Members of Congress beat the stock market last year, with Democrats dominating their Republican counterparts significantly, according to a new report by Unusual Whales, a market analysis group.
Members on both sides of the aisle had major years, including Speaker Emeritus Nancy Pelosi (D-CA), Rep. Garret Graves (R-LA), Senate Minority Leader Mitch McConnell (R-KY), and Sen. Tommy Tuberville (R-AL).
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The largest standout was Rep. Brian Higgins (D-NY), who beat the market with 238.9% returns over 2023, nearly 10 times the increase in the S&P 500 index. Right behind him was Rep. Mark Green (R-TN), at 122.2%.
Green defended his stock trading and insisted he has no control over his accounts, revealing a letter to his stockbroker in 2020 that cut him out of decision-making.
"I have no insight into how trades are made, and am only notified after they occur," Green said in a statement. "In fact, in my first year in Congress, to go above and beyond even the hint of impropriety, I instructed my broker in writing to manage my family's investments and to disregard any instructions from me should I try to provide input (which I have not).
“I believe firmly that using insider information for personal benefit is a crime that should be strictly enforced," he added. "All transactions and stocks I own can be viewed online. Using insider information for personal benefit is a crime that should be strictly enforced."
Of the 100 trading members, 33% beat the market in 2023, according to the Unusual Whales analysis. Democratic members of Congress secured a 31% gain in returns in comparison to Republicans’ 18% gain. Republicans invested more in financials and oil, which had a lean year, while Democrats preferred tech investments.
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Efforts to ban lawmaker stock trading once again have fallen short. A bipartisan push in the House has 69 co-sponsors while another effort was reintroduced last month to ban lawmakers, the president, the vice president, Supreme Court justices, and top Federal Reserve Board officials from owning individual stocks.
The pursuit comes as lawmakers attempt to update the current rules, which were established in 2012. Then-President Barack Obama signed the STOCK Act, which prevented members of Congress from trading based on privileged information they were able to receive through work.