Note: This is an excerpt of our Analytic Dossier of Rep. Rice.
The full dossier is available to our subscribers.
Rep. Tom Rice was first elected to Congress in 2012. His district centers on Myrtle Beach, SC. As of 2018, Roll Call estimated his net worth to be $1.5 million.
Rice's Q1 financial disclosures show a volume of trading activity uncharacteristic of past years. In the three years from 2017 to 2019, Rice undertook only five transactions, the total value of which was between $5,000 and $75,000.
In less than three months, however, from January 8 to March 13 of 2020, Rice enacted eight trades. He sold between $35,000 and $175,000 in stocks, generally from the energy sector, while making only two purchases in stocks valued between $16,000 and $65,000. Our backfill analysis suggests that these transactions are unlikely to fully offset one another, and we have tentatively labeled this move a defensive portfolio allocation reflecting the shift from stocks to cash. Both the change in activity level and the possibly defensive maneuvering are what make these transactions notable. For more details on these transactions, you can review these disclosures at the House Office of the Clerk.
3/13/2020 – sold between $15,001-$50,000 in Exxon Mobil Corporation (XOM)
3/10/2020 – sold between $15,001-$50,000 in General Electric (GE)
3/9/2020 – purchased between $15,001-$50,000 in Exxon Mobil Corporation (XOM)
2/24/2020 – sold between $1,001-$15,000 in General Electric (GE)
2/24/2020 – sold between $2,002-$30,000 in InMode Ltd. – Ordinary Shares (INMD)
Rep. Rice serves on the House Committee on Ways and Means, and in that role also serves on the Oversight, Social Security, and Human Resources subcommittees.