Senate Leader Mitch McConnell Reloaded This Bank Stock

Mitch McConnell, the senior United States senator from Kentucky and the Senate minority leader since 2021, isn’t often making stock market trades but when he makes them, investors tend to pay close attention.

Senator McConnell is one of the most influential politicians in the U.S. and the longest-serving Senate Republican Leader in American history. He also served as Senate Majority Leader from 2015 to 2021.

As a Republican Leader, it is understandable that Mr. McConnell sits on important committees, such as the one on Intelligence. He is also a member of committees on Agriculture, Nutrition & Forestry, Appropriations, Rules, and Administration.

Mr. McConnell disclosed earlier this week that he increased his exposure to Wells Fargo (WFC: US) in a trade made on September 06. The Senator bought bank shares when the WFC market price closed at $42.88 for the amount between $1,000 and $15,000.

 This marks the third trade made by Senator McConnell this year and the 12th in the past 3 years. All twelve trades included buying Wells Fargo shares for the among that ranges between $1,000 and $15,000. Interestingly, Senator McConnell tends to buy more Wells Fargo shares at the beginning of the last month in a quarter.

Hence, his trades are usually made in the months of March, June, September, and December.

Senator McConnell made headlines this week after he backed the legislative proposal drafted to prevent a repeat of the Jan 6 assault. The bill aims to change the way Congress counts electoral votes to confirm the results of a presidential election.