Josh Hawleys PELOSI Act Turns Spotlight On How Members Of Congress Regularly Beat The Stock

Published

3 years ago

February 3, 2023

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News broke Wednesday that former House Speaker Nancy Pelosi (D-CA) had disclosed the sale of between $1.5 million and $3 million worth of shares in Googles parent company, Alphabet, just a few weeks before the Department of Justice announced an antitrust lawsuit against the tech giant.

Nancy and her husband Paul, who is often the person actually making the trades, have been accused multiple times in the past of using her position in the federal government to make advantageous moves in the stock market. The couple sold their Nvidia stock, albeit at a loss, right before the U.S. government announced new restrictions on the sale of computer chips to China and Russia, while Paul bought $6 million in tech options as Congress debated antitrust measures against Big Tech companies.

Coincidentally, the day before the news broke about the Pelosis stock trades, Republican Missouri Sen. Josh Hawley reintroduced The Preventing Elected Leaders from Owning Securities and Investments Act, otherwise known as the PELOSI Act. The bill, first introduced in 2022, would prohibit members of Congress or their family members from holding or trading individual stocks. Any existing investments would have to be divested or placed in a blind trust for the duration of the lawmakers tenure in office.

A majority of congresspeople are millionaires, and while most were already wealthy before entering Congress, they also tend to have success on the stock market while in office. Although there have been many efforts to rein in congressional stock trading, Hawleys newest push has brought the issue back into the spotlight.

Many congresspeople were already wealthy and held considerable assets before they entered politics. Members of Congress tend to come from professional fields that are relatively lucrative think doctors and lawyers. Some are extremely successful business owners who made the jump over to politics.

For example, Republican California Rep. Darrell Issa is currently the richest person in Congress, with an estimated net worth of $460 million as of September 2022. Before entering the House, Issa made a fortune in the car alarm business in the 1990s. Similarly, the top three richest senators, Rick Scott (R-FL), Mark Warner (D-VA), and Mitt Romney (R-UT) were all successful in private business before attaining public office.

But that doesnt mean lawmakers dont expand their wealth while in office. In fact, some have seen massive gains thanks to fortuitous moves on the stock market.

In 2021, members of Congress and their family members purchased $267 million in assets while sales amounted to $364 million.

On average in 2021, Congress beat the market, according to an analysis by Unusual Whales. SPY, the exchange traded fund that owns all of the stocks on the S&P 500 and one of the most important market measures for investors, saw a return of 13.6%. Meanwhile, both House Democrats and Republicans saw an average return of 14.7% and Senate Democrats saw a return of 15.4%. Only Senate Republicans failed to beat the SPY, with a 13% average return. One congressman saw a return of almost 800%.

Members of Congress have not only been fortunate in picking winning stocks, but they have also had a lot of luck in selling stocks note the Pelosi example above just in the nick of time to avoid massive losses. This level of success has attracted allegations of insider trading, i.e. using knowledge gained from their work in the federal government that is unavailable to normal Americans to make advantageous trades.

Four senators were accused of such malfeasance in the early days of the COVID pandemic. Former Republican Sens. Richard Burr of North Carolina and Kelly Loeffler of Georgia sold millions worth of stock after a closed-door briefing on the possible impacts of the coronavirus. Sens. Jim Inhofe (R-OK), David Perdue (R-GA), and Dianne Feinstein (D-CA) also dumped stock in the early weeks of the pandemic.

The Department of Justice and the Securities and Exchange Commission launched investigations into possible insider trading by the five lawmakers. All of the inquiries were dropped by January 2021. An Insider investigation found that many other Congress members bought or sold stock in vaccine manufacturers Pfizer, Moderna, and Johnson & Johnson during the pandemic.

Between 2019 and 2021, 97 members of Congress almost 20% of all lawmakers in the Legislative Branch reported that they made stock trades in companies that were influenced by their committees, according to an analysis by The New York Times.

There are already laws on the books to prevent insider trading, most notably the STOCK Act passed in 2012. A critical part of the law requires members of Congress to promptly disclose any stock trades made by them or close family members. According to an Insider report from early January, 78 members of Congress have recently failed to comply with the law and properly disclose stock trades, according to an Insider report from early January.

