The Travel Stocks Congress Loves to Trade

Members of Congress help shape the future of the travel industry — and some are personally investing in it, too.

A Skift analysis of congressional financial disclosures reveals that more than three dozen lawmakers and their spouses have traded stocks in airlines, hotel chains, cruise companies, and travel tech firms.

In all, federal lawmakers and their spouses have made nearly 600 individual travel industry-related stock trades since the 2021-2022 congressional session, congressional financial records indicate. Taken together, the purchases and sales are worth well into the millions of dollars.

Shares of Marriott International, Airbnb, Uber, Hilton Worldwide, and Booking Holdings rank among the most frequently traded common stocks by members of Congress and their spouses. 

Members of Congress are legally allowed to buy and sell individual stocks as long as they don’t violate the anti-insider trading provisions of the Stop Trading on Congressional Knowledge Act of 2012, known as the STOCK Act. They must disclose their trades within 45 days.

Dozens of members of Congress have violated these disclosure rules in the past decade. And a growing number of elected Republicans and Democrats alike want to limit or ban trading individual stocks.

Even some of Congress’ most prolific travel stock traders tell Skift that they’re rethinking their investment strategies or have recently stopped trading individual stocks.

“The travel and tourism industry is affected by tax implications, subsidies, lots of decisions,” said Dylan Hedtler-Gaudette, director of government affairs for the nonprofit and nonpartisan Project on Government Oversight. “Lawmakers can pass a stock ban … they could just invest in broad-based mutual funds right now.”

Here is Skift’s company-by-company assessment of which federal lawmakers are trading travel and tourism industry stocks:

Top 5 Most Traded Travel Stocks	Number of Trades	Lawmakers
1. Booking Holdings	85	8
2. Marriott	67	7
3. Airbnb	59	7
4. Hilton	37	6
5. Boeing	21	11

Booking Holdings

In all, eight members of Congress disclosed making recent Booking Holdings stock trades within their immediate families, including Sen. Dan Sullivan (R-Alaska) and Reps. Jefferson Shreve (R-Ind.), Ro Khanna (D-Calif.), Josh Gottheimer (D-N.J.), Dan Newhouse (D-Wash.), Bill Keating (D-Mass.), Diana Harshbarger (R-Tenn.) and Michael McCaul (R-Texas).

No travel and tourism industry company is more frequently traded by members of Congress than Booking Holdings, the parent company of brands such as Booking.com, Priceline.com, Kayak and OpenTable.

Lawmakers and their spouses bought or sold shares of Booking Holdings at least 85 times during the past four years, according to Skift’s analysis of congressional financial disclosures.

In an email to Skift, Elliot Berke, an attorney for McCaul, indicated that the congressman’s wife, Linda Mays McCaul, daughter of Clear Channel Communications founder Lowry Mays, made the trades.

“McCaul did not purchase these stocks and had no advanced knowledge of the purchase. Rather, his wife has assets she solely owns, and a third-party manager made the purchase without her direction,” Berke said.

Khanna has disclosed more than 50 trades in Booking Holdings that his congressional office attributes to his wife, Ritu Khanna, and their dependent children. The stock’s share price has nearly tripled during the past five years. Khanna has reported thousands of stock trades overall for his wife and children. 

“Rep. Khanna’s wife’s money is in a trust managed by an independent party, and it’s diversified,” spokesperson Sarah Drory told Skift. “Under official government ethics guidance, diversified trusts eliminate conflicts. The trades in tourism are a part of that trust and are a very small percentage of it. Rep. Khanna and his wife do not trade any stocks. Rep. Khanna has been a leader in calling for a stock ban and is a co-sponsor of the bipartisan TRUST in Congress Act and he also introduced a political reform plan that bans stock trading.”

As for Harshbarger, she made her Booking Holdings trades in 2022 and has last reported trading any stock at all in 2023, according to federal records.

Harshbarger’s final trades from two years ago included shares of Hyatt Hotels — she’s the only federal lawmaker to report recent purchases or sales of Hyatt stock.

