Archie Smith, the husband of U.S. Sen. Tina Smith, D-Minn., has seen some assets in his stock portfolio grow significantly in just the last few weeks.
According to public disclosure reports filed by Sen. Smith, Archie Smith purchased between $100,001 and $250,000 worth of stock in Tactile Systems Technology Inc. on Nov. 8, 2023. On that day, the stock price for Tactile Systems opened at $9.99 and closed at $10.00.
Since this purchase by the senator’s husband, Tactile Systems’ stock has increased by 40%. At close Tuesday, Tactile Systems’ stock price was valued at $14.01 per share. As a result, Archie Smith could have made anywhere from $40,000 to $100,000 since this stock trade.
Quiver Quantitative, a popular tracker of stock trades and an alternative data platform, recently referred to this transaction as “the most suspicious congressional stock trade I’ve seen in months.”
Tactile Systems Technology Inc. is a medical device company based in Minneapolis. Investments in pharmaceutical corporations and medical device companies are not new to Mr. Smith. Public disclosure reports show that Mr. Smith has invested in Cardiovascular Systems Inc., Medtronic, and Johnson & Johnson.
Meanwhile, Sen. Tina Smith serves on the U.S. Senate Committee on Health, Education, Labor and Pensions. This committee has jurisdiction over all U.S. Senate legislation and matters relating to biomedical research and development. Sen. Smith has served on this committee since Jan. 3, 2018.
Alpha News reached out to Sen. Smith’s office for comment, but did not receive a response.
“There is now bipartisan support for banning members of Congress from buying and selling stocks. We should vote now to restore some public trust in Congress,” U.S. Rep. Ken Buck, R-Colo., wrote in response.
There is now bipartisan support for banning members of Congress from buying and selling stocks.
We should vote now to restore some public trust in Congress. https://t.co/eitvEKRn84
— Rep. Ken Buck (@RepKenBuck) November 28, 2023
U.S. Senators are required to make regular financial disclosures. According to Sen. Smith’s annual report for calendar year 2022, she and her husband possess assets that are cumulatively valued between $4 million and $8 million. However, these reports indicate that the vast majority of these assets are owned by her husband, Archie.
Public disclosure reports filed by members of the U.S. Senate do not include exact figures regarding assets and stock trades. Instead, these reports indicate whether an asset or trade is within a certain dollar range.
In recent years, congressional stock trading has been the subject of growing scrutiny. Lawmakers routinely participate in classified briefings, committee work, and meetings with industry insiders. As a result, members of Congress may have access to information about different industries that the public does not possess. A 2022 New York Times report flagged three of Smith’s husband’s stock trades as potential conflicts.
“I do not know about and have absolutely no role in any of his investment decisions,” Smith told the outlet at the time.
Competing solutions to stop congressional trading are routinely put forward on Capitol Hill. Rep. Angie Craig, D-Minn., has introduced legislation to ban members of Congress from owning any stocks whatsoever. Similarly, Rep. Chip Roy, R-Texas, sponsored a bill that would require members of Congress to put their financial portfolios in a blind trust throughout the duration of their time in public office.
An October 2022 poll from Morning Consult and Politico found that 51% of registered voters “strongly support” a ban on stock trading for members of Congress. Additionally, another 17% of respondents “somewhat support” banning the practice.
Luke Sprinkel
Luke Sprinkel previously worked as a Legislative Assistant at the Minnesota House of Representatives. He grew up as a Missionary Kid (MK) living in England, Thailand, Tanzania, and the Middle East. Luke graduated from Regent University in 2018.
