Representative Thomas Suozzi, who served as a Representative of New York from 2017 till 2023, engaged in more than 300 trades in three years prior to the end of 2022. One of his trades involved purchasing shares of Advanced Micro Devices (AMD:US) on October 11, with a closing price of $57.63. Since his purchase, the stock appreciated by nearly 28% till the end of 2022.
The Congressman was a member of the House Ways and Means Committee, the oldest congressional committee responsible for tax-related matters and programs such as Social Security, Medicare, and Unemployment Insurance.
Goldman Sachs Group (GS:US), founded in 1869, is a prominent global financial institution offering a broad range of financial services. The company has a well-regarded track record of increasing its dividends for 11 consecutive years. Representative Suozzi purchased shares of Goldman Sachs within the range of $15,000 to $50,000, at a closing price of $294.21 per share, in an undisclosed filing on October 11, as reported by Capitol Trades. Since the trade was filed, the stock had shown a gain of around 26% till 2022 end.
On the same day, the lawmaker also purchased shares of Eaton Corp (ETN:US) within the range of $15,000 to $50,000, at a closing price of $136.42 per share. Eaton Corporation plc is a diversified power management company with a history of over 100 years and operates in various segments, including electrical products, aerospace, and eMobility. From the data of investment to the year's end, the stock experienced a gain of over 17%.
As of September 29, 2022, it has been revealed that 72 members of Congress violated the federal STOCK Act, which was implemented to prevent insider trading. Some lawmakers, including Senators Elizabeth Warren and Steve Daines, advocated for additional measures, such as a complete ban on individual stock ownership and trading for members of Congress and their spouses.