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Representative Marjorie Taylor Greene, known for her vigorous support of the trade policies associated with the Trump administration, made notable stock purchases last week even as markets reacted negatively. Contrary to the trend of panic selling seen by many investors, Greene opted to acquire shares from companies that had experienced significant downturns, specifically targeting some of the largest losers during this period.
Companies like Lululemon, Dell, and Amazon, as well as the parent company of Restoration Hardware, were among those severely impacted by President Trump’s threats of tariffs, suffering average declines of around 40% late last week when Greene made her moves.
The details regarding the exact amounts Greene spent on these stocks, as outlined in a mandated three-page financial disclosure, are somewhat vague, only providing ranges and acquisition dates. However, her strategy appears to show promise, at least temporarily, as market conditions improved following Trump’s announcement to pause most tariffs on countries other than China for 90 days. Although the markets saw a decline again on Thursday, they remained elevated compared to levels from Wednesday morning.
Among Greene’s investments, Restoration Hardware (RH) stands out as a notable success; its stock climbed over 30% since Greene purchased shares following a sharp drop that had unsettled even the company’s CEO, Gary Friedman, who expressed his shock during a recent conference call.
Dell also showed resilience with a 9% increase in stock value since Greene’s acquisition, recovering some of its significant losses before her buy-in.
This situation has reignited discussions surrounding potential conflicts of interest in Congress regarding stock trading. Lawmakers across party lines have proposed legislation aimed at restricting stock transactions by members of Congress due to concerns about their ability to sway the market through their legislative power. Bills such as the Transparent Representation Upholding Service and Trust in Congress Act and the newer End Congressional Stock Trading Act introduced last month have yet to move forward.
Greene’s office has not provided any comments in response to inquiries from the Associated Press. A staunch advocate for Trump’s tariff policies, Greene has publicly stated that “tariffs are a powerful proven source of leverage to protect our national interests” and expressed confidence that “we will win this trade war.”
Coinciding with the tariff pause, Trump encouraged his supporters regarding market investments on his Truth Social platform, declaring, “THIS IS A GREAT TIME TO BUY!!!” Nonetheless, investor sentiment remains mixed. Following the market surge on Wednesday, stocks began to decrease again on Thursday, with the S&P 500 losing 3.5% by the afternoon, which tempered some of Wednesday’s upward momentum. Notably, the share price of the parent company of Restoration Hardware, though still above last Friday’s marks, dropped by over 10% on Thursday.
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www.cbsnews.com