Inside Look: New Progress on a Congressional Trading Ban

This Week’s Quiver Newsletter:

What you can expect to read about today:

• An overview of recent notable Congress trades, including from Trump’s VP pick Senator J.D. Vance.

• Biden bows out of 2024 Presidential Election, Democrats endorse Kamala Harris as new nominee, we cover her trades.

• Dive into the latest bill to ban congressional stock trading that passed a Senate committee earlier this week.

• Read about Wiz ending a $23B deal with Alphabet, focusing on IPO.

Congressional Trades

• Vice President Kamala Harris has been endorsed as the Democratic candidate for the 2024 Presidential Election. In her most recent portfolio data (from her time as a Senator), we find that she primarily held Blackrock ETFs such as (BLK), (IEI), and (LQD).

• We also have Republican VP pick Senator J.D. Vance’s portfolio from his time in the Senate. Top holdings include (SPY), (QQQ), (TLT), (DIA), and (OILK). We estimate he has a net worth of $8.62M.

• Rep. Marjorie Taylor Greene bought 6 stocks last month, including Crowdstrike (CRWD), which has a system wide outage last Friday. They have all underperformed and include: (ASML), (COST), (LULU), (NEE), (NSRGY).

• We reported earlier this year on Rep. Josh Gottheimer’s purchase of (AGIO) on Jan 24, 2024. The stock has now risen 117% since his trade.

• Last week, we reported on Rep. Mike Collin’s purchase of a crypto token called Aerodrome, where he purchased up to $50k. it has now risen 76% since the purchase.

To see more details about their trades, and how they’ve performed since, check out our:

Bipartisan Bill to Ban Congressional Stock Trading Passes Senate Committee

Insights from our Congress Live Net Worth Tracker

A bill led by Senator Jon Ossoff to ban stock trading by members of Congress passed a key U.S. Senate committee on July 24th.

The Homeland Security and Governmental Affairs Committee passed for the first time a Congressional Stock Trading ban, and the bill now advances to the full U.S. Senate for consideration.

“This is a historic moment in efforts to reform the ethics laws that govern Congress. Georgians overwhelmingly agree that Members of Congress should not be playing the stock market while we legislate and while we have access to confidential and privileged information,” Sen. Ossoff said

The bill, known as the "Ending Trading and Holdings In Congressional Stocks (ETHICS) Act," would prohibit members of Congress, the President, Vice President, and their spouses and dependent children from trading individual stocks.

Key provisions of the bill include:

1. A ban on purchasing any covered investments, effective immediately upon enactment.

2. A requirement to divest existing covered investments within 120 days of the bill's effective date, which is set for March 31, 2027.

3. Exceptions for diversified mutual funds, exchange-traded funds, U.S. Treasury securities, and certain other investments.

4. A "cooling-off period" preventing stock purchases for 90 days after leaving office.

5. Increased penalties for violations, including civil fines of up to one month's salary or 10% of the value of undivested holdings.

The bill also aims to improve transparency by mandating electronic filing and online public access to financial disclosure forms. This would allow the public to search, sort, and download data on officials' financial holdings and transactions.

Senator Gary Peters, one of the bill's sponsors, stated, "This bipartisan legislation will help restore trust in Congress by holding members to the highest ethical standards."

If passed, the act would represent one of the most significant reforms to congressional ethics rules in recent years, addressing longstanding concerns about potential conflicts of interest in lawmaker investments.

Check out our Congress Live Net Worth Tracker on Quiver:

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WIZ ENDS $23B DEAL TALKS WITH ALPHABET, FOCUSES ON IPO

Israeli cybersecurity startup Wiz has ended talks with Google-parent Alphabet (GOOGL) on a reported $23 billion deal, opting instead to focus on an initial public offering (IPO). Wiz CEO Assaf Rappaport announced the decision in a memo, emphasizing the company's goal to achieve $1 billion in annual recurring revenue. The termination of the deal marks a setback for Alphabet, which has been investing heavily in its cloud infrastructure.

Alphabet (GOOG) had been in advanced talks to acquire Wiz, which provides cloud-based cybersecurity solutions powered by artificial intelligence. The potential acquisition would have been Alphabet's largest-ever deal. The fallout from this decision is the second blow for Alphabet in recent M&A activities, following reports of its decision to walk away from a deal with HubSpot (HUBS).

Continued on our News Feed.