Congressional financial disclosures were a hot topic in the news this week.
Rep. Spencer Bachus (R-Ala.) is the latest lawmaker to land in hot water regarding his disclosures. The chairman of the House Financial Services Committee is under investigation by the Office of Congressional Ethics for possible insider trading, the Washington Post reported. The investigators are reportedly focusing on trades in the financial services industry Bachus reported on his financial disclosures which coincide with policy announcements that affected those companies.
Earlier this week, it was Rep. Vern Buchanan (R-Fla.) whose financial disclosures were in the spotlight. Buchanan is the subject of an investigation for failing to disclose several positions he held with various companies between 2007 and 2010. This week, the Office of Congressional Ethics released a report with details on the investigation and recommending the House Ethics Committee further investigate.
The troubles of these lawmakers come as congressional insider tradinging is getting intense scruitiny. Both the House and the Senate have recently passed versions of the STOCK Act which would ban members of Congress and staff from trading on non-public information, as well as requiring online disclosure of any trades within 30 days. (Currently, trades are disclosed in the annual financial disclosure, which are paper-based. The House has made member disclosures available online, while Senate disclosures are not.) The chambers still have to hammer out differences in the bills.
Financial disclosures also helped illuminate instances where members of Congress have direct tax dollars to organizations tied to their family. The Washington Post examined the financial disclosures of each member as well as other public records for its series
"Capitol Assets" which highlighted intersections between lawmaker's actions and their personal interests.
