May 29, 2024
Independent presidential candidate Robert F. Kennedy Jr. recently made headlines for investing in one of the hottest meme stocks on the market — GameStop (GME).
He expressed his support for retail investors, stating, “My administration will support the Ape retail rebellion and enact aggressive Wall Street reforms.”
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Kennedy emphasized the need for a “free and fair market,” while rallying support for the call, “Let’s punish predatory short selling to the moon.”
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This isn't the first time he has talked about Wall Street.
The 70-year-old has long complained about the power and influence of the financial industry and claimed to be “independent of Wall Street”. However, he does have investors, like Bill Ackman and Chamath Palihapitiya, and veteran Wall Street executive Omeed Malik among his donors and supporters.
In April 2023, while still running as a Democrat, he questioned, “Remember when we upheld the interests of the poor and middle class against big corporations and Wall Street?”
But what policy changes has he actually talked about? His official campaign website lacks any detailed proposals, but we dug into his interviews and social media history and found two promises he made.
Stop real estate ‘buying spree’
Kennedy is displeased with the purchasing behavior of major Wall Street firms.
In September, he projected that giant financial institutions are on track to own 60% of single-family homes in America by 2030. In the accompanying video, Kennedy stated that whenever a house comes on the market, these investment firms “swoop in” and outbid prospective home buyers with cash offers.
“Black Rock + State Street + Vanguard are robbing Americans of the ability to own homes. I have a plan to stop them — and to start a housing boom for everyone,” he wrote on X.
If elected president, he said he would create a federal program to back mortgages at 3%, financed by tax-free bonds. He emphasized that these mortgages would be available exclusively to individuals, not corporations.
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Additionally, he said he would revise the tax code to deter corporations from owning single-family homes.
Kennedy's concerns extend beyond residential real estate.
“Farmland buying spree by Wall Street's mammoth hedge funds and China are turning America’s and the globe's agricultural landscapes into corporate fiefdoms and farmers into serfs,” he wrote on X.
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‘Insider trading problem’ in Congress
Kennedy is unequivocal about his stance on Congress members buying and selling stocks that they have insider knowledge about.
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“Congress has an insider trading problem. Congresspeople should not become master day traders the moment after swearing in, exploiting privileged information for personal profit,” he wrote on X in June 2023, sharing a New York Times article about 97 members of Congress reporting trades in companies influenced by their committees.
If elected president, he plans to propose a law banning elected officials from trading in stocks of companies over which they have oversight.
One politician who has received attention for major wins in the market is Democratic California Rep. Nancy Pelosi.
At a cryptocurrency conference earlier this year, an audience member asked Kennedy about his view on stock trading by politicians, specifically mentioning Pelosi.
“I think that should be forbid; she’s an incredible investor, though,” he stated, jokingly calling her a “genius.”
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Jing is an investment reporter for Moneywise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.
