Marjorie Taylor Greene Fires Back At Report Of Market Gains: 'I Don't Even Own Any Stocks' - SPDR S&P 500 (ARCA:SPY)

Rep. Marjorie Taylor Greene (R-Ga.) responded on Wednesday after her name surfaced in a report as one of the highest-earning Congress members through stock trades in 2023.

What Happened: In an interview with Fox News, Greene was probed by the host about her appearance on a list featuring Congress members who profited significantly from the stock market last year.

In response, Greene stated that she doesn’t own any stocks and that the reported earnings were from her son’s account, which she and her husband had established years ago. She also questioned the credibility of the report’s source, Unusual Whales, stating that they are not always “accurate” in their reporting.

"Well, you know, Jesse, I'm glad you brought that up, because I actually asked my team about that today, why my name was on the list," Greene said.

“Because I don't even own any stocks and I haven't all of 2023. As a matter of fact, we have to report everything, including children who are dependents of ours.”

“And I think what was reported was actually related to my son's account that my his father and I had set up for him years ago. So the Unusual Whales is a trading company looking for customers. They're not always accurate in their reporting. But thank you for bringing that up and letting me address that issue.”

According to the report published by Unusual Whales, a retail stock trading platform founded in 2021, Greene earned 18.6% returns from her stock investment in 2023. During the same period, SPDR S&P 500 ETF Trust SPY, an ETF designed to track the S&P 500 stock market index, gave 24.8% returns, data from Benzinga Pro revealed.

The Unusual Whales data showed that Rep. Brian Higgins (D-N.Y.) and Rep. Mark Green (R-Tenn.)benefitted the most from his stock investment last year. While Higgins yielded 239% returns from his investment, Green minted about 122%.

This Congress trading data was collated by Unusual Whales and was not independently verified by Benzinga. An email sent By Benzinga to Higgins and Green’s office seeking comment didn’t elicit any response till the time of publishing this story.

Why It Matters: This event sparks worries amid the ongoing examination of stock trading by members of Congress, fueling support for the bipartisan “Ban Congressional Stock Trading Act.” The proposed legislation aims to prevent representatives from actively managing their investments.

Despite growing support, the vote for the bill has been repeatedly delayed.

Not just Greene, Nancy Pelosi, the former House Speaker, is also known for her involvement in stock trading, to the extent that a tracker for her portfolio exists. The stock acquisitions made by her spouse frequently face scrutiny, particularly in light of the regulatory information she has access to.

Last week, Sen. Tina Smith's (D-Minn.) significant November investment in a medical device maker's stock yielded a remarkable 48% return within just two months. Smith is a member of the Senate Committees on Health, and the firm’s being based in her home state of Minnesota added to the intrigue.

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