Here's a fun political finance puzzle: when a former president calls for banning stock trading by members of Congress and singles out a prominent Democrat for criticism, but the data shows members of his own party are actually the top performers and have some of the most eyebrow-raising trades... what's really going on?

That's the situation after Donald Trump's State of the Union speech on Wednesday, where he called for passing the "Stop Insider Trading Act" and specifically called out former Speaker of the House Nancy Pelosi (D-Calif.).

"As we ensure that all Americans can profit from a rising stock market, let's also make sure that members of Congress cannot corruptly profit from using insider information," Trump said, drawing bipartisan applause before asking if Pelosi could stand up.

It was good political theater, but the financial reality is more complicated. Pelosi is indeed one of the most tracked members of Congress for her stock and option trading—partly because of strong historical performance and the size of her trades. But in 2025, she wasn't even close to the top performer.

The GOP's Outperformance

If Trump regularly checked congressional trading trackers (he probably doesn't), he might be surprised to learn that Republicans dominated the top gainers list in 2025.

Data from UnusualWhales showed Rep. Warren Davidson (R-Ohio) as the top gainer with a portfolio gain of 78.8%. Republicans occupied five of the top nine spots on that list. Pelosi ranked a distant 28th with a gain of 20.1%. While that beat the SPDR S&P 500 ETF Trust (SPY) gain of 16.6%, it trailed many of her Republican colleagues.

Another list from Quiver Quantitative showed Rep. Tim Moore (R-N.C.) as the top performer with a 52% gain. That list had seven of the top ten gainers belonging to the Republican party, including the top four overall. Pelosi ranked further down with an 18% gain, just barely beating the S&P 500.

So when Trump called out Pelosi, he was picking on someone whose 2025 performance was... fine. Not spectacular. Certainly not the best in Congress.

The Questionable Timing Game

Now, Pelosi and her husband Paul have faced criticism for questionably timed trades, most notably their purchase of NVIDIA Corp (NVDA) stock ahead of the CHIPS Act—a trade that brought increased scrutiny to congressional investing. (For the record, they later sold those shares at a loss, missing out on the massive AI-driven rally that followed.)

But she's far from alone in the "interesting timing" department.

Members from both parties have bought oil and defense stocks shortly before or after military actions in various countries over the past two years. With the U.S. now having an interest in Venezuelan oil, elected officials like Sen. Markwayne Mullin (R-Okla.)—who serves on the Committee on Armed Services—could benefit from owning shares of Chevron Corp (CVX), a position that might influence their policy decisions.

Mullin, a Trump ally, also owns shares of L3Harris Technologies (LHX), a defense company that could benefit from military actions.

Then there's Sen. David McCormick (R-Pa.), who serves on the Committee on Banking, Housing and Urban Development and recently sold between $1 million and $5 million in shares of Goldman Sachs Group (GS), one of the largest banking stocks.

Trump ally and Congressman Byron Donalds (R-Fla.) has been buying up Bitcoin (BTC) while serving on the Committee on Financial Services and the Digital Assets subcommittee. As a close Trump ally on that committee, his Bitcoin purchases could either spark concerns about conflicts of interest or signal a potentially good entry point worth monitoring.

Even more aggressive trading comes from Rep. Robert Bresnahan (R-Pa.), whose disclosures suggested he or his financial advisor was essentially day trading with options purchased in ETFs that track major market indexes—with expiration dates just days after purchase.

The Late Disclosure Problem

Here's where things get particularly messy: the STOCK Act requires members of Congress to disclose trades within 45 days. Many are ignoring that rule.

Congresswoman Sheri Biggs (R-S.C.) disclosed trades made in March 2025... in October 2025. Among those trades was buying the iShares Bitcoin Trust (IBIT) a week before pro-crypto legislation passed.

Mullin was flagged for trades disclosed two or more years after they were made, including one that gained over 100%.

Rep. Lisa McClain (R-Mich.) also disclosed stock transactions late, including a trade of Palantir Technologies (PLTR), which has risen significantly since the trade was made.

Rep. Brandon Gill (R-Texas), another Trump ally, bought hundreds of thousands of dollars in Bitcoin in 2025 with some disclosures coming after the 45-day window. One late trade came shortly after Trump's executive order for the U.S. to lead in digital assets, and another was just ahead of Trump announcing a "strategic Bitcoin reserve."

Sen. Katie Britt (R-Ala.) also potentially violated the STOCK Act in 2025 with several stocks disclosed months later, including a purchase of JPMorgan Chase & Co (JPM) while she sat on the Senate Banking committee.

So What Happens Now?

Proposals to ban congressional trading have been floating around for years. Sen. Josh Hawley (R-Mo.) even introduced the Preventing Elected Leaders from Owning Securities and Investments Act—conveniently acronymed the PELOSI Act.

But according to reports, a bill to ban Congress trading is currently stuck without enough support for a full vote. And when you look at the list of top performers and those with potentially conflicted positions, it's not hard to guess why some members might be reluctant.

Trump's call for a ban makes for a good soundbite, especially when targeting a political opponent. But the data tells a more nuanced story: if you're worried about congressional stock trading, there are plenty of examples on both sides of the aisle—and some of the most successful traders, and some of the most questionable timing, comes from members of the party currently controlling Congress.

The irony is thick enough to cut with a knife. But in Washington, that's often how these things go.