House Democrats are already facing an uphill battle to maintain control of the lower chamber, as they’re widely predicted to lose big in the 2022 midterm elections.
According to Breitbart, the party has a new challenge, as Rep. Tom Malinowski (D-NJ), who is described as a “vulnerable” Democrat, not only faces multiple ethics complaints with regard to his financial transactions, but a new report from July revealed that he filed several stock market-related transactions much later than what is required by federal law.
What’s going on?
Malinowski was already under the watchful eye of several watchdog groups for his gross mishandling of how he reported — or failed to report — hundreds of thousands of dollars in various stock market transactions.
A Business Insider report revealed that the New Jersey lawmaker appears to have retroactively filed several disclosures from transactions made in 2019. In addition, several disclosure forms he filed earlier this year appear to have been amended.
Both actions tend to be huge red flags, especially when they’re made by a person who already has financial disclosure issues.
It’s not difficult to understand why Malinowski’s filings have raised concerns, as the federal STOCK Act requires members of Congress to file stock market transactions within 45 days, which Malinowski far exceeded on several occasions, it appears.
“Violating federal law three times is no ‘technical issue,’ and Tom Malinowski’s attempt to dismiss it as such is proof that he knows his stock trading problem will cost him his seat in 2022,” said National Republican Congressional Committee (NRCC) Spokeswoman Samantha Bullock.
Not his first rodeo
Malinowski appears to not be a stranger to ethics complaints, having had several filed against him, as recently as last year, with regard to his stock market-related transactions.
“The Campaign Legal Center and Foundation for Accountability and Civic Trust (FACT) urged the congressional ethics agency to investigate the New Jersey Democrat over the congressman’s failure to disclose a significant number of stocks,” Breitbart revealed in a previous report.
FACT director Kendra Arnold made clear that Malinowski’s failure to disclose a number of transactions last year suggests that he potentially benefitted financially from information related to the COVID-19 pandemic that only elected officials could have known at the time.
“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,” Arnold said.
Only time will tell if the New Jersey Democrat is able to wiggle out of legal trouble for his failure to comply with federal law, but no matter what, he just single-handedly made his party’s job of protecting his House seat next year much more difficult.