Rashida Tlaib blasts Congress for ‘disgusting' way they ‘benefit financially' from war funding
The member of Congress from Michigan recently put her colleagues on blast in an op-ed for the Detroit Free Press. Writing shortly after the House of Commons approved a $895.2 billion defense budget, Tlaib pointed out that at least 50 members of Congress owned stock in defense contractors, including Lockheed Martin, Boeing, Honeywell and RTX (formerly Raytheon).
I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast)
A near-record number of Americans are grappling with $1,000 car payments and many drivers can't keep up. Here are 3 ways to stay ahead
Protect your retirement savings with these 5 essential money moves — most of which you can complete in just minutes
'It is disgusting that members of Congress benefit financially when they vote to pass more funding for war,' Tlaib added in a post on X sharing the piece. 'This is corruption. They should not be able to profit off death.'
The issue has been on Tlaib's radar for a while — she introduced the Stop Politicians Profiting from War Act in February 2024. And she's not the only lawmaker who's growing increasingly concerned about other lawmakers profiting from the power and influence their office lends them.
In her op-ed, Tlaib writes that she finds it 'incredibly disturbing' there are children in the U.S. who are drinking lead-contaminated water while, at the same time, Congress passed a record-breaking $895.2 billion defense budget.
But, more troubling, she says, is the fact that many of the lawmakers who voted on that near-trillion-dollar budget own stock in the very war manufacturers that stand to benefit financially from this decision.
'Year after year, members of Congress continue to funnel billions of our tax dollars to the same defense contractors that some of them are invested in and take campaign donations from — while our communities are neglected,' she wrote.
She points to analysis done by Sludge, which identified more than 50 members of Congress who own stock in defense contractors that are benefiting from the increased Pentagon spending. The total value of these stock holdings could be as much as $10.9 million as of 2023, according to Sludge analysis.
'Our elected officials should not be able to profit off death,' Tlaib concluded. 'They should not be able to use their positions of power to get rich from defense contractors while voting to pass more funding to bomb people. The American people deserve better.'
Read more: Home prices in America could fly through the roof in 2025 — here's the big reason why and how to take full advantage (with as little as $10)
Lawmakers and watchdogs have been debating the issue of whether Washington insiders (and their families) should be allowed to trade stocks for over a decade. The Stop Trading on Congressional Knowledge (STOCK) Act was signed by President Barack Obama on April 4, 2012.
However, as Sludge's investigation found, several lawmakers have violated this act in recent years. Some critics argue the $200 penalty fee for violating the act is simply too low to deter stock trading based on privileged information.
And it's not just defense spending that concerns watchdogs. Rep. Nancy Pelosi and her husband Paul, an investment banker, came under sharp criticism for his sale of shares of tech company NVIDIA just weeks before a Chinese rival caused a blowout. Meanwhile, Rep. Michael McCaul has been pushing for a new cybersecurity bill called the PIVOTT Act while recently purchasing shares of Fortinet, a cybersecurity firm that lobbied for the bill, according to Quiver Quantitative.
These conflicts of interest were recently highlighted by Rep. Alexandria Ocasio-Cortez, who called congressional stock trading a glaring and 'insane' problem on an episode of 'The Weekly Show with Jon Stewart.'
Meanwhile, 67% of Americans support a ban on stock trading from members of Congress, according to Data for Progress. With this in mind, Rep. Marie Gluesenkamp Perez and Rep. Zach Nunn, introduced the bipartisan No Corruption in Government Act to block members of Congress and their spouses from holding or trading individual stocks.
