Sen. Dianne Feinstein of California, one of the wealthiest members of Congress, continues to draw ire for her questionable stock trading while in office.
What Happened: Feinstein, 89, "has some of the most unusual trades in Congress," according to Unusual Whales, which tracks the investment activity of politicians.
Over the course of her thirty-year career, the high-ranking Democrat's net worth has spiked to more than $200 million, the account tweeted.
Feinstein has denied wrongdoing and credited her late husband, Richard Blum, for making the key trades. Blum, the former chairman and president of private equity firm Blum Capital, passed away in 2022.
Unusal Whales indicated how Feinstein attended COVID-19 hearings by the CDC in January 2020. Shortly after the meetings, Blum sold between $1.5 million and $6 million in shares of biotech firm Allogene Therapeutics ALLO. Shares of the stock fell shortly after.
Unusual Whales also highlighted Feinstein’s husband buying $250,000 in Meta Platforms META stock in January 2018. That April, Meta CEO Mark Zuckerberg testified before the Judiciary Committee. Feinstein, who sits on the committee, praised the company at the time.
The trade was disclosed a month later.
In 2009, Feinstein and Blum bought around $1 million in shares of Amyris Biotechnologies AMRS. Several weeks later, Amyris received a government grant valued at $24 million.
Feinstein also introduced a bill that benefitted the Emeryville, California-based company.
Related Link: 10 Best Stock Traders In Congress In 2022
Why It’s Important: For years, Feinstein and other senators have been scrutinized by federal investigators over whether they violated the STOCK Act, which prevents lawmakers from profiting off of insider information.
Feinstein has paid zero fees and been cleared of wrongdoing on several occasions.
Some lawmakers, including Sen. Elizabeth Warren (D-Mass.), have called for putting an end to Congress members trading or owning stocks altogether.
Reactions: Former Green Bay Packers teammates Aaron Rodgers and David Bakhtiari griped about Feinstein's trading activity on social media.
“How are we as a nation just ‘cool’ with actions like this? It’s cheating in broad daylight,” Bakhtiari tweeted.
Rodgers, now with the New York Jets, shared Bakhtiari’s post, adding, “Finally Dave, this gif is for you” — the tweet included a GIF of Ryan Reynolds’ character from the movie “Free Guy” that shows him “waking up.”
Bakhtiari went on to respond to users on Twitter saying the issue wasn’t “left or right” and that people might be “distracted by sides” and “not focused on the action from the position." The Packers offensive tackle also shared a report from Unusual Whales that highlighted stock and options activity by Republican Senator Tommy Tuberville.
“Haha. Tight. Tight. Hey Congress, can I get a cheat sheet?” Bakhtiari tweeted.
Meanwhile, Feinstein's recent return to Congress, after nearly three months of absence due to illness, is seen as a major event.
A member of the U.S. Senate since 1992, she serves on key committees, including the Judicial Committee, which the Democrats control with an 11-10 majority.
In the Senate, the Democrats have a slim 51-49 majority, making Feinstein’s presence on votes important. Her long absence led fellow Democratic members to call for her resignation.
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