Several Texas representatives in Congress continue to trade individual stocks. So Michael...
— mostly because it’s such an obvious avenue for insider-type trading, either because of special access to information or through special regulatory duties, subpoena power or committee assignments.Almost all white-collar professionals subject themselves to conflict-of-interest rules that limit their investment behavior — lawyers, researchers, consultants, bankers, brokers, professors, and nonprofit board members and executives.
In January 2022 it looked like we had momentum toward banning individual stock trading by members of Congress, as longtime holdout and then-House Speaker Nancy Pelosi finally agreed to bring a bill to that effect. Alas, the clock ran out on her speakership. Newly elected House Speaker Kevin McCarthy previously promised to ban congressional stock trading, so with hope eternal and a burst of optimism, I will continue to raise the issue.
He continued reporting this stock-trading pace in November and December, with 84 and 126 trades, respectively. Rep. Michael Burgess, R-Denton, continued to pursue a combination of stock trades and option trades. He sold up to $50,000 of Morgan Stanley shares. In November, he also pursued a buy and call-write strategy on Disney, meaning he bought up to $50,000 of shares, then sold a one-month call option on up to $15,000 of Disney. Three times he also sold up to $15,000 of one-month calls on medical devices company Stryker, a stock he actively traded earlier in the year.
Rep. Van Taylor, R-Plano, was not up for re-election in 2022, so his stock sales and disclosures occurred after the November election, and when he was scheduled to leave office. He reported sales of up to $10 million in oil and gas companies Exxon and Occidental Petroleum, and up to $250,000 of Bristol Myers Squibb and $500,000 of Moodys, as well as smaller positions in Eli Lilly and Santos.
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