Senator Richard Blumenthal (D-CT) is facing an ethics complaint related to stock trading filed by a nonpartisan watchdog group.
The organization, the Foundation for Accountability and Civic Trust (FACT), urged the Senate Select Committee on Ethics to investigate the Connecticut lawmaker for failing to disclose multiple stock transactions.
According to the complaint, Blumenthal and his wife purchased stock on the popular app Robinhood. At the same time, he urged Congress to investigate the platform for its trading practice.
“In the last quarter of 2021, Blumenthal’s wife sold between $1,265,000 and $2,550,000 shares of Robinhood stock through her family fund. As part of those trades, Blumenthal’s family sold up to $550,000 of Robinhood shares on Dec. 8, 2021, but did not disclose it until February 2, 2022 — after the reporting deadline,” the complaint explains.
Lawmakers who have made questionable stock trades have faced criticism from both sides of the political aisle, especially throughout the coronavirus pandemic.
Senator Josh Hawley (R-MO) introduced legislation to prohibit members of Congress and their spouses from holding or trading individual stocks, a measure that would directly impact Blumenthal and many other legislators.
“​Timely reporting stock trades is one of the most fundamental ethics laws, and there is no excuse for senators to violate it. The disclosure law reveals conflicts of interest, including whether a senator uses non-public information for personal gain and, on the other hand, how a senator’s personal investments may skew their decision-making on an official action. The ethics laws are essential for maintaining credibility and instilling public trust, and a major element of this is full and timely disclosure. We urge the Senate Select Committee on Ethics to investigate this case in which Sen. Blumenthal’s personal investments and official action overlapped,” said Kendra Arnold, executive director of FACT.
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Cooper Moran is a reporter for The Connecticut Star and The Star News Network.  Email tips to [email protected].
Photo “Richard Blumenthal” by Lorie Schaull. CC BY 2.0.
