Posted For: taxpayer22
Nearly 100 members of Congress bought or sold financial assets that intersected with the work of the committees they sit on, according to a New York Times report.
Of the 435 House members, 183 traded stocks through themselves or their immediate family members from 2019 to 2021. At least 97 bought or sold stocks, bonds or other financial assets through themselves or their spouses that directly intersected with their congressional work.
US lawmakers are not yet banned from making any stock trades, though insider trading is illegal for everyone.
The fact that nearly one-fifth of Congress has made trades that could represent a conflict of interest has sparked a slew of legislation proposals to ban lawmakers from making trades entirely.
Rep. Angie Craig, D-Minn., has proposed her own legislation to ban trades, but was included in the list because her college-age son bought and sold stocks without her knowing.
Craig, a member of the House Transportation and Infrastructure Committee, said she found out her son was trading stocks in Uber and Lyft when she filed her transaction paperwork.
‘As a mom, I would be grateful if my college student son was not allowed to own or trade stocks. And as a member of Congress, I’m working to pass a law to force him to listen to his mother,’ she said in a statement to the Times.
Since 2012, Congress members have been bound by the STOCK Act which requires they report stock transactions of $1,000 or more by themselves or their family members.
Some of the most flagrant conflict of interest violators include Delaware Sen. Tom Carpenter, D, who traded in 138 companies and had 39 potential conflicts of interest, New Jersey Democratic Rep. Josh Gottheimer, who traded stocks in 326 companies and had 43 conflicts and California Democrat Rep. Rho Khanna, who reported trades in 897 companies and had 149 potential conflicts.
House Speaker Nancy Pelosi and her husband Paul have come under fire for frequently trading millions – just this summer Paul bought $5 million of shares in a semiconductor chip manufacturer days before a vote that handed $52 billion to semiconductor manufacturers.