On Thursday, NY1 reporter Zack Fink flagged that the House Ethics Committee is extending an investigation into Rep. Tom Suozzi (D-NY), following a complaint filed by the watchdog group Campaign Legal Center alleging that he concealed $11 million in stock trades, in violation of the federal STOCK Act.
Suozzi, who represents New York's 3rd Congressional District including parts of Queens and the north shore of Long Island, is seeking the Democratic nomination for governor, challenging incumbent Gov. Kathy Hochul, who ascended to the office after former Gov. Andrew Cuomo resigned over sexual misconduct allegations.
House Committee extends time period for inquiry into @RepTomSuozzi \n\nAccording to a complaint filed by the Campaign Legal Center, Suozzi may have violated STOCK Act by failing to disclose $11 million in stock transactions. \n\nEthics committee will issue ruling by July 29pic.twitter.com/4DLrOJfjC7— Zack Fink (@Zack Fink) 1649976128
The STOCK Act, first passed in 2012, lays out requirements for members of Congress to disclose when they buy and sell individual stocks — the intent being to keep them honest about not illegally trading off of non-public information, since they have advanced knowledge of federal legislation and policy that would affect the businesses they own shares of.
However, recent reports have indicated that the mostly self-enforced law is toothless; 59 members of Congress in both parties have flouted the reporting requirement. This has led to calls for banning members from trading individual stocks altogether; the House is drafting legislation that would put such a ban in place.