Nancy Pelosi's 2023 Stock Market Triumph: A Closer Look
Congressional Stock Trading: Unraveling the Controversial Surge in Options and Returns
Editorial Team (ET)June 17, 2025
In the world of congressional investments, Nancy Pelosi, the 83-year-old former House Speaker and current Democratic congresswoman representing San Francisco, has once again emerged as one of the top performers. In 2023, Pelosi's investment portfolio saw an impressive 65% return, dwarfing the S&P 500's 24% gain, according to a recent analysis by Unusual Whales, a stock-trading data site.
Pelosi's remarkable success was not an isolated case. Several other members of Congress, who seem to have a penchant for options trading, also enjoyed significant gains. Among them, Rep. Mark Green (R-Tenn.) boasted an astounding return of over 122%, while Rep. Josh Gottheimer (D-NJ) saw a more than 25% increase in his portfolio.
The key to this remarkable performance lies in the controversial use of stock options, a strategy that offers investors greater leverage and potentially higher rewards compared to traditional stock purchases. However, the surge in options trading on Capitol Hill has raised eyebrows among ethics watchdogs who suspect that it could be a sign of insider information access.
Jeff Hauser, the founder and director of the Revolving Door Project, expressed concerns, stating, "It’s a sign of quasi-insider trading that’s corrupt and should be banned – it’s either an addiction to risk or a sign of corruption."
The data reveals a significant uptick in options trading on Capitol Hill, surging from $30 million in 2022 to over $160 million in 2023. Interestingly, this occurred as the total number of congressional trades decreased from 14,000 to 11,000 during the same period.
Hauser further added, "There are teams of people at sophisticated hedge funds that exist to find minor arbitrage opportunities to make a profit. It’s preposterous to think they are finding profit where Bridgewater or Renaissance Capital is missing it. It’s either because they know too much or because they can’t stop thinking about money."
Despite the scrutiny surrounding this surge in options trading, spokespeople for Pelosi, Green, and Gottheimer have remained tight-lipped on the matter, declining to comment on their investment strategies.
Pelosi's remarkable returns in 2023 stand in stark contrast to the previous year when her portfolio suffered a 19.8% decline, worse than the ETF tracking the S&P 500, which experienced an 18.2% drop. This downturn was attributed to the sale of 25,000 shares of Nvidia by Pelosi and her husband, tech investor Paul Pelosi, at an average price of $165.05 per share.
The controversial sale, which took place amidst allegations of Pelosi blocking legislation aimed at regulating congressional stock trading, resulted in a loss of more than $341,000 according to financial filings. However, recent securities filings indicate that the Pelosis are once again showing interest in Nvidia. In a transaction worth $2 million, Pelosi purchased 50 call options with a strike price of $120 and an expiration date of December 20, 2024, as revealed by Unusual Whales.
The timing of this purchase, made just before Christmas weekend, drew attention as some viewed it as an attempt to evade media coverage.
It is worth noting that not every lawmaker who enjoyed substantial gains in 2023 relied on options trading. Rep. Brian Higgins (D-NY), for instance, topped the list with a remarkable 239% return on his portfolio. Unlike many active traders, Higgins' returns were driven by his investments in Nvidia made in 2021, a year in which the company's shares surged by 239%.
The Unusual Whales report also sheds light on the performance of congressional investors in general. Among the 100 stock-trading members of Congress, one-third outperformed the S&P 500 with their portfolios in 2023. Democrats, on average, secured returns of 31%, surpassing their Republican counterparts, who averaged an 18% return. This divergence was attributed to Democrats' greater investment in tech stocks, which enjoyed a significant boost in 2023, while Republicans had more exposure to the banking and oil sectors.
In 2022, despite Wall Street's challenging year, a few members of Congress managed to outpace the stock market. The best performer that year was Rep. Patrick Fallon (R-Texas), who achieved a 51.6% return on his investments, closely followed by Rep. Debbie Wasserman-Schultz (D-Fla.), who experienced a 50.8% spike.
In conclusion, Nancy Pelosi's impressive 2023 trading gains, coupled with the broader performance of congressional investors, have once again ignited debates over the ethics and transparency of stock trading on Capitol Hill. As the financial landscape evolves, it remains to be seen how these discussions will shape the future of congressional investments.
