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Analysis identifies 8 congressional members who violated stock trading laws.
They were all Democrats
https://www.newsweek.com/stock-act-congress-violations-trading-shares-1947459
Revealed: Members of Congress Who May Have Flouted a Stock Trading Law
eight members of Congress may have broken a law regarding the timely reporting of trades in stocks and other securities, according to disclosures made in August 2024 that appear not have been made within the required deadline.
According to House and Senate financial disclosure documents analysed by Newsweek, the politicians reported financial trades later than a mandatory reporting period, leaving them liable to possible fines.
The law, which covers stocks, bonds, commodities futures and other securities, is designed to ensure that the public are aware of any trades made by elected representatives in a timely and transparent way.
Some members of Congress are now campaigning to impose a ban on all members and their immediate families from trading individual stocks, citing a risk that legislation could be influenced by their possible financial gains and that members could be involved in insider trading on the basis of being privy to information before the public.
Members of Congress are allowed to buy and sell stocks, but lawmakers, their spouses and dependants must publicly disclose any transactions over $1,000 within 30 days or within 45 days of receiving notice of the transaction if it has been made on their behalf, under the 2012 STOCK Act (Stop Trading on Congressional Knowledge Act), which also banned insider trading. Members do not need to report the value of their transactions, but must provide a broad numerical range in the periodic transaction reports (PTRs).
If a Congress member discloses their trade after the deadline, they must pay a fine of at least $200, or apply for a waiver to appeal the penalty. Repeat offenders can face increasingly higher fines.
They were all Democrats
https://www.newsweek.com/stock-act-congress-violations-trading-shares-1947459
Revealed: Members of Congress Who May Have Flouted a Stock Trading Law
eight members of Congress may have broken a law regarding the timely reporting of trades in stocks and other securities, according to disclosures made in August 2024 that appear not have been made within the required deadline.
According to House and Senate financial disclosure documents analysed by Newsweek, the politicians reported financial trades later than a mandatory reporting period, leaving them liable to possible fines.
The law, which covers stocks, bonds, commodities futures and other securities, is designed to ensure that the public are aware of any trades made by elected representatives in a timely and transparent way.
Some members of Congress are now campaigning to impose a ban on all members and their immediate families from trading individual stocks, citing a risk that legislation could be influenced by their possible financial gains and that members could be involved in insider trading on the basis of being privy to information before the public.
Members of Congress are allowed to buy and sell stocks, but lawmakers, their spouses and dependants must publicly disclose any transactions over $1,000 within 30 days or within 45 days of receiving notice of the transaction if it has been made on their behalf, under the 2012 STOCK Act (Stop Trading on Congressional Knowledge Act), which also banned insider trading. Members do not need to report the value of their transactions, but must provide a broad numerical range in the periodic transaction reports (PTRs).
If a Congress member discloses their trade after the deadline, they must pay a fine of at least $200, or apply for a waiver to appeal the penalty. Repeat offenders can face increasingly higher fines.
