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Members of Congress routinely trade stocks, buying and selling the shares of companies that often have significant business before the federal government — and sometimes spend a lot of money to lobby lawmakers.
Insider dug through congressional financial-disclosure records federal lawmakers filed in recent days. Here are the highlights from what we’ve found.
For Lummis, Coke is the real thing
Coca-Cola isn’t exactly the Republican Party’s favorite beverage these days after the company went sour on Georgia’s new GOP-backed voting law, saying it will “diminish or deter access to voting.”
Both former President Donald Trump and Sen. Rand Paul of Kentucky have called on Americans to boycott Coke products (even if Trump appears to still be swilling his beloved Diet Coke). Some state lawmakers are banishing Coke from their offices.
But don’t count Sen. Cynthia Lummis, a freshman Republican from Wyoming, among them.
Lummis’ new annual personal financial-disclosure report indicated she owned up to $15,000 in Coca-Cola at the end of 2020.
And it doesn’t appear she’s sold the shares since. Members of Congress are required to publicly disclose any stock trade soon after making it, and Lummis has filed no such report in 2021.
Since bottoming out at below $38 a share in March 2020, Coca-Cola’s stock price has steadily climbed and been trading above $54 a share lately.
Lummis’ Senate office did not respond to Insider’s phone and email messages inquiring about the senator’s stance on Coca-Cola’s political advocacy or whether she would continue to be a Coke investor.
Separately, congressional disclosures indicated that Lummis had dumped between $50,001 and $100,000 in bitcoin holdings she disclosed last year. The senator’s most recent financial disclosure did not list bitcoin among her assets.
Perdue left Senate with little stock
By the time Sen. David Perdue left the US Senate in January, the Georgia Republican had jettisoned most of his individual stock holdings, according to a new “termination” financial disclosure he filed May 2 after receiving two filing extensions.
Perdue, who lost in a January runoff to Democrat Jon Ossoff, had been one of the Senate’s most prolific stock traders. He frequently bought and sold the shares of companies that did big business with the federal government — or were subject to the oversight of the Senate Committee on Banking, Housing, and Urban Affairs, of which Perdue was a member.
Read more: Sen. David Perdue is raising big campaign money with DC lobbyists. He also traded stock shares of several of the companies the lobbyists represent.
Perdue came under withering scrutiny for a flurry of stock trades he made in early 2020 as COVID-19 spread globally. Among them: purchases and sales of pharmaceutical company Pfizer, which developed a COVID-19 vaccine.
The Justice Department opened, then closes an investigation into whether Perdue traded on insider information. Perdue maintained he did nothing wrong and wasn’t involved in day-to-day stock trading decisions and that financial advisers made all …read more
Source:: Businessinsider – Politics
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