MORRISTOWN, NJ – Saturday — Congresswoman Mikie Sherrill has publicly vowed to take on utility companies over soaring energy prices in New Jersey, but her financial disclosures tell a conflicting story — one that includes sizable investments in the very industry she claims to be fighting.
The Democrat candidate for governor says she will fight PSE&G and JCP&L, but records on file in New Jersey and with the U.S. Government show she is heavily invested in those same companies.
The problem is, it’s not Sherrill’s first time at the investment portfolio scandal rodeo. She’s been found guilty of failing to disclose investments and she’s made millions on the stock market since becoming a member of Congress, raising questions about her ethics when it comes to personal investments.
Sherrill, a Democrat representing New Jersey’s 11th Congressional District, has been outspoken in recent weeks about holding utility providers accountable for rate hikes that have hit residents across the state. But financial records reveal that she and her husband are heavily invested in multiple energy-focused exchange-traded funds (ETFs), including the Utilities Select Sector SPDR Fund (XLU), Energy Select Sector SPDR Fund (XLE), and Vanguard Utilities ETF (VPU) — all of which hold stakes in the same power companies responsible for delivering electricity to millions of customers nationwide.
These ETFs include top holdings such as Public Service Enterprise Group Inc., parent company of Public Service Electric and Gas (PSE&G), a major New Jersey utility. Other holdings include FirstEnergy Corp, Duke Energy, Exelon, and American Electric Power, among others — all players with direct influence over the electricity and natural gas rates consumers pay.
“Now, just 75 days from the election – with angry residents suffocating under the rising costs of electricity in New Jersey due to one-party Democrat control in Trenton – Mikie is trying to gaslight people into believing she had nothing to do with it. Total BS and outs her as a total phony and liar. Moreover, while Sherrill now seeks to attack utility companies and obscure non-profits for skyrocketing rates, she should explain how that squares with her and her husband investing their significant wealth in those very companies as part of tripling their net worth while Mikie served in Congress and violated federal law designed to combat insider trading and improve transparency.”
-Jack Ciattarelli
In August, Sherrill made headlines after being found in violation of congressional stock disclosure rules, according to filings reviewed by the Office of Congressional Ethics. Critics argue her failure to properly report trades — combined with her financial interest in utility and energy companies — raises serious questions about the credibility of her public campaign to hold those same companies accountable.
“Now, just 75 days from the election – with angry residents suffocating under the rising costs of electricity in New Jersey due to one-party Democrat control in Trenton – Mikie is trying to gaslight people into believing she had nothing to do with it,” said former gubernatorial candidate Jack Ciattarelli. “Total BS and outs her as a total phony and liar.”
Ciattarelli went on to say that while Sherrill lashes out at utility companies and nonprofit groups over rate increases, she has quietly invested in their success — helping grow her family’s net worth while serving in Congress.
Records show that Sherrill’s net worth has more than tripled during her time in office, with a significant portion tied to energy-related financial instruments — the very sector she now claims to be battling on behalf of New Jersey residents.