Freshman Democratic congressman Dan Goldman (N.Y.) is quickly making a name for himself in Washington, but not for his legislative prowess.
Goldman, an heir to the Levi Strauss jean fortune, on April 10 purchased upwards of $65,000 in shares of two software companies, Nvidia and BILL Holdings, according to his latest financial disclosures. The timing could not have been better, as Nvidia and BILL Holdings increased 41 percent and 32 percent, respectively, since the Democrat purchased them. For comparison, the S&P 500 index has increased just 2 percent since April 10.
It's the latest well-timed trade for Goldman, who during his congressional campaign touted himself as an "anti-corruption" crusader. Goldman, whose district encompasses Wall Street, sold upwards of $15,000 worth of shares in PacWest Bancorp on March 6, just two days before its share price plummeted amid concerns about a bank run, the Washington Free Beacon reported. Goldman has made more than 700 trades of shares worth up to $30 million since taking office in January, according to Capitol Trades, which tracks politicians' stock transactions.
Goldman's trades come amid heightened scrutiny of insider trading in Congress. A bipartisan group of lawmakers have proposed legislation to ban members of Congress from trading stocks following a series of well-timed trades from lawmakers such as Rep. Nancy Pelosi (D., Calif.), Sen. Dianne Feinstein (D., Calif.), and former Sen. Richard Burr (R., N.C.). Pelosi, another prolific stock trader, has come under scrutiny after her husband traded millions of dollars of shares in companies Pelosi has worked to subsidize.
A former federal prosecutor who rose to prominence as the lead prosecutor in the first impeachment of former president Donald Trump, Goldman pledged during his campaign to set up a blind trust for all of his assets, though he has yet to create one since taking office. A spokesman for Goldman told the Free Beacon that the congressman does not personally conduct his stock trades. The transactions are "managed entirely by an investment adviser, with whom he has no discussions about any stock trades since entering Congress," the spokesman said.
Goldman has said he supports legislation to bar members of Congress from trading stocks. Reps. Matt Gaetz (R., Fla.) and Alexandria Ocasio-Cortez (D., N.Y.) cosponsored a bill this month to ban congressional stock trading.