According to NPR, no less than seven members of Congress are facing ethics complaints related to allegations of unlawful stock trading.
Among those facing such accusations is Rep. Tom Suozzi (D-NY), who is widely regarded as a top ally to House Speaker Nancy Pelosi (D-CA).
Millions of dollars in disputed trades
Complaints have been lodged against four Democrats and three Republicans, all of whom are accused of violating the Stop Trading on Congressional Knowledge — or STOCK — Act.
Under the law’s provisions, members of Congress must file a periodic transaction report no more than 45 days after a stock transaction valued at more than $1,000.
According to NPR, Suozzi stands out among the group for having allegedly neglected to file reports for roughly 300 stock trades between 2017 and 2020. The total value of the transactions is believed to be between $3.2 million and $11 million.
More than 100 of the transactions were reportedly made in 2020 and are valued at a combined $1.1 million to $4 million.
Government watchdog group Campaign Legal Center has filed the complaints and its general counsel issued a statement condemning the alleged behavior.
“Without any transparency for their voters”
“The lack of accountability we’ve seen in regard to STOCK Act compliance is basically giving elected officials the green light to buy and sell stocks based on information gained from committee meetings without any transparency for their voters,” Kedric Payne saying.
Only three of the seven lawmakers responded to NPR’s request for comment — and Suozzi was not among them.
He is known for having a close connection to Pelosi and his office announced in 2019 that the speaker had appointed him to a “prestigious” position.
“I want to thank Speaker Pelosi for appointing me to [the Congressional-Executive Commission on China] and for her continued leadership on issues related to human rights abuses by the Chinese government,” Suozzi said at the time.
Pelosi’s name has also been linked to suspicious stock transactions for a different reason as investors coordinate on social media to copy the trades disclosed in her reports. One TikTok user referred to the House speaker as the “queen of investing” based on her track record, opining that “Nancy Pelosi is a psychic.”