- Democratic Rep. Sean Patrick Maloney of New York didn’t disclose stock sales on time.
- Republican Rep. Rick Allen of Georgia invests in a company known for green energy.
- Several current or former senators have asked for extensions in filing annual financial disclosures.
- See more stories on Insider’s business page.
Members of Congress routinely trade stocks, buying and selling the shares of companies that often have significant business before the federal government — and sometimes spend lots of money to lobby lawmakers.
Insider dug through congressional financial disclosure records federal lawmakers filed in recent days. Here are the latest highlights from what we’ve found.
Maloney’s disclosure delay
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.”
Read more: Democratic Rep. Tom Malinowski is hit with two congressional ethics complaints following Insider’s report that he didn’t disclose dozens of stock trades
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.
No Republican backed the $1.9 trillion stimulus bill President Joe Biden signed into law in March, and GOP leaders are trying to present a similarly unified front against the swirling infrastructure package.
But might recent stock purchases by Republican Rep. Rick Allen of Georgia have revealed a potential ally?
The four-term lawmaker, who last fall took to the House floor to bash the “radical left’s socialist Green New Deal priorities,” recently bought up to $15,000 worth of shares in NextEra Energy, Inc. The Florida-based company, which bills itself as the “world’s largest producer of wind and solar energy,” estimates that it plans to pump up to $55 billion into infrastructure projects over the next two years.
Allen also invested up to $50,000 in shares of Walt Disney stock — no word on whether he’s spellbound by critical darling “WandaVision.” He may have second thoughts once (or if) he tries to slog through the clunkier “The Falcon and the Winter Soldier.”
The wife of Rep. Mike Gallagher, actress Anne Horak Gallagher, sold up to $15,000 worth of stock in Walmart Inc. on March 25, after a slow but steady climb from a year-to-date low on March 4.
While the Gallaghers have invested in Walmart, the retail giant’s political action committee has also invested in Gallagher, giving the Republican from Wisconsin $2,000 toward his 2020 re-election campaign.
Clay dumped oil, tobacco stocks days before voters dumped him
Now-Rep. Cori Bush, a Democrat from Missouri, scored one of the most notable primary upsets of the 2020 election cycle when she defeated longtime Rep. William Lacy Clay — effectively ending a Clay family political dynasty that spanned more than half a century.
Clay recently filed his final congressional personal financial disclosure, which indicates he sold up to $15,000 worth of stock in both tobacco company Phillip Morris and oil company ConocoPhillips on July 21, days before his primary defeat.
Clay had received a lifetime score of 90 percent from the League of Conservation Voters, which advocates for “an economy powered entirely by renewable energy sources.”
Simpson betting on a travel spike?
With the nation’s air travel load increasing alongside hope the COVID-19 pandemic will soon recede, Rep. Mike Simpson, a Republican from Idaho, purchased up to $15,000 worth of shares in American Airlines Group stock on March 18.
The stock’s price closed at just under $25 that day — significantly up from a low around $9 in May, but well off a three-year high of about $47.
Searching for an exit
Rep. Anthony Gonzalez, a Republican from Ohio, bailed on up to $100,000 worth of shares in Elastic NV, a software and search company.
Gonzelez reported selling his shares on March 5, when Elastic NV, which briefly traded above $170 per share in January, closed at $123.55 a share. Since then, the company’s stock has yet to close above $122.
Lowenthal high on buying
Rep. Alan Lowenthal, a Democrat from California, purchased up to $15,000 in NVIDIA Corporation stock in late March, while his wife bought up to $15,000 each in Netflix and Toll Brothers stock.
See ya’ in the summer
Republican Sens. Rick Scott of Florida and Bill Hagerty of Tennessee have asked for — and received — 90-day extensions on filing their annual personal financial disclosure as mandated by law. Originally due May 17, they’re now due August 15.
Meanwhile, former Sen. Kelly Loeffler, a Republican of Georgia, who found herself in a less-than-peachy stock brouhaha in the early days of the COVID-19 pandemic, asked for a 30-day extension in filing her final personal financial disclosure report.
Senate officials obliged the Republican ex-politico, who in January lost in a runoff to Democrat Raphael Warnock. The report, originally due April 19, it’s now due May 19.
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