Jamie Dimon issues a warning about the US stock market — says prices are 'kind of inflated.' Crashproof your portfolio with these 3 rock-solid strategies
This self-made $500M real estate mogul reveals his 'essential' US portfolio that he says Amazon 'can't hurt' — here's how everyday investors can copy his secret formula
Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
5 minutes ago
- Miami Herald
Some communities won't fly new state flag: ‘It's not a greater Minnesota flag'
MINNEAPOLIS - Old Glory is the only flag flying outside Detroit Lakes City Hall. You won't see the Minnesota state flag - the retired one or the new one that a number of communities refuse to hoist on flagpoles. Minnesota's new state flag was divisive from the start, especially in deep red, rural areas. The flag redesign process sparked intense Republican-led opposition as the DFL-controlled Legislature formed a commission in 2023 to replace the old flag. Some counties passed resolutions rejecting the new design before it was adopted last year. Now some cities are voting against flying it. "I think part of it is people think the new flag is ugly," said Detroit Lakes Mayor Matt Brenk. "Some people think the old flag was racist. I mean, there's all sorts of reasons that people are picking a side on this deal." Detroit Lakes is the latest city to oppose flying the new state flag in north-central Minnesota, where you're more likely to see the old banner on front porches, farms and lakefront properties. "We were on the lake this weekend and noticed a lot of the old flags and a few new ones," said Pequot Lakes Mayor Tyler Gardner. "They typically wouldn't have had a state flag before. It used to just be the American flag." Pequot Lakes is still flying the retired state flag and doesn't plan on raising the new one, Gardner said. "It drives us nuts that there's a divisive argument over a flag, that, let's be honest, it's a state flag. Does anybody really look at them that much?" Crosslake is also supporting the old state flag. In May, the council unanimously voted not to fly the new one. The cities are in Becker and Crow Wing counties, which also don't fly the new state flag. Only state buildings are required to fly the state flag. It's optional at city- and county-owned buildings: Some fly the old flag, many raised the new one, and some never flew the state flag. Julie Ring, executive director of the Association of Minnesota Counties, said in an email that she was unaware that any counties had taken action against the new state flag. The League of Minnesota Cities said it doesn't track flag activity, nor is it a topic on which it provides guidance or opinions. The Minnesota Secretary of State's Office shares flag etiquette, but it wouldn't weigh in on the cities and counties refusing to fly the new flag. Crow Wing County was the first to pass a resolution against the flag design, followed by Nobles, Houston and McLeod. The cost associated with replacing flags was cited as a concern. Even if a county opts out of supporting the official state flag, it is required in every courtroom. The 87 county courthouses are funded and overseen by the state as part of the judicial district court system. Kyle Christopherson, state court spokesman, said judicial districts worked with each county separately to determine payments for flag and seal replacements in courtrooms. Some counties fronted the bill while most were paid for by the state. The Ninth Judicial District, made up of 17 counties in northwest Minnesota, for example, paid for flag and seal replacements in all counties except Aitkin and Crow Wing. County Administrator Deborah Erickson said Crow Wing spent $10,000 to replace the state seals and nine flags in the courthouse. She sees the new state flag flying outside the Brainerd fire station on her drive to work. The county decided not to hoist the new flag at its veterans memorial, where the retired flag previously flew. Many jurisdictions didn't switch over to the new flag for practical, not political, reasons. In Dodge County, officials decided to use up their remaining stock of old flags. "It's just until the current supplies run out, then we would make the conversion," said County Administrator Jim Elmquist. The average outdoor flag lasts up to 90 days, depending on weather. A few old flags are still flying, but Elmquist said they will be replaced by fall. Faribault passed a resolution in February 2024 against the new state flag design, but the city hasn't opposed flying it since, said city spokesman Brad Phenow. "Now we've been following suit, and if we know when a flag needs to be replaced, we replace it with a new one," he said. The former state flag displayed the old state seal, which showed a white settler plowing a field while looking at a Native American man riding toward him on horseback. The imagery dates back to when Minnesota was still a territory and is viewed as a celebration of the idea that settlers were destined to take over the land. Tribes criticized that image as racist and it has long been the subject of controversy. High school students first brought these concerns to state lawmakers in 2017, but a redesign push didn't take hold until recently. A 13-member commission was given