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JD Scholten, a Democratic state legislator in Iowa and U.S. Senate candidate, says he’s made a tidy return by mimicking the stock trades of the Pelosi family but he still thinks lawmakers shouldn't be allowed to trade stocks at all.
In early 2024, Scholten invested $1,000 in a fund known as the “Pelosi Tracker,” which mirrors the stock market moves of Paul Pelosi, the husband of Speaker Emerita Nancy Pelosi. As of this week, Scholten said the investment has grown to $1,617.25 a roughly 60% gain in under a year.
“It’s not really a serious thing. I’m not banking on this,” Scholten told TruthSider. “It was partly a joke.”
From Instagram to the Stock Market
Scholten says he learned about the Pelosi Tracker on Instagram shortly after receiving a $1,000 bonus from his new job at a law firm. With no previous experience in the stock market, he decided to give it a try.
The Pelosi Tracker is powered by Autopilot, an app that allows retail investors to automatically copy the investment decisions of prominent hedge fund managers and yes, even politicians. The app's “Pelosi” feature tracks publicly disclosed trades made by Paul Pelosi, who has long drawn scrutiny for his market activity given his proximity to powerful lawmakers.
Though Nancy Pelosi does not trade stocks herself, critics have pointed to her former position as Speaker of the House and her access to non-public legislative schedules as a possible source of unfair advantage. Her office has repeatedly denied any involvement or advance knowledge of her husband’s transactions.
“The Speaker has no prior knowledge or subsequent involvement in any transactions,” said Pelosi spokesperson Ian Krager in a statement to TruthSider. “She supports banning stock trading for members of Congress.”
A Profit and a Point
Despite the financial gain, Scholten made clear that his investment was designed to highlight a broader issue. If elected to the Senate, he says he would divest from the portfolio and fully supports legislation banning members of Congress from trading individual stocks.
“I think it’s a disservice to the people,” he said. “We’ve got to clean that up to make sure that people are in it for the right reasons not just to get rich.”
Autopilot cofounder Chris Josephs echoed that message, saying the Pelosi Tracker isn’t just about profits.
“We welcome JD and hope this further pushes the movement to get them banned from trading,” Josephs said. “The purpose of the tracker is to highlight the hypocrisy.”
According to Josephs, Autopilot now manages over $400 million in assets that follow the Pelosi trades a sign of how much attention congressional trading behavior continues to attract.
Scholten’s Political Path
JD Scholten rose to national attention in 2018 when he nearly unseated controversial Republican Rep. Steve King in Iowa’s 4th District, losing by just three points. After a stint away from politics, he was elected to the Iowa House in 2023.
Now, Scholten is running in the Democratic primary for the U.S. Senate seat currently held by Republican Sen. Joni Ernst. Other Democratic candidates include State Sen. Zach Wahls and Nathan Sage.
In his financial disclosure, Scholten also reported earning $6,000 from playing professional baseball, in addition to his legislative salary and per diem.
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