It has been argued time and time again that members of Congress should not be able to own stock. However, many congressmen and women move from the business world into politics (just take a look at President Donald Trump). Some members of Congress do sell their stock market holdings before taking office. Many others donât and they hold stock in some of the largest companies in the U.S. Here is a list of the top 10 stocks owned by Congress:
Top 10 Stocks Congress Owns
According to USA Today, 74 members of Congress own stock in General Electric (NYSE: GE). GE is a company that has been around for more than 100 years and it is a brand that Senators really seem to place their money with. It is also an all-American company (which helps its chances of being on this list). Currently, GE stock is selling for around $27 per share.
Coming in second on the list of stocks owned by Congress is Wells Fargo (NYSE: WFC). About 58 members of Congress owns stock in Wells Fargo. If youâve kept up with the bankâs recent scandals you know that the company has been having some trouble with higher-ups taking advantage of their position. Wells Fargoâs stock price sits around $53 right now.
Another 57 members of Congress own stock in Microsoft (NASDAQ: MSFT). That means practically 11 percent of Congress invests in Microsoft. The current price of NASDAQ: MSFT sits at about $70 per share.
Procter & Gamble
Procter & Gamble (NYSE: PG) has seen some controversy in recent years regarding its talcum powder. It was said to cause feminine cancers among women whoâd used it. That hasnât stopped members of Congress from continuing to invest in the company though. The stock price per share for about $88. Fifty-seven congressmen and women currently own stock in Procter & Gamble.
Apple (NASDAQ: AAPL) isnât a surprising company to see on this list. If you check out our list from last year you’ll see it is at the top. It has been doing spectacularly for years. About 52 members of Congress own stock in Apple. The tech companyâs stock prices are sitting about about $145.
Bank of America
Bank of America (NYSE: BAC), like Wells Fargo, is no stranger to scandal. Just a few years ago the bank issued refunds for overcharging thousands of customers. That hasnât stopped investors though. Fifty-one members of Congress currently own Bank of America stock, which is priced at about $23 per share.
JP Morgan Chase
JP Morgan Chase (NYSE: JPM) is another company that isnât too surprising to see here. Like some of the other finance companies on the list, JP Morgan has had some lawsuits and other mishaps but it hasnât hurt them too much. Around 49 members of Congress own stock in JP Morgan (priced around $88 per share).
International Business Machines
With bigger names like Microsoft and Apple on the list you may be surprised to see International Business Machines (NYSE: IBM), also known as IBM. Somewhere around 45 members of Congress own stock in IBM, which is priced around $155.
Cisco Systems (NASDAQ: CSCO) is a network hardware company. In fact, many people have their hardware in their homes powering their WiFi reading this article right now. Only 44 members of Congress own stock in Cisco but it is a great stock to invest in (priced around $32 per share).
Lastly, another 44 members of Congress invests in AT&T (NYSE: T), one of the largest telecommunications companies in the world. They serve millions of people worldwide. Right now AT&T’s stock price sits at about $37 per share.
Each of the top 10 stocks Congress owns is a large cap dividend payer. You may also notice that they are largely companies that deal with electronics or finance directly. Although they may use the services of many other companies available for purchase on the stock market members of Congress look for return. So, it may not be such a bad idea to turn to our Senators for some advice (where the stock market is concerned anyway).
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