App Allowing Users to Trade Like Members of Congress Breaks $100 Million in Total Investments

The controversial practice of members of Congress investing in the stock market has come under scrutiny once again, as an app allowing users to trade like politicians and prominent investors has surpassed $100 million in total investments. Despite the success of the app, its cofounders are hoping it will push Congress to ban themselves from trading.

The app, called Autopilot, was released in January 2023 and pulls trading data filed by members of Congress, allowing users to copy their trades. It also allows users to mimic investments made by hedge fund managers like Michael Burry. Since the passage of the STOCK Act in 2012, members of Congress are required to report their investments within 45 days.

According to the app’s cofounder, Chris Josephs, users have copied over $55 million from trades mimicking congressionally filed ones. The most popular portfolios to mirror belong to Rep. Nancy Pelosi and Rep. Dan Crenshaw, whose reported trades increased in value by 45% and 41% in 2023, respectively.

Despite efforts by some members of Congress to ban the practice of trading stocks, a bill introduced in 2023 remains stuck in committee. The app’s cofounders hope that by highlighting the success of congressional trading portfolios, it will pressure lawmakers to take action.

Overall, the app has sparked a debate about the ethics of congressional stock trading and the advantages that legislators may have in the market. As the app’s spokesperson put it, if you can’t beat them, join them.