A Democratic lawmaker is facing serious new allegations.
According to reports, U.S. Rep. Susie Lee (D-NV) is accused of failing to disclose hundreds of personal stock trades totaling as much as $3.3 million.
Details of the trades
Business Insider provided details in its report based on a review of Lee’s congressional records.
Beginning early last year, she appears to have authorized more than 200 such trades without properly disclosing the transactions.
Seven filings between February and May 2020 in particular were not disclosed at the time by either Lee or her husband. Among the companies in which the couple either bought or sold stocks were Planet Fitness, Mariott International, and US Foods Holding Corp.
Although the exact worth of those trades was not immediately known, estimates put the number at roughly 267,000 on the low end to more than $3 million on the high end.
Lee eventually disclosed the trades, but that occurred after deadlines has passed.
“Executed by a third-party money manager”
Breitbart noted that her actions appear to be in violation of the Stop Trading on Congressional Knowledge Act passed nearly a decade ago. Regulations in that legislation require members of Congress to disclose stock trades worth more than $1,000 within 45 days of the transaction.
The rule also applies to lawmakers’ spouses.
Of course, Lee is not the first legislator to find herself in such a position. As such, she reacted with an excuse that has become common in similar circumstances, namely that she had no knowledge of the trades because someone else was in charge of them.
“These trades were executed by a third-party money manager with no input whatsoever from the congresswoman,” insisted Lee spokesperson Zoe Sheppard. “Once made aware of the transactions, Congresswoman Lee worked with a financial adviser and the House Ethics Committee to file transactions as soon as possible to comply with the disclosure requirements, and has disclosed all reportable transactions during her time in Congress.”
Sheppard noted that Lee was not fined for the late disclosures, meaning she might be officially off the hook. As for her political future, however, it remains to be seen whether this incident has any bearing on her popularity among voters.