Congresspeople who violate the law face a fine, but it is usually only $200 and the penalty has been waived altogether several times by the House Ethics Committee. Two current members of the eight-person Ethics Committee were identified in the Times analysis as having traded stocks in companies influenced by their committees and were among the 78 lawmakers who failed to comply with the STOCK Act.

For too long, politicians in Washington have taken advantage of the economic system they write the rules for, turning profits for themselves at the expense of the American people, Hawley said of the PELOSI Act in a news release. Lawmakers who violate the proposed act would be forced to forfeit any profits from the investments to the American people and lose the ability to write off any losses on their taxes.

The first iteration of Hawleys bill, which lacked the acronymic jab at the former House Speaker, stalled in the Democrat-controlled House in 2022. Democrats also scrapped another proposal to regulate lawmakers stock trades just a few days before the 2022 midterms elections, with then-House Majority Leader Steny Hoyer claiming that there wasnt enough time for representatives to study the proposal.

Almost simultaneously with Hawley, Reps. Chip Roy (R-TX) and Abigail Spanberger (D-VA) introduced a bill banning members of Congress from trading individual stocks for the third time. They previously introduced the bill in 2020 and 2021.

Given the poor track record of bills regulating congressional stock trading, both in getting passed and actually being enforced, chance of meaningful reform is dim. And in the meantime, members of Congress will most likely continue to beat the market.

Business

Octopus COPs £500m financing boost for electric vehicles arm

Published

35 mins ago

November 13, 2025

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Octopus COPs £500m financing boost for electric vehicles arm

The electric vehicle-leasing business which forms part of the same group as Britain’s biggest household energy supplier will on Friday announce a £500m extension to its financing war chest.

Sky News has learnt that Octopus Electric Vehicles (Octopus EV) has struck a deal with lenders including Lloyds Banking Group, Morgan Stanley, and Credit Agricole to take its total funding line to £2bn.

The additional financing paves the way for the expansion of the company’s UK fleet from 40,000 to 75,000 cars, and is an extension to a facility agreed with Lloyds in 2023.

Sources said a public announcement would be made at the COP30 climate summit in Brazil.

Last month, EVs accounted for 26% of all new cars in the UK, a record figure, while across Europe, more than 1.7 million EVs were registered in September – a 19% jump from the same month last year.

Octopus EV offers an all-in-one package comprising a leased car, bespoke EV tariffs, home chargers and access to Electroverse, which it describes as Europe’s largest public charging network.

“Electric momentum is surging across the UK and Europe,” said Gurjeet Grewal, CEO of Octopus EV.

“Every month, thousands more drivers are discovering just how affordable and enjoyable making the switch can be – and this fresh funding from Lloyds, Morgan Stanley and Crédit Agricole will allow us to bring even more zero-emission cars onto UK roads.”

Keir Mather, Minister for Aviation, Maritime and Decarbonisation, said the government had “helped over 30,000 people go electric thanks to our electric car grant since we launched it this summer, saving them cash with discounts of up to £3,750 on new EVs”.

“We’re backing people and industry to make the switch with £4.5bn investment, and it’s great to see industry players like Octopus backing the EV revolution and getting more electric cars out on our roads,” Mr Mather added.

The minister’s comments come, however, amid speculation about a pay-per-mile levy on electric car drivers in Rachel Reeves’s budget later this month.

Octopus’s EV arm also specialises in salary sacrifice schemes, which the chancellor is also reportedly planning to target by reducing or removing tax incentives.

Environment

Autonomous semi truck brand Einride set to go public in $1.8B SPAC deal

Published

40 mins ago

November 13, 2025

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Electric logistics company Einride is set to go public through a SPAC merger deal with blank-check firm Legato Merger Corp. that values the Swedish brand at a staggering $1.8 billion. (!)

A SPAC deal is a transaction in which a Special Purpose Acquisition Company (SPAC), which is effectively a publicly-traded shell corporation that’s formed solely to raise capital, merges with an operating company to bring it into a public trading market. It’s a process that was popular in the heady, “draw a truck, make a billion dollars” era that saw recently pardoned criminal and alleged sex offender Trevor Milton launch the now-defunct hydrogen truck brand Nikola, and one that offers a faster and sometimes more flexible (read: less regulated) alternative to a traditional Initial Public Offering (IPO).

