(RoyalPatriot.com )- Assistant House Speaker Katherine Clark has ceased trading stocks after she violated the Stop Trading on Congressional Knowledge (STOCK) Act.
Clark, a Massachusetts Democrat and a possible successor to House Speaker Nancy Pelosi, last declared stock trades in September 2021.
Rodney Dowell, Clark’s spouse, sold over two dozen equities, including Microsoft, PepsiCo, Starbucks, Visa, and Google parent Alphabet. Three weeks ago, Business Insider claimed Clark didn’t reveal Dowell’s $285,000 stock trades.
Since then, Clark and Dowell, who formerly traded equities, have bought $450,000 to $1 million in US Treasury notes, according to congressional documents.
The couple’s new investing strategy coincides with a heated discussion on Capitol Hill over whether to outlaw all stock trading by lawmakers and their wives. The House Administration Committee held a public hearing on the issue in April, and members are seeking to combine numerous proposals into one voteable package.
Insider’s “Conflicted Congress” research discovered that at least 60 lawmakers and 182 top congressional employees had violated the STOCK Act. Hundreds more lawmakers own stocks that clash with their obligations as elected officials.
Insider asked Clark’s office about her stock ownership and if she favors a ban on politicians and their spouses trading stocks.
A representative for Clark told Insider that Assistant Speaker Katherine Clark continues to completely and transparently comply with all financial disclosure obligations.
Clark isn’t the only lawmaker to have changed their financial strategy since December.
Rep. Peter Welch, a Vermont Democrat, said he and his wife would quit trading individual stocks.
Rep. Josh Gottheimer, a New Jersey Democrat and aggressive stock trader, declared he would place his stock assets in a “qualified blind trust” – a legal structure needing congressional approval. A politician delegates administration of their financial assets to an impartial trustee.
Contrary to Congressional guidelines, trusts are considered a complete way to prevent possible conflicts of interest or perceptions of such conflicts.
According to legislative documents, Gottheimer’s blind trust was not formalized until Monday.
According to an Insider study of government reports, 55% of members of Congress did not buy or trade individual equities in 2020.
Some invested in mutual funds or government bonds. Some even reported they saved money in savings accounts.
According to congressional data, several other legislators are prolific stock traders, with some making dozens or even hundreds of trades every year.