Thread by @dsamuelsohn

NEW: At least 18 members of Congress stand to personally profit off Russia's war on Ukraine, according to a @thisisinsider analysis of federal financial records. by @leonardkl businessinsider.com/congress-war-p…

The lawmakers or their spouses hold stock in Raytheon Technologies and Lockheed Martin, which manufacture the weapons Western allies are sending Ukraine to fight Russian invaders.

The stock holdings by members of Congress come as the US is preparing to send billions of dollars in defense aid to Ukraine. Both companies' stock — especially that of Lockheed Martin — have risen since Russia invaded Ukraine on February 24.

Among the weapons the US and NATO members have dispatched to Ukraine are the so-called "fire and forget" Javelin and Stinger missiles that troops carry on their shoulders during battle.

The joint Raytheon/Lockheed Martin-made Javelin missile is touted as "the world's premier shoulder-fired anti-armor system" capable of destroying battle tanks. Raytheon's Stinger missiles are designed to shoot down helicopters and other low-flying aircraft.

Among those investing in the defense contractors is Rep. Marjorie Taylor Greene, who bought between $1,001 & $15,000 in Lockheed Martin shares on 2/22.
Two days after her purchase, Greene wrote in a Twitter thread: "War is big business to our leaders."

https://twitter.com/RepMTG/status/1496858496041685000?s=20&t=Ew6QX55E5MLpXsrp7za_EA

In a statement to Insider, Greene said her investment advisor made the purchase & noted it was only 1 among several other new purchases. But her critics seized on the trade as emblematic of what they consider an endemic problem in Congress.

https://twitter.com/IlhanMN/status/1500897682147188738?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1500897682147188738%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.businessinsider.com%2Fcongress-war-profiteers-stock-lockheed-martin-raytheon-investment-2022-3

Other lawmakers trading stock in the defense contractors in recent weeks: GOP Rep. Diana Harshbarger of Tenn & her husband made 3 separate Raytheon trades worth up to $15,000 & D Rep. Lois Frankel of Fla sold up to $15,000 in Lockheed Martin stock but retained shares in the co.

All those trades happened in January — close to when the Wall Street Journal reported that the United States permitted Estonia, Latvia, and Lithuania to dispatch the Javelin and Stinger missiles to Ukraine. wsj.com/articles/u-s-a…

Frankel and Harshbarger did not respond to Insider's request for comment. Harshbarger has previously violated the 2012 Stop Trading on Congressional Knowledge Act by reporting trades made by her financial advisor past a federally mandated deadline. businessinsider.com/congress-stock…

Most lawmakers who hold shares in Raytheon and Lockheed Martin did not reply to Insider's request for comment. The list includes: Sens. John Hickenlooper & Sheldon Whitehouse, Shelley Moore Capito, Gary Peters & the spouses of Roy Blunt and Tom Carper.

On the House side, it includes Reps. Kevin Hern, Fred Upton, Steve Cohen, John Curtis, David Price, Dwight Evans & spouses of Reps. Cindy Axne & Early Blumenauer.

Additional members of Congress appear to have shed their shares in recent months.

They include Rep. Rob Wittman of Virginia, the top Republican on the Armed Services Committee's Seapower and Projection Forces Subcommittee.

Insider previously reported that Wittman was among at least 15 lawmakers on the key House & Senate defense committees who also invest in the stock of defense contractors. Combined their investments were worth up to nearly $1 million at the end of 2020. businessinsider.com/congress-membe…

Another lawmaker who appears to have sold stock in defense contractors this year was Sen. Tommy Tuberville, a Republican of Alabama. It wasn't immediately clear from available financial filings whether he still retained any stock in the companies.

Tuberville's office didn't respond to a request for comment on whether he still holds the shares but previously said outside advisors manage his investments. He violated the STOCK Act last year by disclosing nearly 130 stock trades weeks or months late. businessinsider.com/sen-tommy-tube…

No law prohibits lawmakers from sitting on Hill committees, writing legislation, or voting on bills that might affect them financially. But momentum is growing for banning lawmakers from trading stocks. A House hearing is set for March 16 on the issue. businessinsider.com/congress-stock…

Check out Insider's #ConflictedCongress investigation for everything we've published on this topic: businessinsider.com/conflicted-con…