Autopilot is a new app that allows users to copy congressional portfolios. The purpose of the app is to force multiple members of Congress like Nancy Pelosi and more to no longer invest in the stock market. Jordan Uhl and Brett Ulrich break it down on The Damage Report.
Read more here:
https://ca.news.yahoo.com/traders-invested-55-million-using-193917633.html
Despite wide public support against the practice, members of Congress invest in the stock market.
People have invested at least $55 million in two years mimicking members of Congress’ portfolios.
Pelosi’s reported trades increased 45% in value in 2023. Crenshaw’s increased in value by 41%.
An app allowing its users to trade like members of Congress and leading investors just broke $100 million in total investments. Despite its success, the app’s cofounders adamantly say they hope it leads Congress to ban themselves from trading.
Released in January 2023, Autopilot pulls trading data filed by members of Congress and allows users to copy their trades. Since the passage of the Stop Trading on Congressional Knowledge (STOCK) Act in 2012, members of Congress are required to report each of their and their immediate family’s investments within 45 days or face financial penalties.
The app also allows its users to mimic investments made by prominent hedge fund managers like Michael Burry, the subject of the 2015 movie “The Big Short,” via their federally required 13F filings.
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