Congressional Democrats appeared to greatly enhance their wealth in 2024, despite only earning a yearly salary of $174,000.
Democrat stock portfolios in 2024 far outpaced the S&P 500, a study by Unusual Whales found Tuesday, spiking on average 31 percent, seven points higher than the S&P 500 (24 percent) and five points higher than Republican colleagues (26 percent).
Unusual Whales estimated each member’s stock portfolio performance by calculating the value of each stock from the beginning of 2024 to the end of 2024.
The biggest Democrat offender was Rep. Debbie Wasserman Schultz (D-FL), whose portfolio spiked 142 percent, the report found:
- Wasserman Schultz sits on the Environment, Manufacturing, and Critical Minerals Sub Committee and bought shares in Hecla Mining Company ($HL), which peaked at +45 percent.
- The congresswoman, who also sits on the House Appropriations Subcommittee on Military Construction, also bought shares in Viasat ($VSAT), a military company. Viasat stock price rose 41 percent since her purchase.
Wasserman Schultz was not the only Democrat deploying an aggressive investment strategy.
After Wasserman Schultz, the top seven Democrat stock traders are:
- Sen. 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 members’ returns:
- Rep. Dan Crenshaw (R-TX), +61 percent
- Sen. 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 reported further specifics of the congressional stock trades:
But looking at the ~100 members of Congress who actively trade, only half beat the S&P. However most of Congress tracked SPY (20-27% returns), with less active trading than previous years. What’s more, those who outperformed SPY really outperformed the S&P, including in the options world (Nancy Pelosi specifically)
Why? Well, because Congress often held big tech, the winners of this cycle. Holding Amazon, NVDA, META, and more boosted Congress’ returns this year.
Let’s not forget that many of these big tech companies also lobby the very same people that hold company shares. Our politicians may have direct oversight over policy decisions that could financially help or hurt these companies.
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 trading stocks, a poll found in 2023.
Wendell Husebo is a political reporter with Breitbart News and a former RNC War Room Analyst. He is the author of Politics of Slave Morality. Follow Wendell on “X” @WendellHusebø or on Truth Social @WendellHusebo.
