Jan 07, 2025
Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy   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. © Illustration / Samantha Wong; and Adobe Stock 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.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  Key business and economic news with implications this week and beyond:   Meta’s fact-checking changes put company under political microscope Meta’s decision to eliminate its fact-checking program marks a sharp reversal for the major social media company, quickly prompting questions over the firm’s direction as President-elect Trump heads back to the Oval Office.    Full Story   US probing Teslas over driverless feature The U.S. government is probing Tesla over a driverless feature in its electric vehicles, according to the National Highway Traffic Safety Administration (NHTSA).  Full Story   Buffalo will be hottest housing market in 2025: Zillow Buffalo, N.Y., will for the second year in a row be the hottest housing market in the country due to its job market stability and affordable home prices, according to a report released Tuesday by online real estate marketplace Zillow.   Full Story   Quits sink to lowest level since the height of the pandemic The number of people quitting their jobs fell in November to the lowest level since the height of the pandemic as the number of job openings popped to its highest level since May — both signs of a broader cooling in U.S. employment conditions.  Full Story 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 … Full Story   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: Trump, allies fuel speculation over Greenland endgame President-elect Trump is ramping up speculation about his endgame with Greenland as he doubles down on calls to acquire the Danish territory, putting observers and allies alike on edge. Read more House passes immigration measure named after Laken Riley House Republicans focused their attention on the border with their first bill of the year, passing legislation named after the slain Georgia student Laken Riley that would require detention of migrants arrested for theft. Read more   What People Think  Opinion related to business and economic issues submitted to The Hill: When the blizzard hits, why are we still commuting?     You're all caught up. See you tomorrow!  Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct to your inbox. Sign up for the Business and Economy newsletter Subscribe
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