![]() ![]() Under the STOCK Act, lawmakers and their senior staff who earned at least $132,552 a year in 2021 must report stock trades of more than $1,000 within 30 days of the transaction - or within 45 days if they didn't learn about the trade until a little later, often because it was made by a broker or spouse. Penalty payments rest on an 'honor system' They're instructed to pay a fee or apply for a waiver. Chris Coons of Delaware, sends an email to Senate staffers who are late on their disclosures. ![]() The Senate Select Committee on Ethics, led by Democratic Sen. When they disclose information months or even more than a year later, it becomes difficult to scrutinize their actions. The federal government's executive branch, for example, publicly releases details about the fines it collects from employees who filed financial documents late.Īs conceived, the STOCK Act is supposed to encourage members of Congress and their top aides to think twice about their personal financial trades, knowing they'd be subject to greater oversight by the public and their colleagues. "I don't have a sense of how much it is being enforced."Ĭongress is significantly more opaque than other parts of the government when it comes to the personal financial interests of its members and staffers. Abigail Spanberger, of Virginia, who introduced the TRUST in Congress Act, which would require members of Congress to place certain personal investments in a blind trust. "From a transparency standpoint, it would be helpful to have that information be public," said Democratic Rep. "The enforcement of the financial-disclosure requirements is virtually nonexistent," said a former investigative counsel in the House's independent Office of Congressional Ethics, who was granted anonymity in order to speak candidly.Įven some federal lawmakers say change is needed. But when it comes to a member's personal finances, the House doesn't do a particularly good job of policing itself on a law it helped write. ![]() For instance, consider that the House routinely issues automatic fines when members violate COVID-19 mask mandates and makes the information public. It also shows how Congress sets a lower standard for itself on financial conflict-of-interest matters than on other concerns. It's a situation that ethics experts say leaves the public in the dark, lets Congress off the hook, and renders the STOCK Act - intended to promote transparency, extinguish conflicts of interest, and defend against insider trading - toothless. This lack of transparency makes it impossible to independently determine whether STOCK Act lawbreakers truly face consequences, and if so, to what degree. Account icon An icon in the shape of a person's head and shoulders. ![]()
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