Buying activity among Congress members has picked up in recent weeks in light of the decline in the S&P 500. Year-to-date, the benchmark index is down about 18% amid geopolitical tensions, supply chain challenges and rising interest rates.
Retail investors can see what lawmakers’ stock picks are by tracking their purchases. These politicians are thought to have greater insight than retail traders due to their roles in the government.
However, in February, it was announced that after much backlash, Speaker of the House Nancy Pelosi is moving forward with a plan to ban members of Congress from trading individual stocks. It has not yet been enacted, as evidenced by recent congressional trades.
With that in mind, let’s take a look at seven stocks lawmakers are buying.
7 Stocks Lawmakers Are Buying Now
- Airbnb (NASDAQ:ABNB): On June 7, Rep. James Langevin purchased shares of Airbnb worth between $50,001 and $100,000. According to Quiver Quant, Reps. Garret Graves and Josh Gottheimer have also purchased shares of the property rental company this year. Still, Gottheimer reported selling shares of ABNB on April 21.
- Tesla (NASDAQ:TSLA): Gottheimer also purchased shares of Tesla worth between $1,001 and $15,000 on June 16. In total, two House members and one Senator have purchased TSLA stock this year.
- Boeing (NYSE:BA): Congressional members seem to be bullish on Boeing as travel demand picks back up. On June 19, Rep. Alan Lowenthal reported purchasing BA stock in two separate transactions worth between $1,001 and $15,000. Year-to-date, two members of the House have purchased shares of the airplane manufacturer.
- Costco (NASDAQ:COST): On June 20, Rep. Marjorie Taylor Greene disclosed purchasing between $15,001 and $50,000 of Costco. Greene is the second House member to purchase the retailer this year, while one Senator reported selling shares in January.
- Home Depot (NYSE:HD): On the same day, Greene also reported purchasing shares of Home Depot. Like her previous buy, the purchase was also between $15,001 and $50,000.
- Visa (NYSE:V): Finally, Greene purchased shares of V stock, also for an amount between $15,001 and $50,000. The three names purchased by Greene are all correlated to consumer spending, so it suggests she believes consumer spending will pick up as we progress into the second half of the year.
- Ford (NYSE:F): Ohio Rep. Bob Gibbs reported purchasing between $1,001 and $15,000 of F stock on June 27. On the other hand, Rep. Ed Perlmutter reported selling shares of F stock in two separate transactions worth between $1,001 and $15,000 on June 16. Two members of the House have purchased shares of Ford this year, while Senator Tommy Tuberville has purchased put options with a strike price of $20 and an expiration of Jan. 20, 2023.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.