Marjorie Taylor Greene Finds a Way to Profit Off Government Debt

Last September, Representative Marjorie Taylor Greene (R-GA) call to shutdown to stop government spending. Four days later, she lent money to the government.

Finance disclosure shows that on September 21, the anti-government conspiracy theorist purchased between $250,000 and $500,000 in U.S. Treasury Bills — low-yielding financial instruments that help the government finance the debt. and pay expenses such as wages.

Greene, of course, has cast himself as a fierce financial hawk, going so far as to co-sponsors a bill earlier this year titled “Recognizing the national debt as a threat to national security.”

But Greene doesn’t think it’s a big threat: The T-Bill purchase is her biggest purchase of the year — and it’s not even over yet.

Greene, a multimillionaire, has traded in stocks since joining Congress a year ago, making 76 purchases and 14 sales. Of those 90 deals, the second-biggest buy range after the T-Bill purchase was between $15,001 and $50,000 — a difference of hundreds of thousands of dollars. (Congressional disclosure only gives the dollar amount in the range.)

Representative Marjorie Taylor Greene (R-GA) speaks at a news conference about Republican lawmakers’ response to the January 6 attacks.

Anna Moneymaker / Getty

At maximum, the T-Bill investment – a joint purchase between Greene and her husband, Perry – would be nearly five times the total amount of securities they bought last year. Greene’s 2019 candidate disclosure shows treasury holdings of between $50,000 and $100,000, but that entry doesn’t appear in her 2020 filing, indicating matured notes.

It also appears that Greene’s threats to a debt ceiling may have boosted her own return on investment — though in general, there’s not much juice to squeeze out of the safe T-Bills, low yield.

However, the possibility of a government default last fall irked investors, and rhetoric from Greene and Republicans added risk to the market. As a result, yields rose right around the time Greene made the buy, then fell after the crisis passed, according to the Treasury Department. data.

When asked about the investment, a spokesperson for Greene’s office provided a complete statement that “Congressman Greene has an investment advisor with full discretion over her account.”

The statement did not say who made the purchase or made the decision to do so, and a spokesperson did not respond when asked in a follow-up email. The spokesperson also did not respond to follow-up inquiries about whether the adviser was aware of Greene’s ideology and Greene’s routine fiscal attacks, or whether the agent retained his confidence. she.

However, mentoring or not, it’s hard to ignore context.

Last March, Greene speak in a House speech that the debt threatened to “enslave the American people, our children, our grandchildren, our great-grandchildren and generations to come.” She then moved to postpone Congress, stalling a vote on a $1.9 trillion COVID relief package.

During his brief time in Congress, Greene endorsed multiple government shutdowns on Democratic spending packages. She did it in one interview with restored MAGA influencer Steve Bannon just days before her T-Bill purchase.

“You can’t trust these people with your money,” she told Bannon.

Greene – who co-owns a large construction business with her husband – then argued that the private sector would do a better job with the nation’s infrastructure.

“Guess what? The American people can do it at home without the government! I say, fight it, turn it off! ” she speaks. “We shouldn’t spend this!”

Then, a week to the day after pumping half a million dollars into the government, Greene spewed out a bunch of tweets from her now-suspended account criticizing a series of complicated government-funded projects.

“Just pass the bill and then we’ll all find out what’s in it. It’s correct? I mean why read 3,000+ pages and spend trillions? ” she posted, along with a photo of what appeared to be a bill on her desk.

“Stupid Marjorie,” she added. “Professional politicians don’t read the most expensive spending bills in history. That’s not how things are done in the swamp.”

Two weeks later, Greene again came to the floor to argumentative that Congress should not raise the debt ceiling, and once again she turned “closed,” tweeting “#peopleoverpoliticians.”

Greene last month came back to it, calling for a “shutdown” of the $29 trillion national debt she just supported with her own money. But when Senate Minority Leader Mitch McConnell cut the debt ceiling deal with Democrats, Greene explode he is “Biden’s” [bitch]. “Former President Trump” posted but self-immolation.

And in a speech on the floor last February, Greene cited her supposedly hawkish fiscal ideology as one of the main reasons she was attracted to Trump’s politics in the first place.

“I thought, ‘Finally, maybe this is someone who will do something about the things that bother me so much.’ Like the fact that we are heavily indebted, “she speak. (However, Trump just weeks before that speech proved Greene’s hunch very wrong, ending his presidency with a 7.8 trillion dollars increased debt; the 36% increase was the third-largest increase in US history, behind wartime presidents George W. Bush and Abraham Lincoln.)

But the purchase is all the more curious because this kind of rhetoric by Greene is adding to the risk of the market.

Generally, financial advisors consider T-Bills to be one of the safest possible places to deposit money, as the government guarantees full payment. Short-term financial instruments offer a wide range of maturities, as short as one month and as long as one year. But because they’re short-term political games revolving around debt ceilings – there’s the risk of government default – that can sometimes put investors off.

Signs of that aversion were evident when Greene made a purchase. The day after her investment, the Federal Reserve announced that T-Bills are set to mature in the next two months has become “modestly increased as investors reduce exposure to potentially risky securities due to late payments” – suggests that the market’s appetite for treasuries has reduced the likelihood of default.

Treasury data also shows that Greene invested when T-Bill yields were rising — that is, when investors shied away from the threats Greene himself posed. An increased return means a higher return on investment. (A spokesperson for Greene would not disclose a due date on her T-Bills.)

Jim Vogel, executive vice president at FHN Financial, told The Daily Beast that because investors were burned previous debt ceiling matches, they started looking elsewhere in the fall when the clocks started running low, leading to a rebound in yields. That doesn’t necessarily mean, however, that the GOP’s hostage-taking caused genuine fear of default.

“Much of the reaction this time is not fear of repayment but more fear of explaining why you are taking the risk,” explains Vogel. He commented that this is a “lighter period” of uncertainty, because investors understand that complete Democratic control of Congress and the White House “could allow Democrats to owner acting unilaterally if it comes to a default scenario.”

Guy Lebas, chief fixed income strategist at Janney, explains that, although the T-Bill market has seen volatility, government instruments have remained stable and undisturbed. as short-term private investments, such as stocks. “If you are not buying in billions of dollars, the reduction in production will have a very small impact on profits,” Lebas said.

But Ben Edwards, a securities expert at the William S. Boyd School of Law, University of Nevada Las Vegas, points out that lowering the debt ceiling still creates a lot of uncertainty, and any uncertainty drives capital. generally at risk.

“Ironically, Marjorie Taylor Greene and friends We Edwards said. “But at the same time, the treasury is always a safe bet. The US government is more likely to repay its debt than Apple.”

Disclosure also shows that Greenes bought between $15-001 and $50,000 in Apple stock last year.


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