four months in late 2023 and a budget of $35,000 to redesign the flag and seal. They sifted through thousands of flag submissions from the public and narrowed it down to a finalist while making a few tweaks. The winner was a deep blue abstract shape of Minnesota with a white eight-pointed star - a nod to the state's motto, "Star of the North" - next to a block of light blue to represent Minnesota's abundance of water. The old flag was adopted in 1957, while the state seal represented Minnesota for most of the state's 166-year history. Both were replaced in 2024 on May 11 - Statehood Day. Crosslake Mayor Jackson Purfeerst cited the Native American imagery as a reason the city voted to continue flying it. "We are flying the original Minnesota state flag because of how rich Crosslake's history is with Native Americans and the tribes," Purfeerst said in a video on Facebook that garnered more than 500 comments of praise. "We have multiple Indian burial grounds all over town. We had one of the biggest battles of Native Americans on Rush Lake. ... We are honoring our history, we are honoring our culture, and we are honoring who came before us." In Babbitt, on the eastern edge of the Iron Range, the City Council first approved a measure opposing the new flag in 2024. It voted in February against flying the new flag, a decision that Councilor Jim Lassi says has garnered much community support. "Historically, we've probably had one of the most beautiful flags out of all 50 states," Lassi said. "You could tell right away that it represents Minnesota," with lakes and showy lady's slippers woven into the design. Lassi said the new flag is "ugly" and caters to "wokeness." Detroit Lakes went back and forth on the new flag. In March, the council voted in support of flying it, but then came backlash from residents and some council members. They voted again in May to not fly it, then in June decided not to fly either state flag after a tie-breaking vote from the mayor. Brian Ahlsten, who lives in Detroit Lakes and previously lived in the Twin Cities, said at the June council meeting that the new state flag doesn't represent rural Minnesota. "Some have tried to turn this into a left vs. right issue," he said. "This is more of a Twin Cities vs. greater Minnesota issue. … This flag serves to drive a wedge between us. It's a Twin Cities flag. It's not a greater Minnesota flag." Wendy Spry, who serves on the council and is an enrolled member of White Earth Nation, said the flag was changed for a reason. "This council turned its back on unity and welcomeness," she said. --- (Jana Hollingsworth, Trey Mewes and Jp Lawrence of the Minnesota Star Tribune contributed to this story.) --- Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Miami Herald
5 minutes ago
- Miami Herald
Donald Trump's Approval Rating Flips With Baby Boomers
Donald Trump's support among baby boomers has rebounded sharply, giving the president a boost with one of his most dependable voting blocs as he heads into the 2026 midterm cycle. In the latest Quantus Insights poll, Trump's approval rating with baby boomers has flipped from being even to solidly positive. Last month, his numbers among over-65s stood at 49 percent approve and 49 percent disapprove. This month's results, however, show a significant turnaround. Trump now sits at 56 percent approve and 41 percent disapprove, a net positive of +15 points and a 15-point swing in his favor in just a few weeks. The reversal underscores Trump's enduring appeal with older conservatives, even as his approval ratings have dropped among younger Americans and some other key groups. Baby boomers—who were critical to Trump's win in 2024, when 51 percent of the age group voted for him—remain a vital pillar of his political base. While the Quantus Insights poll showed a boost in boomer support for the president, other polls show that his approval rating among this demographic has remained remarkably consistent in recent months. A YouGov/Economist poll found Trump's rating among over-65s holding steady at 45 percent approve/53 percent disapprove in June—barely changed from May's numbers of 45/51. An ActiVote poll shows a similar pattern, with Trump's approval slipping only slightly from 48 percent approve/48 percent disapprove in May to 42/52 in June among over-65s. Marist polling, too, shows almost no movement among boomers, with 41 percent approve/58 percent disapprove in June for over-60s compared with 40/57 in April. A Fox News poll recorded a modest shift, with Trump's rating among over-65s at 46/53 in June, up just a few points from 43/57 in April. Trump's standing with boomers could collapse in the coming months after Congress passed Trump's "Big Beautiful Bill" on Thursday. It will cut roughly $1.1 trillion in health care spending and result in 11.8 million people losing Medicaid health insurance over the next decade, according to new estimates from the nonpartisan Congressional Budget Office. In 2021, approximately 9.4 million individuals aged 65 and older were enrolled in Medicaid, according to the Brookings Institution, including many who are "dual eligibles," meaning they are enrolled in both Medicare and Medicaid. This makes Medicaid the single largest payer for long-term