Lawmakers Hold Stocks in Defense, Energy, and Tech Companies They Oversee

Drama is building in the House Republican caucus over an effort by Rep. Anna Paulina Luna (R-Fla.) to force a vote on a bill in the months ahead that would ban members of Congress from trading or owning stocks. Last month, Luna vowed to file a discharge petition on legislation prohibiting lawmakers and their households from trading or owning stocks, commodities, and other assets—requiring them to divest their assets within 180 days of the bill’s becoming law. If her petition gets 218 signatures in the House, the measure would be brought to the floor for a vote.

Her fellow Republican, Rep. Chip Roy of Texas, has been part of a bipartisan group working on legislation that would similarly ban stock trading, though one that would give lawmakers the option of placing assets in a blind trust. Roy, a conservative who has bucked party leaders, favors allowing House GOP leadership to steer the stock-trading bill. At the same time, Roy just announced a campaign for Texas attorney general that will see him depart the House after the midterms. 

Similar legislation banning stock trading and ownership by lawmakers was recently advanced out of committee in the Senate, but Majority Leader John Thune has thrown cold water on hopes of bringing up the bill for consideration unless more of his caucus gets on board. Some of the wealthiest senators, notably Rick Scott (R-Fla.), lashed out against it in a contentious hearing. A parade of proposals to limit congressional stock trading over the past decade-plus, many of them bipartisan, have floundered, left to expire by party leadership. 

A few members have recently sworn off owning individual stocks and chosen to divest: freshman Rep. George Whitesides (D-Calif.) took the step in March, as Sludge reported, selling off stocks to “avoid any possible conflicts of interest” with his congressional work. Another wealthy House member, Jefferson Shreve (R-Ind.), sold nearly his entire portfolio in May, citing a desire for public transparency. This month, after once again violating disclosure laws, Rep. Shri Thanedar (D-Mich.) pledged to follow suit. 

Last week, annual financial disclosures covering 2024 were due for the many members of Congress who took advantage of an extension. Those disclosures, combined with later transaction filings, show that many lawmakers and their family members continue to hold stock in individual companies impacted by legislation on which they vote. 

Defense Contractors

Sen. Susan Collins (R-Maine)’s spouse holds between $50,000 and $100,000 worth of stock in defense contractor Amphenol, as well as up to $50,000 worth of stock in Boeing and up to $50,000 worth of RTX (formerly Raytheon), according to her Senate disclosure. Collins is currently the chair of the Appropriations Committee, and in the previous Congress was the ranking member of the Defense Appropriations subcommittee. Her spouse Thomas Daffron, a former Republican Senate chief of staff, was chief operating officer of lobbying firm Jefferson Consulting Group for almost a decade before his retirement.

Sen. John Hickenlooper (D-Colo.) has held on to between $100,000 and $250,000 worth of stock in RTX since his election in 2020, with dividends of up to $5,000 last year, according to his financial disclosure. RTX’s stock price has nearly doubled over the past two years, with most of the company’s revenue coming from defense contracts.