Congresswoman Marjorie Taylor Greene’s recent actions on the stock market have been brought into question by Texas Democratic Representative Gregorio Casar. On Thursday, Casar called for an investigation into Greene’s actions. He accused Greene of insider trading and said it needed to be investigated whether K Street lobbyists tipped off Greene. Representatives for Greene called the accusations and the possibility of a probe “utterly absurd.” Greene’s actions took place during the recent dip in the stock market after Trump’s tariffs on April 2.
Rep. Casar Calls For Investigation
“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,” Casar said on Thursday.
Here Is Why It Matters
After Trump announced reciprocal tariffs on all of the United States’ trading partners on April 2, the stock market plummeted. He then announced a 90-day pause on all tariffs on April 9, stating that “people were getting a bit yippy.” After the pause, the stock market soared. Members of Congress are allowed to buy and sell stocks; however, their knowledge of political developments has raised concerns about insider trading.
Here Is What To Know
In the days leading up to Trump’s 90-day pause, Greene disclosed purchasing several stocks- seven on April 3 and 19 on April 4. These purchases ranged from $1,001 to $15,000 of shares in Apple Inc., Dell Technologies and Lululemon, among others.
Even though lawmakers can buy and sell stocks, they must disclose their purchases within a certain period. The Stop Trading on Congressional Knowledge Act requires that purchases over $1,000 be disclosed within 45 days of the purchase.
So far, Greene is the only member of Congress to disclose trades that were made after Trump’s “Liberation Day” announcement. However, others could have purchased stock as well and just not disclosed it yet.
Tariffs Make Stock Market Plummet
On April 2, when Trump gave his speech on tariffs, both the American and global stock markets plummeted. Investors have been in a panic ever since Trump announced his tariff plans. Greene purchased several stocks that were among those hit hardest by Trump’s announcement.
Apple Inc., for instance, saw its price drop nearly 8.2 percent between April 2 and April 3. Greene purchased the stocks on April 3. After Trump announced the 90-day pause on tariffs, the stock market rebounded, however, that rebound did not last long. On Thursday, the situation became unstable again.
Schiff Talks Insider Trading
Casar called for an investigation into Greene’s actions shortly after Senator Adam Schiff announced that Congressional Democrats would be opening an investigation into Trump’s administration for insider trading.
Democrats believe that other Republicans may have also been guilty of insider trading. Many point to Trump’s tariff announcements, calling it a “great time to buy.” In letters to the Securities and Exchange Commission and the Office of Government Ethics, Democratic senators argue that Trump or others close to him possibly bought up stock knowing the markets were going to rebound due to a 90-day tariff pause.
“We need to get to the bottom of the possible stock manipulation that is unfolding before the American people,” House Minority Leader Hakeem Jeffries said on Thursday.
