Dem Rep. Axne found trading stocks for companies under her oversight

Iowa Democratic Rep. Cindy Axne traded as much as $135,000 in stocks with companies under her committee oversight, according to reports file with the House Clerk.

Axne “traded up to $45,000 worth of stock in Global Payments Inc., up to $45,000 worth of stock of the Markel Corporation, up to $30,000 worth of stock in Visa and up to $15,000 worth of stock in Mastercard, according to a transaction notice she filed on Tuesday,” the Daily Caller reported on Thursday.

Axne’s Response

Axne responded to the report with an email statement that read, “As the Congresswoman has made clear previously, she does not oversee her family’s retirement or college savings accounts—which she opened more than a decade ago, long before she came to Congress.

“Federal law requires her to disclose the transactions in her family’s retirement accounts, even though they are run by a financial advisor and she does nothing to request or approve their actions.”

Still Responsible

The stock trades may be from her family’s accounts, but she is still responsible for the conflict of interest.

The Campaign Legal Center claimed Axne violated the STOCK Act by not disclosing trades.

“The group alleged that Axne violated the STOCK Act, which regulates the financial activities of members of Congress, by failing to disclose 40 trades worth between $43,000 and $645,000,” the Daily Caller noted.

The concerning report may lead to an investigation, as Axne has already been the target of one ethics complaint over trading.

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