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Welcome to The Hill’s Business & Economy newsletter

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Business & Economy

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The Big Story

Dozens of lawmakers beat stock market: report

More than two dozen lawmakers once again outperformed the stock market as bans on congressional trading stalled, according to a new report from the trading trackers at Unusual Whales.

Democrats’ portfolio values rose 31 percent and Republicans gained 26 percent while the S&P500 was up 24.9 percent, according to the report.

Unusual Whales also identified a number of conflicts between lawmakers’ stock holdings and their work on Capitol Hill.

“The idea of lawmakers trading stocks while legislating is inherently problematic. Congress members shape policies that can directly impact markets. Whether or not they act on insider knowledge, the appearance of potential abuse undermines public trust,” Unusual Whales wrote in the fifth edition of the report.

Stocks owned by Speaker Emerita Nancy Pelosi‘s (D-Calif.) husband were up nearly 71 percent in 2024, the report found. Pelosi has faced particularly harsh blowback for her resistance to bipartisan stock trading bans as she consistently reports above-average stock gains, saying members should be able to participate in a “free market economy.”

Nine other lawmakers outperformed Pelosi last year, according to the report. Rep. David Rouzer (R-N.C.) topped the list with a 149 percent gain, mainly due to Nvidia shares he purchased years earlier.

Unusual Whales also noted “numerous unusual trades,” including military contractor stocks purchased by Rep. Debbie Wasserman Schultz (D-Fla.), ranking member of the House Appropriations Subcommittee on Military Construction, and Rep. Dan Newhouse (R-Wash.), a member of the House Appropriations Subcommittee on Homeland Security.

Spokespersons for Pelosi, Rouzer, Wasserman Schultz and Newhouse did not immediately respond to requests for comment.

Members of Congress have been barred from trading on insider information and required to file financial disclosures for more than a decade under the 2012 STOCK Act. But no lawmaker has ever been charged under the act, raising questions about its effectiveness.

The Hill’s Taylor Giorno has more here.

Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.

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Essential Reads

Key business and economic news with implications this week and beyond:

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COMING UP

The Hill’s Evening Report breaks down the day’s big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox

The Ticker

Upcoming news themes and events we’re watching:

Federal Reserve Gov. Christopher Waller on Wednesday will deliver remarks at the Lectures of the Governor event in Paris at 8 am E.T.

In Other News

Branch out with more stories from the day:

US Justice Department accuses six major landlords of scheming to keep rents high

DENVER (AP) — The U.S. Justice Department is suing several landlords for allegedly coordinating to …

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Good to Know

Business and economic news we’ve flagged from other outlets:

Meta is getting rid of fact-checkers. Zuckerberg acknowledged more harmful content will appear on the platforms now (CNN)
Trump calls SALT-focused Republicans to Florida before tax fight (Bloomberg)
Trump announces $20B US investment by Emirati businessman and close business partner (The Associated Press)

What Others are Reading

Top stories on The Hill right now:

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House passes immigration measure named after Laken Riley

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