The Daily Caller
Lawmakers Voted To Send Billions To Ukraine While Making A Killing On Defense Contractor Stocks
Members of Congress raked in profits from defense contractor stocks after voting to send billions in military aid to Ukraine, according to financial disclosures and voting records reviewed by the Daily Caller News Foundation.
Congress approved more than $20 billion worth of military aid to Ukraine between Jan. 24, a month before Russia invaded, and Nov. 20, including $12.7 billion in direct drawdowns from existing U.S. weapons stocks, according to data compiled by the Council on Foreign Relations. To make up for that aid, top defense companies have boosted production, and lawmakers trading on company stocks saw a financial windfall as a result, according to publicly available stock trading data.
Overall, Democratic Rep. Earl Blumenauer of Oregon netted the highest average returns on defense company stocks since 2021 at 40%, according to a chart published Tuesday by Unusual Whales, a site known for exposing how members of Congress profit from trading related to legislative issues. Rep. Marjorie Taylor Greene of Georgia, who has voted against Ukraine aid, was the top Republican at 35.5%.
While unforeseen demand has left top weapons makers, like Lockheed Martin, Raytheon Technologies and Northrop Grumman, scrambling to meet production targets, defense stocks are performing well overall, according to Investopedia.
Republican Florida Rep. John Rutherford and Blumenauer each bought up to $15,000 in Raytheon stock the day of Russia’s invasion on Feb. 24. Rutherford claimed in his disclosure that his advisers erroneously purchased the stock, and it was sold on March 14 for a 3% gain, according to Unusual Whales.
Rutherford, a member of the House Appropriations Committee, and Blumenauer voted for a $40 billion supplemental military and humanitarian aid package for Ukraine passed in May, the Congressional Record shows.