This week’s deal, however, follows hot on the heels of major autonomous trucking milestones and a solid, billion dollar vote of confidence in Einride — both of which serve to make this deal’s valuation to seem more credible than most.

“We’ve proven the technology, built trust with global customers, and shown that autonomous and electric operations are not just possible, but better,” says Einride CEO, Roozbeh Charli. “This Transaction positions us to accelerate our global expansion and continue to deliver with speed and precision for our customers. The foundation is built, the demand is clear, and our focus is on execution and delivering the future of freight.”

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We’ve written about Einride’s electric fleet operations in Europe a few times, but it’s worth noting that the company is rapidly expanding its human-operated decarbonized logistics operations as well (the company announced a 150-unit Peterbilt 579EV truck order last summer).

Peterbilt electric semi trucks

Einride orders electric truck fleet from Peterbilt — Peterbilt 579EV trucks; via Einride.

“Our proprietary technology stack, purpose built for autonomous operations, combined with our vessel-agnostic approach, provides significant competitive advantages,” comments Henrik Green, CTO of Einride. “With our demonstrated safety record and established ability to operate autonomous vehicles commercially, we are well-positioned to capture the significant market opportunity as the industry transitions to electric and autonomous freight.”

The Transaction values Einride at $1.8 billion in pre-money equity value and is expected to generate approximately $219 million in gross proceeds before accounting for potential redemptions of Legato’s public shares, transaction expenses and any further financing. Additionally, the Company is seeking up to $100 million of private investment in public equity (or, “PIPE”) capital to accelerate growth.

Other notable SPAC deals in the EV space include Lordstown Motors, Proterra, and Volvo spinoff Polestar, all of which have either gone bankrupt or seen dramatic market cap reductions over the last few years.

SOURCE | IMAGES: Einride.

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Environment

BYD undercuts every EV in Australia with the Atto 1, now the cheapest new model

Published

1 hour ago

November 13, 2025

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BYD undercuts every EV in Australia with the Atto 1, now the cheapest new model

BYD is bringing its most affordable EV to the Land Down Under. The Atto 1 arrives as Australia’s cheapest new EV, just as BYD is finding its footing.

BYD reveals Atto 1 EV prices in Australia

The Atto 1 is a rebadged version of BYD’s compact electric hatch, sold as the Seagull in China, the Dolphin Surf in Europe, and the Dolphin Mini in other overseas markets.

BYD’s low-cost electric car arrives as the Chinese auto giant closes in on Tesla, which has dominated Australia’s EV market thus far.

Starting at just $23,990 before on-road costs, the Atto 1 is now the cheapest new electric vehicle in Australia. The electric hatch is available in two trims: Essential and Premium. The Atto 1 Premium, priced from $27,990, before on-road costs.

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The base Essential model is powered by a 30 kWh BYD Blade battery, providing a WLTP driving range of 220 km. Upgrading to the Premium trim gets you a larger 43.2 kWh battery, good for a WLTP driving range of 310 km.

Inside, the Atto 1 features a 10.1″ floating infotainment screen with Apple CarPlay and Android Auto, as well as a 7″ driver display cluster. The higher-priced Premium trim adds a wireless phone charger, heated front seats, and a 360-degree camera.

BYD also revealed that the Atto 2 SUV starts at $31,990 before on-road costs. The Premium variant is priced from $35,990.

“The Atto 1 and Atto 2 represent the next step in BYD’s vision for accessible, premium electric mobility for Australian drivers,” according to BYD Australia COO, Stephen Collins.

Both will begin arriving at dealerships next month and are expected to see strong demand as some of the most affordable EVs on the market.

BYD-Atto-2-EV — BYD Atto 2 compact electric SUV (Source: BYD)

BYD is closing in on Tesla in Australia after going back and forth as the best-selling EV brand over the past few months.

Through October, BYD sold 19,248 electric vehicles in Australia, according to data from The Driven. Tesla, on the other hand, has sold 23,569 vehicles.

BYD is already outselling Tesla in the UK, parts of Europe, and other overseas markets. With two new low-cost models rolling out, Australia could be next.

Source: The Driven, BYD Australia

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