressional Stock Trading is an issue that unites most Americans.
Eighty-six percent of Americans, including 87 percent of Republicans, 88 percent of Democrats and 81 percent of independents, support barring members of Congress and their families from stock trading, a 2023 survey found.
Wendell Husebo is a political reporter for Breitbart News and a former RNC war room analyst. He is the author of The Politics of Slave Morality. follow wendell “X” @WendellHusebø or on true social @WendelHusebo.
