Another day another Democrat scandal.
Rep. Tom Malinowski (D-NJ) who ironically campaigned on “reforms to limit the role of money in politics” is caught up in a stock scandal.
Malinowski has been caught failing to disclose personal stocks and may have also violated the federal STOCK act.
The Congressman trades include suspicious purchases and sales during the first weeks of the coronavirus pandemic found in a spreadsheet that Malinowski disclosed after a reporters questioned his stock activity.
The information found in the spreadsheet did not appear publicly on the House website, as required by law.
From Breitbart News:
The spreadsheet notes that Malinowski made at least $671,000 and as much as $2.76 million worth of trades during 2020. Members of Congress must report the value of their stock assets only in broad ranges, which makes a precise total elusive.
“This was not an effort on the part of the congressman to conceal any trade activities,” Malinowski’s spokesperson, Amanda Osbourne, added, separately. The congressman did not make his own trades but instead “has a financial advisor that makes trading decisions on his behalf without his regular input.
Malinowski’s Chief of Staff, Colston Reid claimed not filing the disclosures was an “oversight.”
Federal records have also shown that Malinoski failed to publicly disclose stock trades in 2019 within the legally required 30 to 45 day disclosure window. However, Malinowski did disclose the 2019 trades in August per the annual personal financial-disclosure report all members of Congress must file.
After the news broke that Malinowski is caught up in a trade scandal calls grew on social media for members of Congress to be prohibited from buying or selling stocks.
Ban members of Congress from trading stocks. https://t.co/CHaq5ppr8g
— Walter Shaub (@waltshaub) March 5, 2021
It’s time to ban all Members of Congress from trading stocks in individual companies affected by their official duties.https://t.co/W0wYKC9qe0
— Richard W. Painter (@RWPUSA) March 5, 2021