“I think it’s clear now that people have concerns about members of Congress trading in stocks, and they feel that it’s not appropriate,” Langevin said at the time.Īfter being presented with Target 12’s findings late last week, Langevin issued a lengthy statement saying he has always followed the law as an investor and a lawmaker. 28 edition of WPRI 12’s Newsmakers, where he expressed support for proposals to ban such activity by members of Congress. Nearly all of the transactions occurred after Langevin appeared on the Jan. That gave him a six-week window to buy the company’s shares at a specified price - $190 - and thus the ability to profit if Facebook shares were higher than that on the day he actually bought them. On June 13, for example, Langevin purchased between $1,001 and $15,000 worth of call options in Meta. More than a dozen of Langevin’s transactions involved Meta, the parent company of Facebook. (The maximum he could have traded would be $3.2 million.)Īnd despite serving as chairman of a House subcommittee that deals with cybersecurity, Langevin has regularly used a financial product known as a “call option” to place bets on the short-term share price swings of major tech companies, including PayPal, Netflix, Airbnb, Alibaba, Block and Zillow. (WPRI) - Rhode Island Congressman Jim Langevin has been playing the markets aggressively all year despite coming out in support of a ban on stock trading by members of Congress, Target 12 has discovered.Īn analysis of financial disclosures by Target 12 reveals Langevin executed trades involving major companies 89 times during the first eight months of 2022, reporting purchases and sales totaling at least $1 million - and possibly much more, since lawmakers aren’t required to disclose exact amounts.
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