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Yet More Lawmakers Apparently Violate House Stock-Trading Rules

By News Creatives Authors , in Billionaires , at January 1, 1970

Three lawmakers apparently violated the House’s rules on stock trading, while another congressman bought stock in an oil firm just days after defending the company during a hearing on Capitol Hill.

On Friday, Rep. Kim Schrier (D-Wash.) reported buying a stake in Apple worth more than $500,000 in a joint account in July. A federal law requires lawmakers to report securities trades within 45 days. 

“Rep. Schrier was unaware of the transaction, which was made by her husband who handles their finances independently,” Elizabeth Carlson, a spokesperson for Schrier, said in a statement. “As soon as she became aware, she filed the required report. She has never before missed a transaction reporting deadline and will make sure all such deadlines are met in the future.”

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The wife of Rep. Alan Lowenthal (D-Calif.) spent more than $15,000 on bonds in the technology firm VMWare on Sept. 10, a transaction he didn’t disclose until Nov. 10. And earlier this month, Rep. Richard Allen (R-Ga.) reported a June purchase of more than $15,000 of shares in Dover, an industrial manufacturer. It wasn’t the first time Allen took more than 45 days to report a trade. Spokespeople for the congressmen did not respond to inquiries.

News outlets, including Forbes, have identified 47 lawmakers who’ve been late reporting their stock trades, according to a tally kept by Insider. 

Rep. Bob Gibbs (R-Ohio) reported his purchase of more than $1,000 in Exxon Mobil within 45 days, yet it’s still noteworthy. The trade took place 12 days after Gibbs defended oil executives who were testifying before the House Committee on Oversight and Reform. During the hearing, Gibbs called it “shameful” that Democrats were demonizing the oil-and-gas industry. Gibbs’ entanglements with the oil industry go beyond his personal investments. His campaign has received $42,000 from the oil industry groups that testified before his panel. 

Gibbs’ office did not respond to an inquiry.


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