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Analysis Shows US Lawmakers Traded Up to $113 Million in Arms Stocks This Year
Key Excerpts from Article on Website of Common Dreams
Posted: January 9th, 2025
https://www.commondreams.org/news/congress-defense-stock-tra...
The Quincy Institute for Responsible Statecraft found that at least 37 members of Congress and their relatives traded between $24-113 million worth of stock in companies listed on Defense and Security Monitor's Top 100 Defense Contractors index. As the Quincy Institute noted: "Eight of these members even simultaneously held positions on the Armed Services and Foreign Affairs Committees, the committees overseeing defense policy and foreign relations. Members of Congress that oversee the annual defense bill and are privy to intelligence briefings have an upper hand in predicting future stock prices." The analysis found that one Democratic congressman accounted for the vast bulk of defense stock trading in 2024. Rep. Josh Gottheimer of New Jersey traded at least $22 million and as much as $104 million worth of shares in companies on the index. The Quincy Institute asserted: "If Congress wants to wash itself of conflicts of interest it can start by passing a stock trading ban. The Ending Trading and Holdings in Congressional Stocks Act, or ETHICS Act, would prohibit members of Congress from trading individual stocks." Congresswoman Rashida Tlaib ... has introduced the Stop Politicians Profiting from War Act, which would ban members of Congress, their spouses, and their dependent children from trading defense stocks or having financial interests in companies that do business with the U.S. Department of Defense.
Note: For more along these lines, read our concise summaries of news articles on war and government corruption.
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