The House truly always wins. More than two dozen members of Congress beat the stock market despite Wall Street suffering its worst year since 2008, according to an analysis by a popular stock-tradi…
The House truly always wins.
Topping the list of winners was Rep. Patrick Fallon , who made 51.6% on his investments in 2022, according to the data. Right behind him was Rep. Debbie Wasserman-Schultz with a 50.8% spike, the report showed. Wasserman-Schultz, a member of the House Natural Resources Committee, made her biggest gains on shares of an energy company. She purchased as much as $45,000 worth of Patterson-UTI Energy, which provides drilling and pressure pumping services for energy sources — services that jumped in value as oil prices surged.The Usual Whales report relied on financial disclosure forms filed by 131 — or 24% — of the 535 members of Congress who reported trading activity in 2022.
Among the top stocks purchased were Apple , Disney , Google , Musk’s electric car company Tesla and tech giant Nvidia , Nvidia , Exxon Mobile , pharmaceutical titan Eli Lilly and Microsoft ($3.4 million. Debbie Wasserman Schultz has bought shares in an energy company, even though she sits on the House Natural Resources Committee.The only rule currently governing trades is the STOCK Act, which was passed in 2012 and was supposed to rein in lawmakers’ trades. Under the legislation most members of Congress are still free to make the trades that could conflict with their legislative duties — as long as they disclose the information within 45 days.
“While she didn’t pass legislation unfavorable to tech companies, she clearly didn’t have any influence over the rate hikes that destroyed tech,” Thomas Hayes, Founder of Great Hill Capital told The Post. “The headwinds of The Fed made Paul Pelosi a mere mortal like the rest of us.”The data scientist behind the Unusual Whales account was quick to note “this is one bad year and Pelosi’s general strategy has worked plenty, especially in 2020-2021.
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