<ul class="summary-list"><li>A congressman from the Chicago suburbs was about two months late in disclosing six-figures in <keyword id="11911182" type="UNKNOWN" weightage="60" keywordseo="stock" source="Orion">stock</keyword> transactions.</li><li><keyword id="11893699" type="UNKNOWN" weightage="60" keywordseo="congress" source="Orion">Congress</keyword> is debating whether to ban lawmakers and their spouses from trading stocks.</li></ul><p>Democratic Rep. <keyword id="13450902" type="UNKNOWN" weightage="60" keywordseo="brad-schneider" source="Orion">Brad Schneider</keyword> of Illinois violated a federal conflicts-of-interest law by disclosing two personal stock trades about two months past a federal deadline, according to financial records reviewed by Insider.</p><p>Schneider said he sold between $50,001 and $100,000 worth of stock in pet insurance company <a href="https://markets.businessinsider.com/news/trup">Trupanion Inc.</a> on December 10. On the same day, he donated between $50,001 to $100,000 of <keyword id="13450904" type="UNKNOWN" weightage="60" keywordseo="trupanion" source="Orion">Trupanion</keyword> Inc. stock that he jointly owned with his wife, <keyword id="13450903" type="UNKNOWN" weightage="60" keywordseo="julie-dann" source="Orion">Julie Dann</keyword>, to an unnamed charity.</p><p>Trupanion stock traded for as <a href="https://markets.businessinsider.com/stocks/trup-stock">much as $155.34 per share</a> that day, near an all-time high. It's steadily decreased in value ever since, trading between $70 and $95 per share in recent days.</p><p>But the four-term congressman, whose district includes many northern Chicago suburbs, didn't disclose his December transactions to Congress until March 17 — well after a 45-day disclosure deadline mandated by the <a href="https://www.businessinsider.com/conflicted-congress-key-findings-stock-act-finances-investing-2021-12">Stop Trading on Congressional Knowledge Act of 2012</a>, commonly known as the STOCK Act.</p><div type="image" title="Congressional stock disclosure from Rep. Brad Schneider, a Democrat from Illinois." height="1814" width="1520" msid="90404164" hostid="261"></div><p>Congress <a href="https://www.cnn.com/2012/04/04/politics/stock-act-signing/index.html">passed the STOCK Act</a> a decade ago in an attempt to defend against conflicts of interests among its members and provide the public greater insight into how lawmakers invest their personal wealth.</p><p>"Representative Schneider inadvertently did not hit the 'submit' button when entering a stock transaction in December," spokesperson Maggie Harden told Insider in a statement. "He discovered the error last week and immediately submitted the data and paid the associated late fee. The mistake has now been fully resolved."</p><p>The standard fine for a late financial disclosure <a href="https://www.businessinsider.com/congress-stock-act-violations-penalties-consequences-2021-12">is $200</a>. But the Committee on House Ethics, which administers such fines, does not make public members of Congress' payments — or non-payments. Harden declined to volunteer how much Schneider paid and did not respond to a request to provide proof of payment.</p><p>Harden did not answer questions about what charity Schneider donated his shares to. Schneider's wife, Julie Dann, is president of the Charles and Audrey Dann Charitable Foundation, a charity that exists to support the Jewish Federation of Metropolitan Chicago, according to the charity's <a href="https://projects.propublica.org/nonprofits/display_990/364018189/05_2021_prefixes_35-36%2F364018189_202006_990_2021051118084877">most recent federal tax return</a>.</p><p>Schneider's late disclosures come at a time when Congress is <a href="https://www.businessinsider.com/stock-ban-congress-pelosi-mccarthy-mcconnell-schumer-2022-2">debating whether to ban</a> federal lawmakers, and potentially their immediate family members, from trading individual stocks.</p><p>A Committee on House Administration <a href="https://www.businessinsider.com/congress-stock-ban-house-hearing-trading-2022-2">hearing on the matter</a> — delayed because Chairperson Zoe Lofgren <a href="https://www.businessinsider.com/congress-stock-ban-hearing-covid-postponed-zoe-lofgren-2022-3">contracted COVID-19</a> — is imminent, and dozens of lawmakers have sponsored or co-sponsored several similar stock-ban bills.</p><p>Lawmakers' interest in pursuing stock trading reforms has deepened of late after Insider's <a href="https://www.businessinsider.com/financial-conflicts-congress-members-rated-2021-12">"Conflicted Congress"</a> project in December found that <a href="https://www.businessinsider.com/congress-stock-act-violations-senate-house-trading-2021-9">dozens of lawmakers</a>, and <a href="https://www.businessinsider.com/congress-staff-violated-stock-act-conflicts-of-interest-possible-2021-12">at least 182 senior congressional staffers</a>, had failed to comply with the reporting requirements of the STOCK Act.