Marriott International

Marriott International counts Reps. Lois Frankel (D-Fla.), Jonathan Jackson (D-Ill.), Gottheimer, McCaul, Lee and Khanna among its recent investors. Rep. Debbie Dingell (D-Mich.) and the wife of Rick Allen (R-Ga.) also report Marriott stock holdings of $15,001 to $50,000 each, although they haven’t bought or sold shares recently.

Marriott is the most popular hotel stock among congressional members, with 67 individual trades. 

Jackson said he employs a financial adviser and that he wasn’t aware he had purchased between $30,002 and $100,000 worth of Marriott stock during 2023.

“I don’t know anything about it,” Jackson said. “I have not directed any trades. My financial adviser stays on it.”

Lee, the Nevada Democrat, “is currently in the process of transferring holdings she received following her divorce into ETFs, index funds, and mutual funds, going above and beyond what’s required of her by law and ethics rules,” spokesperson Christopher D’Aloia said in an email. “Representative Lee has never directed an individual stock trade prior to her divorce, and she strongly supports a ban on members of Congress directing trades of individual stocks. Representative Lee had no knowledge of trades made in accounts managed by her ex-husband.”

Airbnb

Reps. Dan Goldman (D-N.Y.), Rob Bresnahan (R-Pa.), Gil Cisneros (D-Calif.), Khanna, Keating, Gottheimer, and Guest each reported Airbnb trades in recent years.

Members of Congress and their spouses executed 59 Airbnb stock trades in recent years.

Like many of the other companies whose stock members of Congress have traded, Airbnb maintains a strong political presence in Washington, D.C. For example, it spent at least $940,000 each year for the past three years on federal-level government lobbying efforts, according to lobbying records compiled by OpenSecrets.

Goldman is among the lawmakers who says he stopped trading individual stocks and is no longer buying and selling shares of Airbnb — or anything else.

“As elected representatives endowed with the public trust, members of Congress must uphold the highest ethical standards and avoid even the appearance of a possible conflict of interest,” Goldman confirmed to Skift in an email. “Upon entering Congress, I sold all individual stock holdings and placed my assets into a blind trust to ensure that my constituents can be certain that I represent their interests and their interests alone. It’s long past time for Congress to pass a bill banning stock trading by members of Congress and executive branch officials.”

Gottheimer, for his part, has taken steps to detach himself from travel and other stock trades made on his behalf, spokesperson Tony Wen said.

“Prior to taking office, Josh turned over management of his retirement savings and investments to a third party, who has full investment discretion,” Wen said. “Throughout his time in Congress, decisions related to his managed investments have been made at the direction of that third party. Josh is also awaiting approval from Congress of a blind trust. In the meantime, he has taken the extra step of setting up an independent trust.”

Wen added that Gottheimer is “working to pass legislation — to ensure that every Member of Congress, judge, or government employee in a policy role, should be required to place any stocks or bonds in a blind trust to ensure they have no direct involvement in their investments.”

Hilton Worldwide Holdings

Members of Congress and their spouses have disclosed executing 37 trades in the hotel company’s stock in recent years.

Sens. John Curtis (R-Utah) and Markwayne Mullin (R-Okla.) and Reps. Kevin Hern (R-Okla.), Shreve, Khanna, and McCaul are among them.

Boeing

Lawmakers who’ve invested in Boeing include Reps. Marjorie Taylor Greene (R-Ga.), Tom Suozzi (D-N.Y.), Blake Moore (R-Utah), Bruce Westerman (R-Ark.), Dave Joyce (R-Ohio), Julie Johnson (D-Texas), Hern, Keating, Bresnahan, Cisneros, and Shreve. Rep. Nicole Malliotakis (R-N.Y.) also reported holding a Boeing stock investment worth between $15,001 and $50,000 but has not traded the stock recently.

The American airplane manufacturer and defense contractor is another popular investment target for congressional lawmakers — 11 of them reported making a combined 21 trades in recent years.

