Rep. Jamie Raskin (D-Md.), a prominent figure in the House Oversight Committee, is under renewed scrutiny for his wife’s stock trades. A conservative policy group has filed an ethics complaint against Raskin, alleging a breach of federal financial disclosure laws.
What Happened: The Center for Renewing America has reignited an ethics complaint against Raskin for not promptly disclosing his wife’s stock holdings, reported Fox Business on Wednesday. The criticism centers around Raskin’s delay in reporting stock shares that his wife, Sarah Bloom Raskin, received from a Colorado-based financial technology company.
“It is imperative that Members disclose assets that they or their families have in compliance with the law so that the public can assess what may be motivating a Member to take certain positions or actions,” the Center for Renewing America President Russ Vought said in a letter.
The complaint filed on Friday by Vought, a former White House Office of Management and Budget (OMB) director under former President Donald Trump, highlights potential violations of federal financial disclosure laws by Raskin.
“This failure is a clear violation of Raskin’s reporting duties and also raises serious questions about further potential violations,” the letter states.
“Since Raskin did not see fit to disclose Reserve Trust as a source of income in 2017, it is unclear if he also failed to do so for subsequent years. It is possible that Reserve Trust compensated Mrs. Raskin with further shares for services rendered in subsequent years. Given Raskin's approach to disclosure, the public would never know.”
This is not the first time Raskin has faced such allegations. Similar accusations surfaced in 2022 when it was reported that the Maryland Democrat had delayed disclosing a $1.5 million payout his wife received after selling shares of Reserve Trust.
The American Accountability Foundation, a conservative watchdog group, had previously filed an ethics complaint over these disclosures in 2022. However, the Center for Renewing America’s new complaint seeks to reopen the issue following the impact of the allegations on President Biden’s nomination of Sarah Bloom Raskin as the Federal Reserve’s vice chairwoman for supervision.
Why It Matters: Stock trading by the members of Congress is often considered suspicious, given that they may be privy to insider information. This incident raises concerns amid the ongoing scrutiny of Congressional stock trading, fueling support for the “Ban Congressional Stock Trading Act,” a bipartisan bill prohibiting representatives from directing their investments. Despite growing support, the vote for the bill has been repeatedly delayed. TCMD's current value, lower than its yearly highs, notably began climbing after Senator Smith's investment, following a sharp fall.
Nancy Pelosi, the former House Speaker, is known for her involvement in stock trading, to the extent that a tracker exists for her portfolio. The stock acquisitions made by her spouse frequently face scrutiny, particularly in light of the regulatory information she has access to.
In December, it was reported that Sen. Tina Smith's (D-Minn.) significant November investment in a medical device maker's stock has yielded her a remarkable 48% return within just two months. Smith purchased $250,000 worth of healthcare company Tactile Systems Technology TCMD shares, a move labeled as "the most suspicious congressional stock trade in months" by Quiver Quantitative on social media.
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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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