All posts tagged "Conflicts Of Interest"

At least 62 members of 118th Congress have violated a federal insider trading and conflicts-of-interest law, a Raw Story analysis of congressional financial disclosures reveals.

Most of these violations involve failures to properly disclose stock trades as required by the Stop Trading on Congressional Knowledge (STOCK) Act of 2012. Some involve not abiding by the transparency and personal financial disclosure requirements first outlined in the STOCK Act's post-Watergate predecessor, the Ethics in Government Act of 1978.

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Since Jan. 1, at least 37 members of Congress have violated a federal insider trading and conflicts-of-interest law, a Raw Story analysis of congressional financial disclosures reveals.

Most of these violations involve failures to properly disclose stock trades as required by the Stop Trading on Congressional Knowledge (STOCK) Act of 2012. Some involve not abiding by the transparency and personal financial disclosure requirements first outlined in the STOCK Act's post-Watergate predecessor, the Ethics in Government Act of 1978.

The most significant violator clocked in as much as six-and-a-half years late when reporting up to $8.5 million in stock transactions — Rep. Rick Allen (R-GA). Another lawmaker was just a couple days late but still logged up to $165,000 in late stock disclosures — Rep. John Curtis (R-UT). Between them are numerous other Republicans and Democrats alike who have consistently failed to abide by the STOCK Act....

As numerous members of Congress call for a ban on lawmakers and their spouses trading stocks, House Speaker Emerita Nancy Pelosi's household just made a massive purchase in tech stocks.

Pelosi (D-CA) disclosed on Thursday that her husband, Paul Pelosi, purchased up to $1 million in Microsoft stock and up to $500,000 in Apple stock by exercising stock options, according to federal financial documents reviewed by Raw Story.

Earlier this month, Pelosi disclosed that her husband sold off between $500,000 and $1 million worth of Apple stock to make a contribution to her alma mater, Trinity College....

At least five members of Congress in mid-March dumped their personal stock shares in now-defunct First Republic Bank — trades that potentially saved the lawmakers or close family members thousands, if not tens of thousands of dollars, according to a Raw Story analysis of congressional financial records.

Reps. Lois Frankel (D-FL), Ro Khanna (D-CA), John Curtis (R-UT), Earl Blumenauer (D-OR) and Dan Goldman (D-NY) each sold their shares between March 15 and March 20 as the bank’s credit rating eroded, stock price tumbled and depositors fled.

The lawmakers’ timing of the trades — four of the five bailed out of First Republic Bank stock while share prices still hovered in the $31-to-$35 range down from February highs in the $140s — allowed them to avoid additional losses beyond what they had already experienced. First Republic’s stock traded below $4 a share by the time JPMorgan Chase bought the failing bank earlier this week....