Cisneros’ office did not respond to Skift’s requests for comment, but spokesperson Nic Jordan told Fortune in March that the California Democrat has “never abused his official position to benefit a private entity.”

Keating, a Democrat from Massachusetts who served on the House Armed Services Committee, sold five-figure investments in Boeing last year — a move that Keating’s office attributed to a financial adviser but that ethics watchdogs criticized, Raw Story reported.

Joyce failed to properly disclose Boeing stock trades in violation of the STOCK Act, Newsweek reported last year.

Each year since 2008, Boeing has spent at least $11 million on federal-level government lobbying efforts, according to federal records compiled by OpenSecrets.

Uber

Representatives who’ve traded Uber include Reps. James Comer (R-Ky.), John James (D-Mich.), Michael Guest (R-Miss.), Greg Landsman (D-Ohio), Bresnahan, Cisneros, Johnson, McCaul, Gottheimer, Khanna, and Shreve.

Uber is the most popular travel and tourism industry stock in Congress when measured by the number of lawmakers — 11 — who’ve reported trading it during the past four years.

Shreve, a freshman, is already one of the most active stock traders in Congress. NOTUS reported this week that Shreve, a member of the U.S. House Committee on Transportation and Infrastructure, bought or sold shares in several companies that fall within the committee’s jurisdiction. He bought between $15,001 and $50,000 worth of Uber stock on April 7, congressional records indicate.

Shreve spokesperson Hannah Benfield declined to answer several of NOTUS’ questions but said in a written statement: “Congressman Shreve relies on a financial advisor to conduct trades. He hired a professional to ensure compliance with all transaction reporting requirements for members of Congress.”

Uber is politically active, spending more than $2.6 million in 2024 to lobby the federal government, according to federal lobbying records compiled by OpenSecrets. The company donated $1 million to President Donald Trump’s inauguration, with CEO Dara Khosrowshahi also personally donating $1 million.

Uber was among several companies that sent a letter in October 2023 to Comer, then chairman of the House Committee on Oversight and Accountability, urging him to investigate the practice of third-party litigation funding, arguing that its “negative effects on U.S. civil litigation are manifold.”

Comer reported purchasing up to $15,000 worth of Uber shares on Jan. 2, according to a congressional financial filing.

Landsman’s Uber trades violated the STOCK Act due to late disclosures. Landsman said last month he would stop trading.

Expedia Group

Three members of Congress — Rep. Zoe Lofgren (D-Calif.), Frankel and Khanna — reported a combined 17 trades in Expedia Group.

Lofgren violated the STOCK Act in 2023 when she failed to properly report various stock trades, including her husband’s sale of up to $15,000 worth of Expedia Group stock, Raw Story reported.

“All of these transactions, which are related to my husband’s solo practice retirement accounts, are managed by a financial adviser. I do not know about them until they are reported. If there is a late fee owed, it will be paid,” Lofgren said at the time.

First-time violators of the STOCK Act’s disclosure provisions are supposed to pay a $200 civil fine, although the House and Senate ethics committees have jurisdiction to waive this fine — and regularly do.

Expedia Group’s brands include Expedia, Hotels.com, Vrbo, Travelocity, Hotwire.com, Orbitz, CheapTickets, CarRentals.com and Trivago.

Las Vegas Sands

Rep. John James (R-Mich.) failed to properly disclose stock trades, including a 2023 purchase of up to $15,000 in Las Vegas Sands shares. It prompted Democrat-supporting political group End Citizens United to file an ethics complaint against the congressman.

In a letter to the U.S. House Clerk’s Office, James acknowledged the error,

“It is critical to note that there has been no impropriety nor has any impropriety been alleged,” James wrote, according to a copy of the letter obtained by The Detroit News. “Regardless, my team and I are committed to providing accurate information quickly and in a transparent, forthright manner. Moreover, I am taking aggressive measures to ensure these types of errors do not occur in the future.”