</p><p>In addition to Schneider, Insider in March alone has found that Democratic Sen. <a href="https://www.businessinsider.com/sheldon-whitehouse-rhode-island-stock-act-congress-trading-tesla-target-2022-3">Sheldon Whitehouse</a>, Democratic <a href="https://www.businessinsider.com/tom-suozzi-stocks-congress-new-york-governor2022-3">Rep. Tom Suozzi</a> of New York, and Republican <a href="https://www.businessinsider.com/pete-sessions-texas-congress-stock-trade-ban-2022-3">Rep. Pete Sessions</a> of Texas each violated the STOCK Act's disclosure provisions.</p><p>"<keyword id="12727727" type="UNKNOWN" weightage="60" keywordseo="conflicted-congress" source="Orion">Conflicted Congress</keyword>" also <a href="https://www.businessinsider.com/congress-members-are-trading-defense-stocks-while-shaping-military-policy-2021-12">found</a> <a href="https://www.businessinsider.com/lawmakers-bought-sold-covid-19-related-stocks-during-pandemic-2021-12">numerous</a> <a href="https://www.businessinsider.com/congress-democrats-with-fossil-fuel-stocks-investments-2021-12">examples</a> <a href="https://www.businessinsider.com/lawmakers-investing-in-crypto-as-congress-weighs-regulations-2021-12">of</a> <a href="https://www.businessinsider.com/congress-holding-stocks-facebook-twitter-disney-fox-news-2021-12">conflicts</a> of interest, <a href="https://www.businessinsider.com/russia-ukraine-congress-stocks-investments-2022-3">including</a> that four members of Congress or their spouses have either currently or recently invested money in Russian companies at a time when Russia has invaded Ukraine.</p><p>At least 19 members of Congress have <a href="https://www.businessinsider.com/congress-war-profiteers-stock-lockheed-martin-raytheon-investment-2022-3">investments in at least one of two defense contractors</a>, Lockheed Martin and Raytheon, who manufacture missiles that Western nations are shipping to Ukraine's military.</p><p>Harden did not answer a question about whether Schneider supports any of the several bills Congress is considering that would limit or ban lawmakers' stock trades.</p><p>"The fact that members of congress repeatedly fail to comply with the simple reporting requirements in the STOCK Act just shows why congressional stock trading reform is so critical," said <a href="https://campaignlegal.org/staff/delaney-marsco">Delaney Marsco</a>, senior legal counsel for the Campaign Legal Center, a nonpartisan watchdog organization. "Voters have a right to know what lawmakers' financial interests are in real time, and when one member's failure to click a button means voters don't get that information, it's a big problem. If lawmakers were not permitted to trade stock in the first place, this wouldn't continue to be an issue."</p>

Democratic Rep. Brad Schneider of Illinois violated a conflicts-of-interest law with late stock-trade disclosures. His office blames a missed mouse click.

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<ul class="summary-list"><li>Four Democratic members of Congress broke a federal conflict-of-interest and transparency law.</li><li>Reps. Josh Gottheimer, Mary Gay Scanlon, Susie Lee, and Brad Schneider disclosed financial trades late.</li></ul><p>Four more Democratic members of the House of Representatives have violated a federal conflicts-of-interest and transparency law, according to an Insider review of new congressional financial disclosures.</p><p>Reps. Josh Gottheimer of New Jersey, Mary Gay Scanlon of Pennsylvania, Susie Lee of Nevada, and Brad Schneider of Illinois failed to follow the <a href="https://www.businessinsider.com/stock-act-congress-trading-stocks-investing-2022-3">Stop Trading on Congressional Knowledge Act of 2012</a>.</p><p>The law requires members of Congress to report stock and other financial trades for themselves and their spouses within 45 days of making them or face financial penalties.</p><div type="image" title="Rep. Mary Gay Scanlon" height="640" width="1280" msid="93601733" hostid="261"></div><p>Scanlon's husband sold four stocks in February 2021 collectively worth up to $95,000 and exchanged up to $15,000 in shares of DuPont de Nemours early that same month, according to a disclosure she filed August 12 — almost a year-and-a-half after the fact.</p><p>Lawmakers are not required to provide the specific value of their trades, and instead, report them in broad ranges.</p><p>Carina Figliuzzi, Scanlon's spokesperson, told Insider that Scanlon "discovered that certain transactions in her husband's retirement account, which is managed by an independent financial advisor, had not been reported in a previous filing."