Johnson Stalls Stock Ban: Congress's Personal Hedge Fund Remains Open
While The Intercept, a notable independent outlet, diligently traces the legislative maneuvers around a congressional stock trade ban, they (understandably) don't dwell on the fundamental incentive. This isn't just about 'stalling'; it's about protecting a system that has allowed Members of Congress to outperform the market consistently, year after year. For example, a 2023 report by Unusual
Whales showed that members of Congress beat the S&P 500, with some returning double-digit percentages. When everyone wants a ban except those who directly benefit, one might conclude the 'people's representatives' have other priorities. Speaker Johnson, who once declared himself a 'pauper' despite significant assets and speaking fees, now wields the power to end this legal grifting. Yet, the bill
sits. Perhaps the financial 'intelligence' of Congress members—who can vote on defense spending one day and invest in defense contractors the next—is simply too valuable to their personal portfolios to disrupt. (Their constituents' portfolios, however, are a different story.)