Two More Lawmakers Apparently Violated Stock-Trade Rules

By Zach Everson, Forbes Staff
Rep. Chris Jacobs (R-N.Y.) during a ceremonial swearing-in on July 21, 2020, in Washington. ASSOCIATED PRESS

Two more congressmen joined the growing ranks of lawmakers who’ve recently failed to report their securities trades within 45 days, as federal law requires.

Last week, Rep. Chris Jacobs (R-N.Y.) disclosed 13 securities trades, totaling more than $356,000, that were made between Jan. 19 and July 16.

While a spokesperson said one transaction was a corporation-initiated spinoff the lawmaker just learned about, Jacobs’ press secretary, Christian Chase, did not explain why Jacobs was late to report 12 transactions that involved municipal securities.

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“As part of a review during the preparation of Congressman Jacobs' annual financial disclosure, and based on guidance from the House Ethics Committee, the determination was made that these transactions should be submitted on a Periodic Transaction Report (PTR),” said Chase in a statement. “Upon making this determination, a PTR was prepared and filed disclosing all reportable transactions.”

On Wednesday, Rep. Bobby Scott (D-Va.) disclosed two stock sales from December 2020. The trades—sales of shares in publicly traded automotive technology company CDK Global and consumer products firm Colgate-Palmolive—totaled more than $2,000.

“The Congressman recently noticed that he had failed to file a PTR for those transactions,” said Scott’s press secretary, Austin Barbera. “The Congressman has made the Ethics Committee aware of the late filing and the oversight on his part.”

At least 11 other lawmakers have been late reporting their trades this summer, including the fourth-ranking House Democrat, Rep. Kathrine Clark (Mass.).

Rep. Chris Jacobs (R-N.Y.) reported 12 securities transactions that were more than 45 days old. CLERK OF THE HOUSE OF REPRESENTATIVES/REP. CHRISTOPHER JACOBS

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