Republican Senator Deb Fischer of Nebraska, who is the lead Republican on a Senate subcommittee overseeing missile defense, just said she sold all of her shares in Lockheed Martin Corporation, a defense contractor that makes many systems military weapons.
According to Fischer’s financial disclosure filed July 20, it sold between $50,000 and $100,000 worth of Lockheed Martin stock on June 23. Previously reportedFischer inherited between $50,000 and $100,000 worth of stock from her mother when she deceased in December 2021.
Under the Stop Trading on Congressional Knowledge (STOCK) Act of 2012, members of Congress are only required to report the value of their stock holdings and general securities transactions, making the exact value of Fischer stock unknown. .
But Fischer appears to have profited from his sale of shares in Lockheed Martin, which increased in value during the last semester.
If, for example, Fischer’s Lockheed Martin shares were worth exactly $50,000 when she inherited them from her late mother on Dec. 26, they would have been worth around $60,000 when she sold them in late June, according to the report. Insider analysis of congressional financial documents and Martin’s Lockheed Stocks.
“As your last story on this topic notes, this stock stems from the death of Senator Fischer’s mother late last year,” Fischer spokesman Nathaniel Sizemore said in an email Wednesday. . “Senator Fischer had no intention of keeping those assets, and that was part of that process.”
The Bullish Congress on Defense Stocks
Fischer was one of 20 members of Congress who owned shares of Lockheed Martin or Raytheon Technologies in May 2022 when President Joe Biden signed a bill allocating $40 billion in aid and defense to Ukraine, which included weapons systems from both defense contractors.
Since then, other members of Congress have also traded defense contractor stocks, including Rep. Kevin Herna Republican from Oklahoma, who supports increased military spending.
Lockheed Martin, along with Raytheon, manufactures the Javelin anti-tank missile system, which Ukraine has used extensively to defend against Russian invaders.
Defense contractors such as Lockheed Martin together spend tens of millions of dollars lobbying the federal government to incentivize elected officials, shape policy and win lucrative government contracts. In 2021, Lockheed Martin single-handedly passed over $14.4 millionaccording to federal lobbying records compiled by the nonpartisan research organization OpenSecrets.
Similarly, the company’s political action committee donates hundreds of thousands of dollars to federal lawmakers’ campaigns each year, contributing several dozen in June alone, according to new disclosures filed Wednesday with the Federal Election Commission.
Fischer’s sale of Lockheed Martin stock comes at a time when members of Congress are questioning whether federal lawmakers and their immediate family members should even be allowed to trade individual stocks at all.