</p><p>Figliuzzi noted that Scanlon has since paid a $200 late fee — the standard penalty for violating the STOCK Act with late disclosures — and implemented "additional procedures to ensure that such transactions will not be overlooked in the future." Figliuzzi added that Scanlon herself doesn't trade individual stocks, which Insider verified.</p><iframe src="https://embed.documentcloud.org/documents/22136153-scanlon-ptr/?embed=1&amp;responsive=1&amp;title=1" title="Scanlon PTR (Hosted by DocumentCloud)" width="700" height="905" style="border: 1px solid #aaa; width: 100%; height: 800px; height: calc(100vh - 100px);" sandbox="allow-scripts allow-same-origin allow-popups allow-forms allow-popups-to-escape-sandbox"></iframe><div type="image" title="Democratic Rep. Josh Gottheimer of New Jersey outside the Capitol on October 21, 2021." height="1000" width="2000" msid="93601735" hostid="261"></div><p>Gottheimer and his wife exchanged up to $15,000 of stock in Independent Bank Corp. in November 2021, but waited until August 2022 to report it, according to a financial disclosure he filed August 13.</p><p style="font-weight: 400;">"No shares were bought or sold here. It was just an exchange," said Chris D'Aloia, Gottheimer's spokesperson. "When our office was notified of this exchange on August 10 of this year, we immediately filed."</p><p>Additionally, D'Aloia said that before taking office, the representative "turned over management of his retirement savings and investments to a third party, who has full investment discretion."</p><p>In February, Gottheimer said he would go further and <a href="https://gottheimer.house.gov/news/documentsingle.aspx?DocumentID=3047">establish a blind trust</a> for his assets.</p><p>Congress considers a "<a href="https://www.ethics.senate.gov/public/_cache/files/286a4cf9-5aab-40ef-9a6c-bf2278e79e38/qualified-blind-trusts-guide---october-2020.pdf">qualified blind trust</a>," a <a href="https://www.businessinsider.com/meet-the-members-of-congress-who-dont-buy-and-sell-stocks-2021-12">formal arrangement requiring congressional approval</a>, to be the "most comprehensive approach" to avoiding "potential conflicts of interest or the appearance of such conflicts." Such a blind trust requires a lawmaker officially transfers management of their financial assets to an independent trustee, and they can be expensive and time-consuming to establish.</p><p>At present, Gottheimer has not formally established one, according to House records.</p><iframe src="https://embed.documentcloud.org/documents/22136152-gottheimer-ptr/?embed=1&amp;responsive=1&amp;title=1" title="Gottheimer PTR (Hosted by DocumentCloud)" width="700" height="905" style="border: 1px solid #aaa; width: 100%; height: 800px; height: calc(100vh - 100px);" sandbox="allow-scripts allow-same-origin allow-popups allow-forms allow-popups-to-escape-sandbox"></iframe><div type="image" title="Democratic Rep. Susie Lee of Nevada." height="1000" width="2000" msid="93601738" hostid="261"></div><p>Lee, whom Insider previously found <a href="https://www.businessinsider.com/susie-lee-nevada-congress-stock-act-trades-disclosure-2021-9">violating the STOCK Act</a> by failing to properly disclose trades worth up to $3.3 million, has violated the law once again.</p><p>This time, Insider found that the congresswoman and her husband traded eight stocks during 2021 that Lee did not report until August 13.</p><p>Lee's office told Insider that the congresswoman's financial advisor "noted an inaccuracy in the list of trades" when preparing her annual disclosure and that she filed an updated report once she found out.</p><p>Her office also said Lee herself does not make the trades — a third-party money manager does — and that she's since been in contact with the House Committee on Ethics.</p><iframe src="https://embed.documentcloud.org/documents/22136151-lee-ptr/?embed=1&amp;responsive=1&amp;title=1" title="Lee PTR (Hosted by DocumentCloud)" width="700" height="905" style="border: 1px solid #aaa; width: 100%; height: 800px; height: calc(100vh - 100px);" sandbox="allow-scripts allow-same-origin allow-popups allow-forms allow-popups-to-escape-sandbox"></iframe><div type="image" title="GettyImages brad schneider" height="2010" width="4020" msid="93601740" hostid="261"></div><p>Schneider, whom <a href="https://www.businessinsider.com/brad-schneider-illinois-stock-act-congress-financial-trading-2022-3">Insider previously found</a> two months late in disclosing hundreds of thousands of dollars worth of trades in Trupanion, a pet insurance company, also has violated the STOCK Act once again.</p><p>A new filing shows that Schneider's wife sold up to $150,000 worth of Trupanion stock in February and December of 2021. But Schneider did not report the trades until August 13.</p><p>Schneider's Chief of Staff Casey O'Shea told Insider that "an investment partnership that his wife inherited from her father" owned shares of Trupanion and sold them without notifying Schneider. O'Shea said the trades were discovered when compiling Schneider's annual financial disclosure, and that Schneider has since paid a $200 fine for filing late.