McCaul, Johnson, and Khanna also reported Las Vegas Sands trades, with the four lawmakers combining to disclose nearly 30 trades in the hotel and casino company in all during the past four years.

Johnson, the Texas Democrat, is among Congress’ most active stock traders and dumped nearly 80 different stocks on April 1, the day before Trump’s April 2 “Liberation Day” tariff announcements, NOTUS reported. 

MGM Resorts

Sen. Tom Carper (D-Del.) and Reps. Lee and Khanna combined to report 15 stock trades in the hotel company.

Wynn Resorts

Reps. Dan Crenshaw (R-Texas), Lee, Cisneros, Moody, Khanna, and Hern combined to make a dozen reported stock trades in the hotel company.

Host Hotels & Resorts

Steve Cohen (D-Tenn.), Goldman, and Khanna combined to make 10 trades in the company, a real estate investment trust that has several dozen hotel properties — concentrated along the coasts — in its portfolio.

Airlines

Southwest Airlines and Delta Air Lines are the most popular stock-trading targets among federal lawmakers. Reps. Dwight Evans (D-Pa.), Comer, Cisneros, and Khanna, as well as Sullivan, the senator from Alaska, combined to report 24 trades in recent years.

Delta Air Lines has been a trading target for Rep. Morgan McGarvey (D-Ky.), Bresnahan, Shreve, Khanna, Johnson, and Goldman, who combined to make 22 trades.

Rep. Tim Moore (R-N.C.) and Khanna reported American Airlines trades, while Khanna and Goldman have traded United Airlines stock.

Khanna alone reported trades in Alaska Airlines, while Gottheimer was the only lawmaker to report a trade in Allegiant Air. Rep. Ron Estes (R-Kansas) is the only member of Congress to report a trade in Spirit Airlines, having sold shares in 2022.

Prior to swearing off individual stock trading, Goldman also traded shares of foreign carriers Qantas, Japan Airlines, and Singapore Airlines, as well as European airplane manufacturer Airbus.

No federal lawmaker reported making recent trades of JetBlue, Frontier, SkyWest, or Sun Country Airlines stock.

Cruise Lines

Carnival Corp. is the most popular cruise stock among lawmakers, with seven lawmakers combining to report 25 trades in recent years, including Sens. Gary Peters (D-Mich.), Ashley Moody (R-Fla.) and Tommy Tuberville (R-Ala.), and Reps. Eric Burlison (R-Mo.), Lee, Shreve and Khanna.

Meanwhile, Reps. George Whitesides (D-Calif.), Bresnahan, Khanna, and Lee have traded Royal Caribbean stock, while Moody and Khanna have disclosed trades in Norwegian Cruise Lines. Rep. April McClain Delaney (D-Md.) alone reported a trade in Viking Holdings, the company that specializes in high-end river cruises.

In March, Whitesides sold between $100,000 and $250,000 worth of his Royal Caribbean stock — part of what his congressional office described as “the first of many actions” to “target government corruption” while in office. He also dumped his stake in Virgin Galactic Holdings, where he previously served as the space tourism company’s CEO.

“Rep. Whitesides is promoting best practices that he believes every member of Congress should follow to avoid any possible conflict of interest with his future work,” Whitesides spokesperson Natalie Gould said in a statement to OpenSecrets.

Luxury Car Companies

Former House Speaker Nancy Pelosi (D-Calif.) has become so known for congressional stock trading that Sen. Josh Hawley (R-Mo.) named a stock-ban bill he introduced after her — the “PELOSI Act.”

Pelosi does not personally trade stocks, but her husband, Paul Pelosi, makes tens of millions of dollars worth of personal stock and stock option trades each year, according to federal records. She has also expressed skepticism about stock-trade bans.

The Pelosis tend to avoid travel and tourism industry stocks, but the California congresswoman did report an investment of between $50,001 and $100,000 in Massachusetts-based Citycar Services LLC, which provides limousine services.