Read more:Republican Sen. Tommy Tuberville violated federal transparency law by failing to properly disclose stock transactions worth up to $3.56 millionThe law, which Congress passed in 2012, is designed to defend against corruption and conflicts of interest, particularly for lawmakers who have personal financial interests in companies that vie for lucrative government contracts and spend millions of dollars each year lobbying the federal government. Among its provisions, the STOCK Act requires members of Congress to formally and publicly disclose any individual stock trade they make within 45 days of making it.
Story continuesMembers of Congress who violate the STOCK Act often must only pay a $200 late filing fine, regardless of the overall value of the trades they were tardy in disclosing. Congressional ethics committees may refer "knowing and willful" violations of the STOCK Act to the Department of Justice for criminal investigation, although this is rare.
Insider has reported that a growing number of federal lawmakers - Republicans and Democrats - have this year violated the law's disclosure mandates.Read more:Republican Rep. Blake Moore violated federal transparency law by failing to properly disclose stock transactions worth up to $1.1 million headtopics.com
"This is all triggered by a clear trend of members of Congress defeating the purpose of the STOCK Act," said Kedric Payne, the Campaign Legal Center's general counsel and senior director for ethics. "My hope is that the members will comply with the law that they created. But if complying with that law is too difficult for them, that supports the idea that's been suggested that there should be restrictions on how they trade stocks."
Reached Thursday afternoon, Tuberville spokeswoman Ryann DuRant said that "Sen. Tuberville has filed all required paperwork with the Ethics Committee. He was assessed a late filing penalty, and it has been paid."In a statement to Insider on Thursday evening, Moore's congressional office said that when the congressman "was made aware of the deadline oversight, he immediately worked in consultation with the Ethics Committee to meet the requirements of the statutory remedy for late filings, and he has paid a late filing fee in full. Now that Congressman Moore has fully established a financial compliance process with his firm and the Ethics Committee, he will continue to ensure all future filing deadlines are met in accordance with Ethics rules."
Representatives for Fallon did not respond to a request for comment.Previously, spokespeople for each lawmaker told Insider that their respective member of Congress will work to comply with the law in the future and that they do not personally make their own stock trades. Instead, they employ financial advisors to buy and sell stock on their behalf.
Read more:Payne said that each member of Congress is personally responsible for following the law. Read more: Yahoo News »
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Can't believe Republicans would do that,aren't they the straight arrows,i mean just look at those faces,pure goodness and light Wait, Pelosi isn't a Republican
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