Rep. Kim Schrier, a Democrat from Washington, failed to properly disclose her husband's six-figure Apple stock trade.Tom Williams/CQ-Roll Call, Inc via Getty Images
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Democratic Rep. Kim Schrier of Washington was more than two months late disclosing a sizable purchase of Apple Inc. stock, according to her most recent financial disclosure filings.
2021-11-16
Schrier reported buying up to $1 million worth of stock in the technology giant in late July via jointly held family trust.
A spokeswoman for the second-term lawmaker and House Committee on Energy and Commerce member said Schrier's husband, David, conducted the high-dollar trade.
"Rep. Schrier was unaware of the transaction, which was made by her husband who handles their finances independently. As soon as she became aware, she filed the required report," Schrier communications director Libby Carlson told Insider, adding that her boss "has never before missed a transaction reporting deadline, and will make sure all such deadlines are met in the future."
Rep. Kim Schrier, a Democrat of Washington, failed to properly disclose her husband's six-figure Apple stock buy.
US House of Representatives
Forbes first reported that Schrier filed her disclosure late.
Schrier is one of nearly three dozen House Democrats who serve on Energy and Commerce, a legislative panel that deals directly with telecommunications and technology issues.
Members of Congress violate the Stop Trading on Congressional Knowledge Act of 2012, commonly known as the STOCK Act, if they don't publicly disclose a stock trade within 30 days from when they become aware of a trade made for themselves or their spouses — or 45 days overall from the date of a trade.
Those who are late filing certified disclosures to Congress face a minimum $200 fine, although officials generally waive the fine if a disclosure is 30 days late or less.
Sen. Rand Paul, a Republican of Kentucky, is one of dozens of senators and House members found violating the STOCK Act in 2021.
Greg Nash/Pool via AP
A growing number of STOCK Act violations
The STOCK Act is designed to offer transparency about where members of Congress and their families are earning money outside of their congressional salaries and to reveal any potential conflicts of interest.
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Insider and other news organizations have now this year identified 46 members of Congress who've failed to properly report their financial trades as mandated by the STOCK Act.
Reps. Suzan DelBene of Washington and Lois Frankel of Florida, both Democrats, also appear to have violated the STOCK Act's stock disclosure provision during this year, although their offices say they filed their disclosures on time.
Some federal lawmakers voluntarily abstain from trading stocks. Others trade only in bonds, mutual funds, exchange-traded funds, and other garden-variety investments.
Members of Congress who want to formally disassociate themselves from their personal investments may ask their chamber's ethics committee to approve the creation of a qualified blind trust.
Sen. Jon Ossoff, a Democrat from Georgia, and Rep. Tom Malinowski, a Democrat from New Jersey whose stock trades the Committee on House Ethics is investigating, have this year both created qualified blind trusts for their assets.
The Ban Conflicted Trading Act, sponsored in the Senate by Sen. Jeff Merkley, a Democrat of Oregon, and in the House by Rep. Raja Krishnamoorthi, a Democrat of Illinois, would bar members of Congress from trading individual stocks.
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Warren Rojas was formerly a correspondent at Insider's D.C. bureau, where he covered Congress, politics and policy. Warren has covered a slew of beats as a journalist, serving as: a senior reporter at Bloomberg Law; editor of Eater DC; Heard on the Hill columnist/features writer at Roll Call; dining editor/restaurant critic at Northern Virginia Magazine; and investigative reporter/congressional reporter at Tax Notes. He's also written for The Washington Post, Washington City Paper, and CQ Magazine, among others.
