Evidence shows Rep. Kurt Schrader failed to properly disclose stock transactions
Washington, D.C. -- February 24, 2022, The non-partisan ethics watchdog, the Foundation for Accountability and Civic Trust (FACT), filed a complaint requesting the Office of Congressional Ethics (OCE) immediately investigate Rep. Schrader for failing to disclose various stock transactions within the legal timeframe required under federal law.
Federal law and House Ethics rules require Members to file periodic reports to disclose any financial transactions exceeding $1,000 within 30 to 45 days of the transaction.
Recent reporting shows that Rep. Schrader sold up to $15,000 in Charter Communications, Inc. stock on December 9, 2021, and $15,000 in AON PLC stock on December 14, 2021. Rep. Schrader did not disclose these stock sales until February 3, 2022 -- after the 45-day deadline. Although Schrader’s office stated he did not have “any direct involvement in investment decisions as it relates to the purchase or sale of stocks,” this statement is irrelevant. Whether or not Members make the trades personally or have another party do so on their behalf, the Member is required to disclose the trades in a timely manner, as even having knowledge of their investments can create conflicts of interest.
“The STOCK Act is one of the most fundamental ethics laws and there is no excuse for violating it. The law does not allow Members to claim ignorance about their personal financial transactions, and the law would be wholly ineffective and unenforceable if such excuses worked. When a Member chooses to make stock transactions they have an affirmative duty to ensure compliance with the law, and the OCE must investigate and impose the proper penalties related to this violation," said Kendra Arnold, Executive Director of FACT.
A full copy of the complaint can be found by clicking here.
FACT is a nonprofit organization dedicated to promoting accountability, ethics, and transparency in government and civic arenas. For more on FACT, visit: http://factdc.org/
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