Sen Mullin’s Defense Stock Bet Ahead of Venezuela Conflict
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Sen Mullin’s Defense Stock Bet Ahead of Venezuela Conflict
When lawmakers trade stocks, timing matters. When those trades intersect with geopolitics and committee oversight, timing becomes the story.
On January 16, 2026, Senator Markwayne Mullin disclosed a large batch of stock purchases executed on December 29, 2025. Among them was a buy that stands out sharply: shares of RTX Corp, one of the largest U.S. defense contractors. Just days later, the United States launched a major military operation in Venezuela, culminating in the capture of President Nicolás Maduro and his wife.
The proximity between Mullin’s defense stock purchase and the escalation in Venezuela raises immediate questions. As a sitting member of the Senate Armed Services Committee, Mullin has direct oversight of military operations, defense spending, and national security policy. While there is no public evidence of wrongdoing, the sequence of events highlights once again how congressional trading disclosures can collide with geopolitical reality.
Only after understanding that context does the full scope of Mullin’s December trades come into focus.
The Venezuela Connection and the RTX Trade
Mullin purchased shares of RTX Corp (RTX:US) on December 29, 2025. At the time, U.S. tensions with Venezuela were already intensifying. On December 17, President Trump ordered a blockade of sanctioned Venezuelan oil tankers, a move that signaled a sharp escalation in policy.
Five days after Mullin’s trade, on January 3, 2026, U.S. forces carried out a large-scale strike on Caracas. Reports indicated that the operation followed dozens of prior U.S. strikes and resulted in the capture of Nicolás Maduro. Markets reacted quickly, with defense stocks benefiting from expectations of sustained military engagement and higher procurement spending.
RTX, a core supplier of missile systems, aerospace platforms, and defense electronics, stands to benefit directly from such conflicts. As a defense contractor deeply embedded in Pentagon procurement, the company is closely tied to the very budgetary decisions overseen by the Armed Services Committee.
The key issue is not whether Mullin knew the exact timing of the strike, but whether lawmakers with access to classified briefings should be trading defense equities at all when global tensions are actively unfolding.
Mullin’s Committee Assignments and Why They Matter
Senator Mullin, who entered the Senate in 2023 after serving in the House, sits on several powerful committees in the 119th Congress:
Senate Armed Services Committee, overseeing defense policy, military operations, and weapons procurement
Senate Health, Education, Labor, and Pensions Committee, shaping health care, pharmaceuticals, and medical technology
Senate Environment and Public Works Committee, influencing energy policy, infrastructure spending, and environmental regulation
Senate Indian Affairs Committee, addressing economic development and resource issues affecting Native communities
These assignments place Mullin in direct proximity to industries that featured prominently in his December stock purchases.
Senator Mullin has previously stated that he does not personally direct his stock trades and that his investments are handled by a third party. The January disclosure does report these transactions as joint holdings rather than individually managed positions. However, the filing does not identify the specific third party responsible for executing the trades, nor does it clarify the level of discretion involved.
Breaking Down the December 29 Trades
Mullin disclosed purchases of 30 stocks spanning nearly every major sector. While diversification is evident, a meaningful portion of the trades align closely with his legislative responsibilities.
Information Technology
Nine stocks were purchased, including NVIDIA, Microsoft, Apple, Amazon, and several semiconductor firms. These appear more like broad market exposure, though defense applications of advanced computing remain relevant to Armed Services oversight.
Health Care
Mullin bought into companies such as Eli Lilly, Elevance Health, IQVIA, Intuitive Surgical, and Boston Scientific. This sector aligns directly with his role on the HELP Committee, which regulates drug approvals, medical devices, and health care innovation. Legislative decisions in this space can materially affect company valuations.
Financials
Holdings in Goldman Sachs, JPMorgan, American Express, Mastercard, Capital One, and Intercontinental Exchange suggest confidence in capital markets and consumer credit. Committee overlap here is limited, making these appear more like macroeconomic bets.
Energy
Purchases of Chevron and ConocoPhillips tie closely to Mullin’s seat on the Environment and Public Works Committee. Energy regulation, permitting, and environmental standards fall squarely under EPW jurisdiction. Given Oklahoma’s oil-centric economy, this exposure is both political and personal.
Industrials and Defense
Caterpillar and Deere connect to infrastructure spending overseen by EPW. RTX, however, is different. As a defense contractor, it falls directly under the Armed Services Committee’s oversight, making this trade far more sensitive than the others.
Consumer and Communication Stocks
Positions in Costco, Home Depot, Hilton, Coca-Cola, Alphabet, and Meta appear largely detached from Mullin’s committee work and resemble long-term consumer and advertising bets.
How Much Overlap Is Too Much
Roughly 40 percent of Mullin’s trades fall into sectors that his committees directly influence, particularly defense, health care, energy, and industrial infrastructure. While members of Congress often argue that their investments are based on public information or managed without day-to-day involvement, the repeated alignment between oversight authority and portfolio composition continues to fuel skepticism.
Senator Mullin followed disclosure rules. That is not in dispute. But the Venezuela strike transformed a routine disclosure into a case study of why congressional stock trading remains controversial.
