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Exhibit 770

Capital in the Capitol: Congressional Trades Resemble Uninformed Retail Trading (NBER Working Paper 35041)

Exhibit 770 · Research paper (not peer reviewed)

Capital in the Capitol: Congressional Trades Resemble Uninformed Retail Trading (NBER Working Paper 35041)

We find that, on average, legislators’ portfolios underperform or, at best, match market benchmarks after the STOCK Act.

All members of Congress and immediate families, 2012-2023. Finds portfolios underperform or at best match benchmarks, positions track professional recommendations and timing follows retail sentiment.

Source
Chen and Sacerdote, NBER
Date
April 2026
Quoted from
Abstract
Grade
Primary record
Document
https://www.nber.org/papers/w35041
Accessed
2026-11-09
Cited by
Findings citing this exhibit

Cited by

Finding POL-4.11
Open question Studies of the period after 2012 disagree: Chen and Sacerdote (2026) find 2012-2023 portfolios underperform or at best match benchmarks, Belmont and colleagues (2020) report that stocks senators sold after the 24 January 2020 briefing underperformed the market by 9 percent, and Wei and Zhou (2025) find that lawmakers outperform peers by 47 percentage points a year after reaching party leadership.