Rep. Josh Gottheimer, a Democrat shaping the party's artificial intelligence agenda, has disclosed new purchases of AI-related stocks, despite his support for a congressional trading ban. According to recent filings, Gottheimer bought Benchmark Electronics stock in October and added to his holdings of Applied Materials and Advanced Micro Devices. These trades have drawn scrutiny as Democrats prepare to gain more power to regulate the AI industry. Gottheimer, a former Microsoft executive, sits on the House Financial Services subcommittee overseeing AI in finance and has introduced legislation on AI regulations.
Gottheimer's spokesman stated that he transferred investment control to a third party before taking office in 2017 and is awaiting approval for a blind trust. The purchases contrast with his past support for restricting congressional stock trading. In July, he voted for the Stop Insider Trading Act, which would ban lawmakers from buying most individual stocks. The bill passed the House but has not become law. Some Democrats opposed it due to its voter-ID provision and its limited scope.
The AI-related stock purchases are part of a broader investment portfolio. Gottheimer's household reported over 1,100 securities transactions in three years, with total disclosed assets exceeding $15 million. The recent trades occurred just before a sharp selloff in AI stocks, with the Nasdaq Composite Index plunging 5.5% and major AI companies like Nvidia and AMD seeing significant declines. Benchmark Electronics also fell sharply, closing below its purchase price by 25%.