But members of Congress who don’t publicly disclose their personal finances in a timely manner are in violation of rules outlined by the House and Senate ethics committees as well as federal law: the Ethics in Government Act of 1978 and the Stop Trading on Congressional Knowledge (STOCK) Act of 2012. These laws are designed to safeguard against the very kinds of financial malfeasance for which Santos is accused.
And Santos isn’t alone. Ten of his congressional colleagues also failed to file their 2022 annual financial disclosure reports on time, and broke the law too, according to a Raw Story analysis of federal records and reporting from congressional research organization Legistorm.
These 11 legislators join the list of 26 other members of Congress who Raw Story has found to have violated the STOCK Act during 2023.
Passed by Congress 11 years ago and signed into law by then-President Barack Obama, the STOCK Act’s purpose is to stop insider trading, curb conflicts-of-interest and enhance transparency by requiring key government officials, including members of Congress, to publicly report their personal financial transactions in a timely manner.
But oftentimes, lawmakers fail to properly follow reporting requirements, and when they mess up, they only stand to face $200 penalties — if their peers even escalate matters in the first place.
“The STOCK Act is great, but it relies so much on self reporting,” said David O'Brien, policy director at nonpartisan anti-corruption organization, RepresentUs. “As news cycles have shown, that hasn't gone far enough to really reassure the public that there is in fact this full separation between the private financial interests of legislators and their public business as public servants.”
Here's who the law-breaking lawmakers are:
Rep. Kelly Armstrong (R-ND)
Armstrong asked for, and received, a standard 90-day extension to file his 2022 annual report. He should have filed by Aug. 13. But didn’t file until Sept. 8.
When Armstrong did file, he reported earning royalties and working interest from hundreds of oil and gas wells, along with various mutual funds and rental properties.
Roll Call reported in 2019 that Armstrong earned at least $400,000 from the wells and as much as $1.1 million the previous year, along with a $75,000 salary from Armstrong Corp., his family’s oil and gas business, while serving on the House Select Committee on the Climate Crisis.
Armstrong’s latest report only shows that his wife earned a salary from BLST Operating Company LLC of an undisclosed amount.
Armstrong currently serves on the House Energy and Commerce Committee and its subcommittees on Energy, Climate and Grid Security; Innovation, Data and Commerce; and Oversight and Investigations.
He also serves on the House Select Subcommittee on the Weaponization of the Federal Government and the House Committee on Oversight and Accountability.
Armstrong’s congressional office did not respond to Raw Story’s request for comment.
Rep. Ami Bera (D-CA)
Bera was more than three months late in filing his 2022 annual report. He did not request an extension, meaning he should have disclosed his personal finances by May 15. He filed on Sept. 1.
Among other mutual funds and exchange traded funds, Bera reported owning up to $14 million in rental properties through a joint trust, along with up to $2.5 million in mortgages.
“Rep. Bera inadvertently missed the filing deadline. Upon realizing he was late, the congressman filed his financial disclosure and paid the associated late fees,” Travis Horne, communications director for Bera, told Raw Story via email.
Rep. Sylvia Garcia (D-TX)
Garcia filed her 2022 annual disclosure on Sept. 12 after receiving a 90-day extension. She was about a month past her deadline.
“Due to an inadvertent internal miscommunication, the report was not filed by the due date of August 13. As soon as we discovered this error, Rep. Garcia filed the report, and we were in communication with the House Ethics Committee regarding the late filing. This matter was fully resolved upon the filing of the report,” said Chris McCarthy, Garcia’s deputy chief of staff, via email.
“Per the committee’s written guidance, there is a 30-day grace period before late fees are imposed, and this report was filed within that window.”
Garcia reported several mutual funds, three pensions totaling $114,112.08 and up to $265,000 in home debt.
“I do not manage any financial trades as I only have tax deferred 457 retirement accounts that exclusively contain mutual funds and other diversified funds. I do not buy, sell or trade stock or maintain a stock portfolio,” said Garcia in a statement shared with Raw Story.
Rep. Bill Huizenga (R-MI)
Huizenga filed his annual report 10 days late, on Aug. 23, after receiving a 90-day extension.
