Congressman shaping AI policy bought chip stocks after backing trading ban

Stock Purchases Disclosed

Representative Josh Gottheimer, a Democrat contributing to his party's artificial intelligence agenda, disclosed new purchases of AI-linked stocks. On October 12, he purchased between $1,001 and $15,000 of Benchmark Electronics stock. His jointly owned Morgan Stanley account also bought up to $15,000 worth of Applied Materials shares on October 26. These followed three earlier purchases of Advanced Micro Devices shares.

Context of AI Policy Involvement

Gottheimer, a former Microsoft executive, serves on the House Financial Services subcommittee overseeing AI in finance. He has introduced legislation concerning AI regulations and co-chairs a commission responsible for developing the Democratic party's broader AI agenda. These stock purchases place his investments under scrutiny as Democrats prepare to regulate the AI industry.

Stance on Congressional Stock Trading

The purchases contrast with Gottheimer's past support for restricting congressional stock trading. In July, he was one of 13 Democrats who voted for the Stop Insider Trading Act, a bill that would have prohibited lawmakers and their families from purchasing most individual stocks. This bill passed the House but did not become law. Four years prior, Gottheimer supported legislation requiring lawmakers to place investments in blind trusts and pledged to establish one himself.

Investment Management

According to Gottheimer's spokesman, Haraden Bottomley, the congressman transferred control of his investments to a third party with "full investment discretion" before taking office in 2017. Bottomley also stated that Gottheimer is awaiting approval for a blind trust from Congress and has established an independent trust in the interim.