Insider reports that at least “182 congressional staffers” and “dozens of federal lawmakers” are in violation of the STOCK Act.
The STOCK Act of 2012 codified strict regulations against insider trading and requires lawmakers to maintain a particular level of reporting and transparency in their financial dealings.
The Insider report noted that these violations “could expose [lawmakers] to ethical problems.”
According to the Western Journal, a “new report” found that “14 members of Congress” violated the STOCK Act this year.
According to Investopedia, “STOCK” is an acronym for “Stop Trading on Congressional Knowledge.” The 2012 Act made its way through Congress with overwhelming support in both parties — passing with a 417-2 vote in the House and a 96-3 vote in the Senate.
The bipartisan list of offenders includes Rep. Pat Fallon (R-Texas), Rep. Sean Patrick Maloney (D-N.Y.), Rep. Dan Meuser (R-Pa.), Rep. Dianne Feinstein (D-Calif.), Rep. Blake Moore (R-Utah), Rep. Kim Schrier (D-Wash.), Rep. Lance Gooden (R-Texas), Rep. Susie Lee (D-Nev.), Rep. Diana Harshbarger (R-Tenn.), Rep. Tom Malinowski (D-N.J.), Rep. Kevin Hern (R-Okla.), Sen. Tommy Tuberville (R-Ala.), Rep. Tom Suozzi (D-N.Y.), and Rep. Chris Jacobs (R-N.Y.).
Insider accused, “These lawmakers have violated the Stop Trading on Congressional Knowledge Act of 2012 by failing to properly disclose financial trades, many to a significant degree.”
Some of the violations are profound. Fallon is said to have violated the STOCK Act more than 100 times. Previously, the Western Journal reported that Suozzi violated the STOCK Act more than 300 times.
The Insider report notes that dozens of other lawmakers are guilty of violating finance reporting regulations.
Citing a need for stiffer penalties, Insider noted: “While lawmakers who violate the STOCK Act face a fine, the penalty is usually small — $200 is the standard amount — or waived by House or Senate ethics officials.”
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