He reported up to $1.1 million in income from Huizenga Gravel Company and Huizenga Gravel LLC, which he owns with his cousin, according to The Detroit News. He also reported land ownership through Huizenga Development Land LLC, a rental property, mutual funds and ownership interests in health and wellness companies.
Huizenga’s congressional office did not respond to Raw Story’s request for comment.
Rep. Sheila Jackson Lee (D-TX)
Jackson Lee filed her annual report on Oct. 4, nearly two months after her extended deadline of Aug. 13. She had asked for a 90-day filing extension in May.
On Jackson Lee’s handwritten financial disclosure report, she reported up to $1 million in home debt, along with retirement accounts and a pension from the City of Houston that is yet to be received.
Despite a stamp from the Legislative Resource Center indicating that her report was filed Oct. 4, Jackson Lee's congressional team denied that she was out of compliance with the law.
“Congresswoman Sheila Jackson Lee filed her financial disclosure forms in compliance with all rules and regulations established for members in filing these financial forms,” Lillie Coney, chief of staff and spokesperson for Jackson Lee, told Raw Story via email. “The member is and was in compliance with the filing of this year's financial disclosure form and all others. All other inquiries are not applicable to the member.”
Raw Story asked Jackson Lee’s office — and all legislators with violations — questions about her office's contact with the House Committee on Ethics, compliance with training for financial disclosures and responsibility for management of any investments.
An email from Coney indicated that "investments are not managed by the member."
Del. Stacey Plaskett (D-VI)
Plaskett, a non-voting delegate from the U.S. Virgin Islands, filed her annual report on Aug. 29, making her more than three months late. She did not ask for a filing extension, meaning her deadline was May 15.
Like House Speaker Mike Johnson (R-LA), Plaskett reported no assets on her annual report. Plaskett reported two sources of spousal income in undisclosed amounts, along with a reporting a $10,000 to $15,000 income tax liability and a graduate student loan between $100,001 and $250,000.
“She recently lost her father and has been very busy settling her widowed mother,” Tionee Scotland, a spokesperson for Plaskett, sent in a text message to Raw Story. “The congresswoman missed the deadline, but has since filed as you can see.”
Rep. John Rose (R-TN)
Rep. John Rose (R-TN) spoke with reporters about blocking a $19.1 billion disaster relief bill in May 2019. C-SPAN
Rose, one of the top 25 richest members of Congress, filed his annual report on Sept. 12.
In May, he had asked for, and received, a 90-day filing extension, meaning his deadline was Aug. 13.
Rose reported income as a limited partner in an entity that owns multi-family residential developments. He also reported a loan to his congressional campaign worth up to $5 million. (Lawmakers are only required to disclose most financial transactions in broad ranges.)
“Filing my financial disclosure form on or before August 15 each year is problematic because I do not receive necessary information applicable to my financial disclosure until after that date,” Rose said in a statement to Raw Story. “I have spoken to the House Ethics Committee about this ongoing problem and believe reform is necessary to give members like me with financial investments and/or who own small businesses the time to accurately complete this disclosure form within the statutory deadline.”
Rose also reported farm real estate owned in a trust and up to $6.1 million in stock in community banks. He reported stock investments, too, including up to $500,000 in Alphabet, the parent company of Google, and up to $750,000 in Microsoft.
“The current disclosure deadline disregards the fact that the IRS tax filing deadline for businesses is September 15, and the filing deadline for individuals is not until October 15 each year,” Rose said. “Consequently, I routinely do not have the necessary information to accurately comply with the financial disclosure requirements in a timely manner. I always attempt to provide accurate and complete information regarding my financial assets, of which the vast majority were earned before I was elected to Congress.”
Rose serves on the House Financial Services and House Agriculture Committees.
Rep. George Santos (R-NY)
Santos has yet to file his annual financial report, originally due May 15. He received an extension until Aug. 13.
On Thursday, the House Committee on Ethics shared a statement and report from the House Investigative Subcommittee that unanimously concluded there was substantial evidence that Santos used his “campaign committee to file false or incomplete reports with the Federal Election Commission; used campaign funds for personal purposes; engaged in fraudulent conduct in connection with RedStone Strategies LLC; and engaged in knowing and willful violations of the Ethics in Government Act as it relates to his Financial Disclosure (FD) Statements filed with the House.”
