Congressmen trading in stocks have garnered a controversial reputation since the multiple scandals of Senators trading on inside information and selling at the start of COVID-19.
Speaker Nancy Pelosi (D-CA)’s trades have accumulated a following online, she is nowhere near the list of CapitolTrade’s most frequent traders. The Crown for that still belongs to Rep. Rohit Khanna (D-CA).
In the past, Khanna was reported to have around 2,200 trades to his name. Now, the number has ascended to 11,739 trades covered on CapitolTrade’s official platform.
Rooting for Technology
Rep. Khanna assumed office on January 3, 2017, and has been re-elected twice since then. His current term ends in Jan' 2023. In 2019, the representative noted ‘Investing in new industries & clean technology’ and ‘Creating technology & manufacturing jobs across America’ among his multiple objectives.
This rings true when we look at the lawmaker’s stock portfolio. Tech stocks are most popular among the Democrats, Khanna included. Issuers that he has traded mostly in are S&P 500 Mini-SPX Options Idx (INDEXCBOE: XSP), AT&T Inc (T: US), Meta Platforms Inc. (FB: US), and Alphabet Inc. (GOOGL: US).
The Indian-born lawmaker’s latest disclosure for $GOOGL revealed 27 sales and purchases starting from January 11 to January 28, 2022.
Aside from trades in tech stocks, Khanna also recently published a book entitled ‘Dignity in a Digital Age’ highlighting the use of innovative technologies in building a more equality-based society.
For the Lawmaker with the most trades, Khanna is also iconic for having the most cryptic financial disclosures. While most US Politicians have digitally produced reports, Khanna’s trade disclosures are scanned files that are not readable and blurred at most. This is troubling when we consider the vast number of transactions that are filed in a single disclosure. His most recent report, filed on February 9, 2022 features nearly 700 trades in total.
While he is in favor of banning Congress from stock trading, he feels it would be ‘unfair’ to pass on the ban to members’ families and spouses. This is quite ironic considering that nearly all of Khanna’s thousands of trades are under his wife’s or his childrens’ name.