Chris Miller doubled his money investing in a renewable-energy company in 2008. As the Wall Street Journal points out today, that wouldn't normally raise eyebrows, except that Miller is Sen. Harry Reid's (D-Nev.) top energy-policy adviser.
The Wall Street Journal looked at congressional financial disclosures compiled by LegiStorm and found 72 staffers who held shares in companies overseen by the staffers' employers. In recent years, as far as we are aware, it is the only comprehensive review of potential conflicts of interest that congressional staff may have.
In addition to Miller, the Journal profiled several staffers who were able to reap large returns on investments in companies their offices have regulatory authority over. Joel Brubaker, chief of staff to Rep. Shelley Moore Capito (R-W.Va.) who serves on the House Financial Services Committee, made at least 171% profit on an investment in Citigroup Inc.
All the staffers profiled in the Journal article say they didn't use inside information to profit on their investments.
A spokesman for Reid told the Journal Miller had no influence over legislation which benefitted the company Miller invested in. However, the spokesman later added that the investment "showed poor judgement" and staffers "must not only follow the law, but must meet the higher standards the public has a right to expect from elected officials and their staffs."
The Journal used LegiStorm's data to look at more than 3,000 staffer disclosures filed in 2009 and 2010. Although all members of Congress and their top aides are required to file the financial disclosures detailing their assets and stock holdings, there are no restrictions on holding stock in companies they oversee.
The disclosures are filed in paper form and are only made available at the House and Senate public records office. In order to improve transparency, LegiStorm prints copies of every disclosure and makes them available online.
