GOP Congressman Put Under Investigation For Hiding 90 Stock Transactions

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The House Ethics Committee is investigating first-term Representative Pat Fallon for not reporting significant stock trading, according to The Dallas News. We are not talking about a minor error. He traded a minimum of seven million dollars in over 90 stock trades just between January and April 2021. To comply with The Stop Trading on Congressional Knowledge Act or STOCK Act, an individual must report any securities transactions to the House Clerk’s Office. And all that must happen within 45 days. Fallon’s were not, according to The Forbes Magazine.

When the Ethics Committee gets a referral from the Office of Congressional Ethics, it is required to either make a statement that it was received within 45 days or release the OCE’s report. At this time, the Ethics Committee has not indicated the reason it opened an investigation into Fallon. However, the panel’s inquiry noted that it was about stock trades.

When a legislator files late, the fine is $200 for each time a stock is traded. According to the House Ethics Committee, Fallon’s spokesperson released this statement:

‘When Congressman Fallon learned of the requirement to file periodic transaction reports for certain transactions, he spoke with the Ethics Committee. He subsequently filed all required reports and chose to proactively pay the fines owed to the U.S. Treasury through the Legislative Resource Center.’

The spokesperson added that “the extension was a matter of capacity” for the Ethics Committee.

Then, the bipartisan watchdog Campaign Legal Center also file a complaint with the Office of Congressional Ethics against the Fallon report, referencing tardy disclosure.

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Ethics Committee member Representative Susan Wild (D-PA) spoke to The Washington Post earlier:

‘Quite honestly, we have spent way too much time over the last year having to be the mask police.’

Representatives Ronny Jackson (R-TX), John Rutherford (R-FL), and Thomas Suozzi (D-NY) are also being investigated the House Ethics Committee reported, fulfilling its commitment to revealing its investigations within 45 days. Of note, Rutherford sits on the Ethics Panel.

As the Ethics Committee’s statement notes:

‘[T]he mere fact of a referral or an extension, and the mandatory disclosure of such an extension and the name of the subject of the matter, does not itself indicate that any violation has occurred, or reflect any judgment on behalf of the Committee.’

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The Ethics Panel must reveal any action it will take against Representative Fallon by the end of May.

Featured image is a screenshot via YouTube.


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