It appears that two Republican legislators are in hot water. Members of Congress are required to register their stock trades over $1,000 within 45 days of the transaction. But it appears that Representatives Pat Fallon (R-TX) and John Rutherford (R-FL) have attempted to violate the STOCK Act. They see Donald Trump skating past all sorts of traditions, transactions, and testimony and may think that they can emulate him, but they cannot. After all, at 75-years-old, he has had a lifetime of practice and the genes to ensure its success.
According to the Office of Congressional Ethics (OCR), all legislators need to fill out the Periodic Transaction Reports (PTRs). Plus, the House representatives must pay a $200 late-filing fee when they go beyond the 45-day limit. The purpose of these reports is transparency. Lawmakers are in the unusual position of having inside information that could give them an unfair advantage.
Congress’s watchdog, OCE, has been on the trail of people violating the STOCK Act. Perhaps, the two representatives will skate free, this time. Of course, legislators could easily alter restrictions to prevent these Republican attempts. Will they? It is hard to say.
Fallon turned in his first Periodic Transaction Report one year ago. As a newly elected representative, he had according to The Roll Call:
‘All of these transactions were disclosed late under the STOCK Act’s filing deadlines, and the majority of the trades were reported outside the Committee’s grace period, meaning they warranted a fine payment.’
Fallon’s PTRs show:
‘[E]vidence a pattern of late disclosure of reportable transactions, which continued even after he was on notice of his STOCK Act filing obligations.’
Fallon also filed late Periodic Transaction Reports (PTR). According to the reports:
‘[E]vidence collected by the OCE suggests that Rep. Fallon knew, or should have known, about his PTR filing obligations by February 2021.’
The OCE recommended the House Ethics Committee issue a subpoena. Attorney for Fallon Kate Belinski wrote to the Ethics Committee saying:
‘In sum, this was an entirely inadvertent oversight by a brand-new Member of Congress. As soon as he was aware of the issue, he conducted the due diligence required to completely and accurately correct the record by reporting the late transactions.’
Belinski also represents Rutherford who is in his second term. He frequently “trades securities” for his IRA accounts. In addition, his Periodic Transactions Reports reflect. Rutherford’s attorney wrote:
‘[E]vidence a pattern of late disclosure of reportable transactions made in these accounts, which continued even after he was on notice of his STOCK Act filing obligations.’
Rutherford’s attorney, also Belinski, wrote:
‘In sum, this was an entirely inadvertent oversight by the Congressman and his Chief of Staff, and all transactions have now been fully and accurately reported. He paid all fines owed and put a new system in place for future PTR tracking and filing.’
Will these two representatives get caught? Only time will tell.
Featured image is a screenshot via YouTube.
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