The report indicated that Santos was sent a letter on Sept. 13 from the committee’s financial disclosure office informing him that he owed a $200 late filing for not filing his financial disclosure statement on time.
On the same day, Santos’ counsel informed the committee he hadn’t filed his 2022 tax returns yet, causing him to miss the filing deadline for his annual report.
The committee urged Santos to file immediately, sending subsequent letters on Sept. 27 and Oct. 20, according to the report.
“The October 20 letter was deemed a ‘final notice’ that if his 2023 FD Statement was not filed by October 27, 2023, the Committee would ‘take action, not inconsistent with section 104 of the [Ethics in Government Act], as it deems appropriate.’ On October 24, 2023, counsel informed the [investigative subcommittee] that Representative Santos paid the $200 late-filing fee, and would be filing his 2023 FD Statement — which Representative Santos has still failed to do,” the report said.
Raw Story previously reported on Santos’ failure to file in August when he bashed his stock-trading colleagues on X, saying, “One thing I’m certain of is that members of congress trading stocks is imoral [sic]!”
“I said I wouldn’t trade and I’m keeping that promise,” he continued.
In October, the Department of Justice announced a 23-count superseding indictment charging Santos with alleged wire fraud, aggravated identity theft, money laundering, making materially false statements to the House, among others.
Rep. Shri Thanedar (D-MI)
Thanedar, a freshman congressman, filed his annual report on Sept. 27, more than two months after receiving a 60-day extension, to July 14, back in May.
Thanedar reported dozens of mutual funds, exchange-traded funds and stocks, including up to $500,000 in Alphabet, up to $100,000 each in Amazon and American Express and up to $1 million in Apple.
Raw Story reported in February that Thanedar sold off Tesla stock valued up to $130,000 after previously being complimentary of Tesla CEO Elon Musk.
Thanedar’s congressional office did not respond to Raw Story’s request for comment.
Rep. Dina Titus (D-NV)
Titus filed her handwritten report on Aug. 31 after missing her extended Aug. 13 deadline.
Despite being more than two weeks late filing, Titus’ congressional office denied noncompliance.
“Congresswoman Titus completed her annual financial disclosure report in compliance with all legal and ethical laws and regulations,” Michael McShane, Titus’ communications director, via email. “The Congresswoman also does not trade individual stocks.”
In addition to retirement investments, Titus’s report showed various "common stock" investments through a joint trust, including stock in Amazon, Procter & Gamble, GlaxoSmithKline, Microsoft and Verizon.
Rep. Maxine Waters (D-CA)
Waters filed her annual report on Aug. 31. In May, she received a 90-day filing extension with a deadline of Aug. 13.
When she did file, Waters reported spouse and joint trust rental properties valued at up to $5.8 million. Her spouse’s partnership income in the American Golf Joint Venture is valued at up to $250,000.
They also reported up to $1.75 million in mortgages.
Waters’ congressional office did not respond to Raw Story’s request for comment.
The fine print
Annual financial disclosure reports were due May 15, but members could request a maximum 90-day extension, giving them until Aug. 13 to file.
Filing after Aug. 13 makes the member in violation of the law, but they can avoid a $200 late fee if they file 30 days after the final extension deadline, giving them until Sept. 12 to avoid a financial penalty.
“Please note that while a late filing fee will not be assessed until the 31st day after the original due date or extension deadline, the report is still considered late,” says the House Committee on Ethics’ 2023 instruction guide for financial disclosures statements.
Frequently, the House Committee on Ethics and the Senate Select Committee on Ethics waive or do not enforce the fee for such violations anyway.
“It's largely self-policing to a big extent,” O’Brien said. “Having to face a committee run by their fellow legislators isn't always quite the same or quite as intimidating if they screw up as it is for you or me if we screw up some sort of financial filing and have to go up against a federal agency.”
When reached by Raw Story, Tom Rust, staff director and chief counsel for the House Committee on Ethics, said “no comment.”