</p><iframe src="https://embed.documentcloud.org/documents/22136551-schneider-ptr/?embed=1&amp;responsive=1&amp;title=1" title="Schneider PTR (Hosted by DocumentCloud)" width="700" height="905" style="border: 1px solid #aaa; width: 100%; height: 800px; height: calc(100vh - 100px);" sandbox="allow-scripts allow-same-origin allow-popups allow-forms allow-popups-to-escape-sandbox"></iframe><p>Since 2021, Insider's "<a href="https://www.businessinsider.com/financial-conflicts-congress-members-rated-2021-12?page=stories">Conflicted Congress</a>" project and other publications have together uncovered <a href="https://www.businessinsider.com/congress-stock-act-violations-senate-house-trading-2021-9">69 lawmakers</a>, now including Scanlon and Gottheimer, who have violated the STOCK Act by disclosing their trades late.</p><p>Democrats and Republicans <a href="https://www.businessinsider.com/stock-act-congress-republican-rick-scott-brian-mast-2022-8">alike</a> <a href="https://www.businessinsider.com/financial-conflicts-congress-members-rated-2021-12?page=stories">continue violating the STOCK Act</a>, which Congress itself passed in 2012 to defend against conflicts of interest, curb insider trading, and shine sunlight on public officials' personal financial dealings.</p><p>Insider additionally found at least <a href="https://www.businessinsider.com/congress-staff-violated-stock-act-conflicts-of-interest-possible-2021-12">182 senior congressional staffers</a> who also violated provisions of the STOCK Act.</p><h2><div type="image" title="Rep. Abigail Spanberger, a Democrat of Virginia, introduced the TRUST in Congress Act, which would require all ,embers of Congress put certain investment assets in a blind trust." height="1334" width="2000" msid="93601742" hostid="261"></div></h2><h2>The great stock trading debate</h2><p>And as these four Democratic members of Congress continue to trade stocks, their peers are debating whether lawmakers and their spouses should even be allowed to trade at all.</p><p>"You know what, if we can't keep to deadlines as they are prescribed by law," Democratic Rep. Abigail Spanberger of Virginia told Insider, "then maybe we should take one thing off our plate."</p><p>House Democrats plan on unveiling a ban on stock trading soon with a vote possibly coming in September, according to a <a href="https://www.businessinsider.com/congress-stock-trading-house-dems-close-proposing-ban-report-2022-7">report from early August.</a> </p><p>Speaker of the House Nancy Pelosi originally opposed a congressional stock-trade ban, declaring in December 2021: "We are a free-market economy. They should be able to participate in that."</p><p>She later switched her stance after receiving sharp criticism from <a href="https://www.businessinsider.com/ocasio-cortez-pelosi-no-reason-members-congress-trade-individual-stock-2021-12">both</a> <a href="https://www.businessinsider.com/trump-says-nancy-pelosi-should-be-barred-trading-stocks-2022-1">sides</a> of the aisle.</p><p>But even with Pelosi's approval, there's debate within Congress as to how far the body should go in limiting federal lawmakers' personal financial decisions. Three of the Democrats found in recent violation of the STOCK Act say they support some variation of a congressional stock-trade ban.</p><p>Scanlon's spokesperson told Insider that the representative, who is the vice chair of the House Administration Committee, which is <a href="https://www.businessinsider.com/congress-trading-stocks-nancy-pelosi-kevin-mccarthy-zoe-lofgren-2022-4">intimately</a> <a href="https://www.businessinsider.com/republicans-congress-stock-trade-ban-kevin-mccarthy-2022-4">involved</a> in the crafting of a congressional stock ban, "is a proud original cosponsor of the Ban Conflicted Trading Act to ban congressional stock trading and ensure accountability."</p><p>Lee's spokesperson, Zoe Sheppard, said that "Rep. Lee supports a ban on members of Congress directing trades of individual stocks."</p><p>Gottheimer <a href="https://gottheimer.house.gov/news/documentsingle.aspx?DocumentID=3047">said in a press release</a> that he cosponsored the "TRUST in Congress Act" which requires members of Congress to place their holdings into a blind trust. Gottheimer is currently in the process of placing his assets into a blind trust, per the release.</p>

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Democratic Rep. Brad Schneider of Illinois violated a conflicts-of-interest law with late stock-trade disclosures. His office blames a missed mouse click.

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Four House Democrats just violated a federal conflict-of-interest law with late financial disclosures

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