services and supports in the country. In fact, more than 60 percent of nursing home residents in the U.S. depend on Medicaid to help pay for their care. Recent polls have shown that a majority of Americans say they oppose Trump's One Big Beautiful Bill Act. A Quinnipiac poll conducted June 22-24 found that 55 percent of Americans oppose the bill. A Fox News survey from June 13-16 put opposition even higher, at 59 percent. Meanwhile, a KFF poll from June 4-8 showed the strongest pushback, with 64 percent saying they reject the legislation. Even polls with relatively lower opposition still show more Americans against the bill than in favor. A Washington Post-Ipsos poll, conducted June 6–10, found 42 percent opposed but only 23 percent support it. While a Pew Research Center survey conducted June 2-8 showed 49 percent disapproval and 29 percent in favor. All five surveys included samples of at least 950 U.S. adults, indicating broad national sentiment. In the Quinnipiac poll, 47 percent of registered voters said they support the Medicaid work provision in the bill and 46 percent said they oppose them, effectively a dead heat. Meanwhile, the KFF poll found that 79 percent of Americans think it is the government's responsibility "to provide health insurance coverage to low-income Americans who cannot afford it." During his campaign, Trump vowed: "We're not cutting Medicaid, we're not cutting Medicare, and we're not cutting Social Security." Trump's approval rating among baby boomers is likely to fluctuate throughout his second term. Related Articles Steve Bannon Attacks Elon Musk Over New Party: 'You're Not American'Trump 'Heartbroken' Over Texas Flooding as Federal Aid PledgedIran's Supreme Leader Makes First Public Appearance Since WarWeather Service Staffing 'Clearly a Concern' Ahead of Deadly Texas Floods 2025 NEWSWEEK DIGITAL LLC.
Yahoo
29 minutes ago
- Yahoo
XP Inc. (NASDAQ:XP) is a favorite amongst institutional investors who own 63%
Significantly high institutional ownership implies XP's stock price is sensitive to their trading actions A total of 14 investors have a majority stake in the company with 50% ownership Analyst forecasts along with ownership data serve to give a strong idea about prospects for a business Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. A look at the shareholders of XP Inc. (NASDAQ:XP) can tell us which group is most powerful. And the group that holds the biggest piece of the pie are institutions with 63% ownership. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn). Given the vast amount of money and research capacities at their disposal, institutional ownership tends to carry a lot of weight, especially with individual investors. As a result, a sizeable amount of institutional money invested in a firm is generally viewed as a positive attribute. Let's take a closer look to see what the different types of shareholders can tell us about XP. Check out our latest analysis for XP Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices. We can see that XP does have institutional investors; and they hold a good portion of the company's stock. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see XP's historic earnings and revenue below, but keep in mind there's always more to the story. Since institutional investors own more than half the issued stock, the board will likely have to pay attention to their preferences. XP is not owned by hedge funds. Dodge & Cox is currently the largest shareholder, with 8.0% of shares outstanding. For context, the second largest shareholder holds about 7.7% of the shares outstanding, followed by an ownership of 7.5% by the third-largest shareholder. Looking at the shareholder registry, we can see that 50% of the ownership is controlled by the top 14 shareholders, meaning that no single shareholder has a majority interest in the ownership. While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. There are a reasonable number of analysts covering the stock, so it might be useful to find out their aggregate view on the future. The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it. Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances. We note our data does not show any board members holding shares, personally. Given we are not picking up on insider ownership, we may have missing data. Therefore, it would be interesting to assess the CEO compensation and tenure, here. With a 26% ownership, the general public, mostly comprising of individual investors, have some degree of sway over XP. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies. With a stake of 11%, private equity firms could influence the XP board. Some investors might be encouraged by this, since private equity are sometimes able to encourage strategies that help the market see the value in the company. Alternatively, those holders might be exiting the investment after taking it public. While it is well worth considering the different groups that own a company, there are other factors that are even more important. I always like to check for a history of revenue growth. You can too, by accessing this free chart of historic revenue and earnings in this detailed graph. If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
