Congresswoman Violates STOCK Act With Over 200 Late Trade Disclosures: Purchases Include Mag7, Healthcare Stocks
Rep. Julia Letlow (R-La.) reportedly violated a federal transparency law by failing to disclose her personal stock trades within the required time frame.
Lawmaker Missed STOCK Act Trade Filings
Letlow, a third-term Louisiana congresswoman, failed to disclose 224 stock and bond trades within the 45-day reporting window required under the Stop Trading on Congressional Knowledge (STOCK) Act, reported NOTUS on Thursday. Letlow also amended all five of her annual financial disclosures dating back to 2020.
The value of these trades, some of which were disclosed over a year late, ranges between $225,000 and $3.3 million. Letlow’s stock trades include shares of Magnificent 7 companies like Alphabet Inc(NASDAQ:GOOGL), Amazon.com Inc(NASDAQ:AMZN), Apple Inc(NASDAQ:AAPL) and Meta Platforms Inc(NASDAQ:META).
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Some of the other stocks are Chevron Corporation(NYSE:CVX), Citigroup Inc(NYSE:C), Goldman Sachs Group Inc(NYSE:GS), Las Vegas Sands Corp(NYSE:LVS),, NextEra Energy Inc(NYSE:NEE), Pfizer Inc(NYSE:PFE), Philip Morris International Inc (NYSE:PM), Taiwan Semiconductor Manufacturing Co Ltd(NYSE:TSM), and UnitedHealth Group Inc(NYSE:UNH).
Letlow’s office acknowledged the violation, but spokesperson Matt Smith told the publication that the congresswoman was not directly involved in the trades, which were managed by investment firm Merrill Lynch. The firm had the authority to make these decisions without consulting Letlow. Her office has informed the House Ethics Committee about the violation and is committed to ensuring transparency moving forward.
Congressional Trades Under Scrutiny
Letlow's delayed disclosure comes amid a bipartisan push to ban members of Congress, and their families, from owning or trading individual stocks, following the introduction of the Restore Trust in Congress Act by Sen. Kirsten Gillibrand (D-N.Y.) and Ashley Moody (R-Fla.) on Thursday.
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Signed into law in 2012 by former President Barack Obama, the STOCK Act bars members of Congress from using nonpublic information for personal gain and requires expanded, regular disclosure of their financial trades. Under the STOCK Act, it is mandatory for members of Congress to disclose their transactions of more than $1,000 within 45 days. Violations lead to a $200 late fee for the first offense.
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