DCCC Chair Maloney violated federal law after failing to disclose stock trades
Sean Patrick Maloney violated federal law after selling $11,000 worth of stocks last June that he did not report until just last week.
Members of Congress are required to report stock transactions within 30-45 days.
Maloney is dismissing the violation as an oversight – is that what we’re calling breaking the law now?
NRCC Comment: “House Democrats chose an incompetent crook to lead their campaign arm.” – NRCC Spokeswoman Samantha Bullock
In case you missed it…
Maloney’s disclosure delay
By: Warren Rojas, Dave Levinthal
Business Insider
April 12, 2021
https://www.businessinsider.com/congress-stocks-sean-patrick-maloney-rick-allen-2021-4
After Rep. Sean Patrick Maloney‘s mother died, the congressman inherited shares of eight stocks, including those of Apple Inc., Microsoft Corporation, alcohol conglomerate Diageo PLC, and investment management company BlackRock Inc.
Total value: $11,051. Last June, he sold the stocks.
But Maloney didn’t publicly disclose those stock sales until last week.
That’s a potential problem because federal law mandates that members of Congress publicly disclose stock trades in a “periodic transaction report” within 30 to 45 days of making a trade, depending on the kind of trade. Late filings of this sort can expose a member of Congress to an investigation and potential fine.
“During preparation for the filer’s [financial disclosure] report, it was determined that these 8 transactions totaling $11k should have been reported on a [periodic transaction report],” Maloney wrote on April 2 to the Clerk of the House of Representatives. “As soon as this oversight was discovered, this filing was submitted to provide full transparency into that sale.”
In response to questions from Insider, Maloney spokesperson Libbie Wilcox said neither the Office of Congressional Ethics, an independent body empowered to investigate members of Congress’ conduct, nor the House Committee on Ethics has contacted Maloney’s office about this matter.
“We assume this is a routine belated filing issue, and if there is a penalty of course we will pay,” Wilcox said.