Fauth is chairman of the National Mediation Board, an agency that facilitates labor-management relations in the U.S. Those probes ended without criminal charges being filed.īut the Securities and Exchange Commission is conducting a civil investigation of whether Burr and his brother-in-law, Gerald Fauth, and Fauth's wife engaged in insider trading off of nonpublic information Burr obtained about Covid as part of his job. Last year, federal prosecutors investigated stock sales made in advance of a Covid-sparked market plunge by and connected to Sen. Collins had been the first member of Congress to endorse Trump's first run for the White House in 2016. His children, Cameron and Caitlin, were at one point the third- and fourth-largest shareholders, respectively, with each owning 2.65% of the company at that time, or 5.2 million shares apiece.Ĭollins, who had been serving a 26-month prison sentence, was pardoned by President Donald Trump in December 2020, shortly before Trump left office. Chris Collins, R-N.Y., pleaded guilty to federal charges related to tipping off his son about nonpublic information he had obtained about a pharmaceutical company's failed drug trial, shortly before public disclosure of that information sent the company's stock into a tailspin.Ĭollins had for years beforehand touted the prospects of the company, Innate Therapeutics, and was on its board of directors even as he served in Congress.Ĭollins also was Innate's biggest shareholder in early 2016, owning more than 17% of the company, or almost 34 million shares. Lawmaker stock controversiesĪ number of good-government groups and some lawmakers have called for a ban on owning stocks, or mandating that members of Congress put their financial holdings in a blind trust while they are in office.Īllowing lawmakers to continue to own index funds, which track sectors of financial markets, is seen as one way to allow them to get investment returns while limiting the potential for benefiting from information they obtain about individual companies or being perceived as doing so. Their trades came as the coronavirus rocked markets, and while the Fed itself was engaging in massive purchases of assets aimed at keeping markets stable. That ban came on the heels of the resignations of two Federal Reserve regional presidents, Robert Kaplan of Dallas and Eric Rosengren of Boston, after disclosures that they had traded individual securities in 2020. In October, the Federal Reserve announced a wide-ranging ban on officials of the central bank owning individual stocks and bonds. In another tweet, Shaub wrote, "In an objective world, free of politics, members of Congress would be mocked for the absurdly weak ethics rules they've written for themselves."Įarlier Monday, Securities and Exchange Commission Chairman Gary Gensler called for tougher rules limiting stock trading by corporate chief executive officers and other top executives. But your average schmuck doesn't get confidential briefings from government experts chock full of nonpublic information directly related to the price of stocks." "She might as well have said 'let them eat cake.' Sure, it's a free-market economy. "It's a ridiculous comment!" Shaub wrote. Office of Government Ethics, blasted Pelosi's reference to the "free market economy" in the first of a series of tweets about the lack of a ban on stock ownership by lawmakers. Walter Shaub, former director of the U.S. "But If people aren't reporting, they should be," Pelosi added. Biden taps Fed's Brainard, Bernstein for top economic jobs as part of White House reshuffle.Pressure mounts on Biden to address the nation on shoot down of latest aerial objects.Abortion foes to get National Archives tour, apology after filing suit over clothing ban.Judge rejects Trump offer to provide DNA sample in E.FEC tells George Santos to name campaign treasurer or face ban on fundraising and spending.Matt Gaetz won't be criminally charged in DOJ sex trafficking probe, his lawyer says Moderna CEO Stephane Bancel will testify before Senate next month on Covid vaccine price hike.deficit by $2 trillion over the next decade will default this summer unless Congress raises debt limit, CBO warns Russian strikes hit critical infrastructure in western city of Lviv UN to vote on new peace resolution.China sanctions Lockheed Martin, Raytheon for selling weapons to Taiwan.Georgia judge to release portions of grand jury report on Trump election probe.Georgia grand jury recommends perjury indictments in Trump election meddling probe.Biden says three recently downed aerial objects were not linked to Chinese spy program.John Fetterman checks into hospital for clinical depression treatment, his office says Supreme Court cancels arguments on Trump immigration policy Title 42.
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