(NewsNation) — While Congress was debating whether or not to move forward with delivering on President Trump’s “big, beautiful bill,” Democrats were demanding an investigation into a statement he made Wednesday.
Just hours before the president announced his 90-day tariff pause, he posted this on Truth Social: “THIS IS A GREAT TIME TO BUY!!! DJT”
His official announcement later sparked a market surge, but one of Trump’s top political rivals, Democratic Sen. Adam Schiff of California, is demanding an investigation.
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“The question is, who knew what the president was going to do, and did people around the president trade stock knowing the incredible gyration the market was about to go through?” Schiff said in a video posted to social media.
A White House spokesperson told Fox News that Democrats were playing partisan games.
“It is the responsibility of the President of the United States to reassure the markets and Americans about their economic security in the face of nonstop media fearmongering,” the spokesperson said.
Can Congress trade stocks?
Congressional stock trading has been at the center of debate for years. At least half a dozen bills have been introduced to ban or restrict members of Congress from playing the market, but nothing has become law.
Right now, legislators are governed by the Stock Act of 2012. It requires members of Congress to report trades worth more than $1,000 within 45 days.
Only one member of Congress has reported trades since the president’s earlier tariff announcement on April 2. Georgia Republican Marjorie Taylor Greene has been disclosing trades within two to three days despite the 45-day window.
In terms of total trading volume, Greene came in at just over $1 million, putting her well behind New Jersey Democrat Josh Gottheimer, who led the way. According to stock tracker Quiver Quantitative, his trades totaled some $75 million in 2024.
Democratic Rep. Nancy Pelosi of California was second, just shy of $40 million.
From required public filings, Rep. Greene made 19 trades in the two days after April 2. All were purchases between $1,000 and $15,000.
The congresswoman purchased stock in major tech companies such as Amazon, Dell and Apple. She also invested in lululemon, UPS and FedEx.
Stocks that have gained the most for Greene include Restoration Hardware, Lam Research and Dell; stocks that have declined include Nike and lululemon.
Congressional trading flunks smell test: Panelists
Two guests appearing on “The Hill” on Thursday agree the optics of congressional trading can at the very least appear inappropriate.
“I think they should stop because it just looks wrong,” said Mick Mulvaney, a former Republican congressman who served in President Trump’s first administration. “Any lawyer who’s watching this now knows there’s a principle called the appearance of impropriety. It doesn’t look good. It’s not illegal, but they shouldn’t be doing it.”
Adam Hodge, a former spokesperson for the Democratic National Committee, said it may even look worse during the type of volatility that has recently rocked the financial markets.
“People are going to start asking: Who knew what, when?” he said.
Members of Congress could still participate in markets through blind trusts or mutual funds, the panelists suggested.
“There’s so little credibility or faith in the institution right now this just makes things worse,” Mulvaney said.
