House Speaker Nancy Pelosi (D-CA) has already taken criticism in the new session of Congress for not being able to control her caucus, which often results in unfavorable optics concerning the overall health of the party.
According to Breitbart, she appears to have a new headache brewing as Rep. Tom Malinowski (D-NJ) was hit this week with ethics complaints about a number of lucrative stock trades that he allegedly failed to disclose. The groups that lodged the complaints are asking the Office of Congressional Ethics to investigate the issue.
The stock trades allegedly undisclosed by Malinowski amounted to a staggering $671,000, which was uncovered by two watchdog groups, the Campaign Legal Center and the Foundation for Accountability and Civic Trust (FACT).
Under the STOCK Act, members of Congress are required by federal law to disclose both purchases and sales of stocks within 30 to 45 days of the transaction. That rule is in place to assure the voting public that members of Congress playing the stock market are playing by the same rules as everyone else.
“It appears Malinowski was secretly trading stocks related to a national crisis, which prevented the public from evaluating whether his transactions were based upon information he obtained from his official position,” said FACT executive director Kendra Arnold.
At the crux of that allegation was the stock sale of $15,000 that Malinowski made just prior to the national COVID-19 pandemic last year, as he reportedly sold shares of Chembio Diagnostics, which is a company that dealt in selling COVID-19 testing supplies.
Not surprisingly, Malinowski’s office responded to the situation last week and called his failure to properly disclose the trades within the required time frame an “oversight,” adding that the New Jersey Democrat is now trying to correct the problem.
“It’s bad enough Malinowski broke federal law by failing to report these transactions, but even worse is the fact that he may have done it to hide trades that allowed him to profit off a pandemic while his constituents suffered,” said National Republican Congressional Committee (NRCC) spokesperson Samantha Bullock.
Only time will tell if Malinowski faces any serious consequences for his alleged failure to disclose his stock positions, but this is yet more evidence as to why members of Congress are considered by so many as some of the most corrupt, shady individuals in the country.