“Energy Secretary Jennifer Granholm sold shares of stock 9 times last year and did not disclose the sales within the legally required 45 day window,” CNBC reports.
Big Majority Wants Stock Trading Ban for Lawmakers
A new Data for Progress poll finds 67% of Americans are in support of banning lawmakers from trading stocks.
That figure jumped to 74% when voters were given reasons for and against a ban.
Momentum Builds to Ban Lawmaker Stock Trades
“Some progressive Democrats and MAGA Republicans are uniting on a proposal to ban sitting lawmakers from trading individual stocks, although it’s unlikely that leadership will bring the bill up for a vote,” Axios reports.
McCarthy Floats Ban on Stock Trades for Lawmakers
“House Minority Leader Kevin McCarthy is considering instituting new limits or an outright ban on lawmakers holding and trading stocks and equities if Republicans take the majority in November,” Punchbowl News reports.
“McCarthy told us his planning on this front is in its early stages, and he hasn’t yet decided on what kind of limitations there may be on stock trades or holdings. One idea would be to force lawmakers to hold only professionally managed mutual funds. Another proposal the GOP leadership is considering would bar lawmakers from holding stocks in companies or industries their committees oversee. Other members have advocated for mandatory blind trusts for lawmakers’ holdings.”
Top Fed Official Resigns After Trades Revealed
Richard Clarida, the second highest official at the Federal Reserve, will resign early after new details of his trading activity early in the pandemic were revealed, Axios reports.
Roberts Says Judges Must Avoid Financial Conflicts
“Supreme Court Chief Justice John Roberts says the federal judiciary needs to do more to ensure judges don’t participate in cases where they have financial conflicts of interest,” the AP reports.
“Roberts made the comments as part of his annual report on the federal judiciary released Friday evening.”
Lawmakers Refuse to Cooperate with Ethics Probes
“As House ethics investigators were examining four cases this fall detailing a sweeping array of improper financial conduct by lawmakers, they ran into an obstacle: Two of the lawmakers under scrutiny refused to meet with them or provide documents,” the New York Times reports.
“The investigators were not too surprised. Over the past decade, fewer and fewer House members have been willing to cooperate with congressional investigations, a development that ethics experts warn could reduce accountability for misdeeds and erode trust in the institution of Congress.”
GOP Lawmaker Broke Disclosure Law
Rep. Jim Hagedorn (R-MN) “was more than three months late filing a medical stock trade, putting him in violation of a federal conflict-of-interest law,” Insider reports.
Cuomo Ordered to Forfeit $5.1 Million in Book Earnings
Former New York Gov. Andrew Cuomo (D) “was ordered to turn over roughly $5.1 million in proceeds from his 2020 pandemic memoir within 30 days, after a state ethics board found that he had run afoul of state ethics laws,” the New York Times reports.
“The order, which is sure to set up a protracted legal fight, could be complicated by the fact that Mr. Cuomo already donated $500,000 of the book’s proceeds to charity, and placed another $1 million in a trust for his daughters.”
Many Lawmakers Are Violating Conflict of Interest Laws
Insider rated every member of Congress on their financial conflicts and transparency.
Four Congressmen Likely Violated Laws
“The House Office of Congressional Ethics found ‘substantial reason to believe’ four congressmen — Jim Hagedorn (R-MN), Mike Kelly (R-PA), Tom Malinowski (D-NJ) and Alex Mooney (R-WV) — broke an assortment of ethics laws,” Forbes reports.
“The alleged offenses include misusing official funds, violating campaign-finance laws, misusing confidential information for personal gain and failing to properly report stock trades.”
Fed Moves to Restrict Officials’ Investment Activities
“The Federal Reserve will bar senior officials from purchasing individual securities and restrict investment activities to broad-based products such as mutual funds, following disclosures that last month that resulted in the resignations of two reserve bank presidents,” the Wall Street Journal reports.
“The Fed said Thursday the new rules would apply to the system’s 12 reserve bank presidents and the seven governors on the central bank’s Washington-based board.”
Postmaster Had a Dozen of Conflicts of Interest
“New documents detail more than a dozen conflicts of interest Postmaster General Louis DeJoy faced because of his and his family’s investments in a number of companies closely tied to the U.S. Postal Service,” NBC News reports.
Mo Brooks Was Late Disclosing Sale of Pfizer Stock
Rep. Mo Brooks (R-AL) “was about a month late in disclosing that he sold up to $50,000 worth of stock in the pharmaceutical company Pfizer — despite criticizing the COVID-19 vaccine manufacturer and bashing mandates for people to get a coronavirus vaccine,” Insider reports.
Hunter Biden Isn’t Going Away
Politico: “So far, right-leaning outlets that devoted less attention to the ethical issues raised by the activities of Trump’s relatives have had a field day with the Hunter Biden story. Interest in his activities, meanwhile, has been relatively muted on the left.”
“That may be changing. Along with new evidence that at least some of the alleged laptop material is genuine — as well as other emerging evidence about the deals family members have sought or received from people with an interest in influencing Biden — the bipartisan outcry over the painting venture suggests that the Hunter Biden issue is not going away, and that liberals may increasingly tune in.”
New York Probes Approval of Cuomo’s Book Deal
“New York’s ethics commission is hiring outside counsel to conduct an inquiry into its own staff’s approval of former Gov. Andrew Cuomo’s $5.1 million book deal last year,” the Albany Times Union reports.
Powell Orders Ethics Review at Fed
“Federal Reserve Chairman Jerome Powell has directed staff to review the central bank’s ethics rules around appropriate financial activities after filings showed a senior central bank official made multiple multimillion-dollar stock trades in 2020, while others held significant investments,” CNBC reports.
16 Biden Officials Given Ethics Exemptions
“Top Biden officials have been excused from the ethics rules President Biden boasts about so they can do work involving large Wall Street banks, a leading defense contractor and prominent national media outlets, records show,” Axios reports.
“At least 16 Senate-confirmed officials have received waivers to ethics laws and regulations.”
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