Congressman Overseeing Transportation Infrastructure Bets on Rail and Renewable Energy

Democratic Rep. Rick Larsen disclosed in a congressional filing on April 7 that he purchased between $1,001 and $15,000 each of Carrier Global, Casey’s General Stores, NextEra Energy and Westinghouse Air Brake Technologies stock. Among these, NextEra Energy and Westinghouse Air Brake are firmly in the energy and infrastructure sectors. As the ranking member of the House Transportation and Infrastructure Committee—whose jurisdiction includes legislation affecting those industries—Larsen’s personal investments have inevitably raised questions of conflict of interest.

NextEra Energy (NYSE: NEE) is the largest U.S. electric utility holding company and a leading renewable‐energy developer, with extensive wind, solar and battery assets that have made it a flagship “green infrastructure” name. Its share price has outperformed peers, rising more than 30% over the past year and logging double‐digit gains so far this year. On April 8 it hit a 52-week high in the $96 range before pulling back to the low $90s. Supportive factors include stronger‐than‐expected Q4 2025 results, reaffirmed 2026 earnings guidance, a planned $100 billion capital‐spending program for 2026–2030, a long‐term rate agreement for its Florida power subsidiary and power‐supply deals with Google and Meta. Given Larsen’s active support for decarbonization infrastructure—through his work on the special climate‐crisis committee—critics say his stake in a major renewables operator poised to benefit directly from federal and state regulations and subsidies poses an ethical dilemma.

Westinghouse Air Brake Technologies (NYSE: WAB) is North America’s leading supplier of freight locomotives, rail‐signal systems and braking equipment. After reporting 2025 revenue and profit that beat market expectations and building a record backlog near $27 billion, its stock has jumped over 50% in the past year. It even notched an all-time high above $267 last week, though concerns over valuation and antitrust litigation risks persist, as investors view it as a play on the cyclical rail and freight market. Since Larsen sits on the Transportation and Infrastructure Committee—which oversees rail safety, freight transportation and infrastructure grants—his personal purchase of up to $15,000 in shares, however modest, invites scrutiny over potential conflicts between his policy role and his investment portfolio.

Under the congressional STOCK Act, such trades are legal so long as they are disclosed. But with recent polls showing more than 80% of U.S. voters favoring a total ban on lawmakers trading individual stocks and bipartisan bills repeatedly introduced to that effect, pressure for stricter rules is mounting even within Congress. Larsen’s latest purchases could therefore fuel concerns among both investors and constituents about “congressional alpha”—the idea that lawmakers might profit from insider insight—reinforcing calls for tougher trading restrictions.