Senator Markwayne Mullin’s extensive stock portfolio has come under the microscope as the Senate prepares to consider his nomination to lead the Department of Homeland Security (DHS). His financial dealings are taking on new importance since the department is set to issue billions of dollars in new contracts as part of the current administration’s immigration crackdown.
Just a few days after Christmas, Mullin purchased shares in Chevron. This is particularly interesting because Chevron is the only major U.S. oil company operating in Venezuela. Five days after Mullin’s purchase, Trump publicly attacked Venezuela, demanding better terms for U.S. oil companies. Since then, Chevron’s stock price has jumped, even as the broader market has seen a dip.
Per The New York Times, there isn’t any proof that Mullin, who says he speaks with Trump “all the time,” had inside knowledge of the administration’s plans before these transactions. Federal law, as it stands, doesn’t actually stop members of Congress from trading stock, even in industries directly overseen by the committees they serve on.
And the rich get richer
Mullin is one of the most active stock buyers in Congress, ballooning his personal wealth since he first arrived in Washington. For his first eight years in Congress, most of his wealth came from his family’s plumbing company.
After selling his company in 2021, his stock trading activity ramped up considerably. He’s already reported 40 trades in the first two months of this year alone. It looks like he’s got a knack for it, as from 2024 to 2026, the returns on his stock purchases outperformed the market by 8 percent.
How Trump’s Homeland Security Pick, a Prolific Investor, Got a Lot Wealthier in Congress https://t.co/8Jdq2CTewb
— Sean Graf (@seangraf) March 16, 2026
His assets were worth between $29 million and $97 million in 2024, according to his financial disclosure forms, compared with $2.8 million to $9 million in 2012.
Ethics experts are concerned, noting that the permissive rules make it tough for Americans to know if their representatives are acting in the public interest or their own. “These people have whole staffs dedicated to collecting information and putting it in a neat pile on their desk. They have access to members of industry, lobbyists who are talking to them all day, trying to get their ear.”
Mullin’s financial disclosures show he’s owned shares in several companies that have had significant contracts with the DHS, including Microsoft, VSE Corporation, and RTX, a major defense contractor. He also bought shares for companies partnered with other committees he is on, like the Armed Services committee. Every single one of them reported higher-than-expected earnings.
Using his office for personal gain, @SenMullin is unfit for Cabinet post. He is not well educated, and works only for his personal enrichment. @SenateGOP
— Dana Ivey (@hekasia) March 16, 2026
How Trump’s Homeland Security Pick, a Prolific Investor, Got a Lot Wealthier in Congress https://t.co/DrD2EJqSnv
Interestingly, he once invested with Rep Chris Collins when they were both overseeing the FDA. Collins was later convicted and imprisoned for Insider trading related to that very company. What makes me the most suspicious is that Trump himself, who has made a lot of money since he became president, has called for new limits on stock trading.
