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🚔 #Democrats are calling for an #investigation into 🚔 #Marjorie_Taylor_Greene's #purchase of #stocks during the recent #market_dip following President Donald Trump's #announcement of #sweeping #global_tariffs on April 2. 🚔
🥊 On Thursday, Texas Democratic Representative Gregorio Casar said: "We need an investigation into #insider_trading by people like Congresswoman Marjorie Taylor Greene. We need an investigation into whether any K Street lobbyists or other big firms were tipped off by Donald Trump's actions."
When contacted for comment, a representative of Greene called the implication that a probe would be launched into the matter "utterly absurd."
#Why_It_Matters
Markets plummeted after Trump announced his "liberation day" reciprocal tariffs on most American trading partners on April 2.
However, he subsequently announced a 90-day pause on the tariffs on Wednesday, April 9, saying that "people were getting a bit yippy." The move sent the markets soaring.
While members of Congress are permitted to buy and sell stocks, their knowledge of political developments has often raised concerns about the possibility of insider trading.
What To Know
Greene has disclosed purchasing a number of stocks in the days leading up to the 90-day pause—seven on April 3 and 19 on April 4—according to the Congressional trade tracker Insiderfinance.io. These included purchases ranging from $1,001 to $15,000 of shares in Lululemon, Dell Technologies and Apple Inc, among others.
Although lawmakers are allowed to buy and sell stocks, they are required by the Stop Trading on Congressional Knowledge Act to publicly disclose any stock trades valued over $1,000 within 45 days of the transaction.
Greene is the only member of Congress so far to disclose trades made after Trump's "Liberation Day" announcement, but the 45-day disclosure rule means many others may have purchased or sold stocks after this date.
Following Trump's speech on April 2, American and global markets were sent plummeting as investors panicked over the potential impact of the new tariffs on businesses worldwide.
Many of the stocks purchased by Greene were among those hit sharply by the announcement. Apple Inc saw its share price fall nearly 8.2 percent between markets opening on April 2 and closing on April 3, the date Greene purchased the stock.
Trump's announcement on Wednesday of a 90-day pause on the reciprocal tariffs — intended to allow countries to approach the U.S. administration and negotiate trade deals— resulted in a historic rally for U.S. equities.
However the rebound was short-lived. On Thursday, the S&P 500 fell by just under 3.5 percent. The Nasdaq Composite also dropped 4.3 percent, while the Dow Jones Industrial Average ended the day down more than 1,000 points (2.5 percent).
Casar's call for an investigation comes after Senator Adam Schiff also announced that Congressional Democrats would be investigating Trump's administration for insider trading prompted by the recent market volatility linked to his changing tariffs.
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