Stock Trades Reported By IL Congressional Reps Show Possible Conflicts

ILLINOIS — Five Illinois lawmakers were named in a New York Times investigation published Tuesday raises conflict-of-interest questions about whether 97 sitting members of Congress – including several legislators representing the Land of Lincoln – acted on insider information from their committee work when they or immediate family members sold stock, bonds or other financial assets.

The Times notes there are few restrictions regarding members of Congress buying or selling stocks. The Times said the officials cited in the report defended the transactions as proper.

The newspaper analyzed nearly 3,700 trades reported by lawmakers from both parties that posed potential conflicts between their public responsibilities and private finances over a three-year period from 2017-2019.

The Times investigation found that in Illinois, the five lawmakers (four Democrats and one Republican) owned various amounts of stock, and each faced possible conflicts of interest. Here’s what the newspaper found:

Rep. Cheri Bustos (D)

The report indicates Bustos bought and sold shares of L3Harris Technologies in 2019 and 2020 while sitting on the House Appropriations Committee on defense. Reported trades in 14 companies with 1 possible conflict of interest.

Sen. Tammy Duckworth (D)

The report indicates Duckworth reported three stocks from a joint account and sold two of the stocks completely but for a third, Illinois Tool Works, sold a portion. All of the stocks, the report said, fall under the purview of committees on which she serves. Three trades, three possible conflicts of interest.

Rep. Adam Kinzinger (R)

The report indicates that Kinzinger made a 2019 purchase, ranging between $1,000 and $15,000 in shares of an oil and gas company shares while he served on the House Energy and Commerce subcommittee. Kinzinger reported four trades with one potential conflict of interest.

Rep. Marie Newman (D)

The report indicates that Newman and her husband bought and sold shares of cruise operator Carnival Corp. while she was on the House committee for transportation infrastructure. The committee investigated Carnival for its response to the COVID-19 pandemic. Newman reported trades with 60 companies with nine potential conflicts of interest.

Rep. Brad Schneider (D)

The report indicates Schneider’s wife purchased between $50,000 and $100,000 in the company Teladoc while he was serving on the House Ways and Means Subcommittee on health. Schneider reported 26 trades with two potential conflicts.

Emails sent to reach lawmaker’s press office on Thursday by Patch seeking comment were not immediately returned.

In some cases, The Times said it found transactions were routine and the connection to any possible influence was tangential but in others, it was more blatant.

Congress has long been criticized for not imposing stricter regulations on stock trading by its members, despite the potential for conflicts of interest.

Read the full investigation in the New York Times and see the full list of lawmakers named.