Additional Coverage:
- Rep. Byron Donalds didn’t properly disclose up to $1.6 million in stock trades, violating federal law (newsbreak.com)
Rep. Byron Donalds, a Republican from Florida and once considered a potential vice-presidential candidate for former President Donald Trump, is facing scrutiny for failing to disclose stock trades made in 2022 and 2023.
Donalds and his wife executed over 100 transactions, ranging in value from $108,000 to $1.6 million. These trades included stocks from companies under the oversight of the House committee on which Donald serves.
Despite reporting these transactions on annual disclosure forms in August 2023 and August 2024, Donalds neglected to file the necessary periodic transaction reports within the 45-day period required by law. This oversight is a violation of the Stop Trading on Congressional Knowledge (STOCK) Act, which mandates timely disclosure to prevent insider trading.
The Campaign Legal Center, a liberal-leaning ethics watchdog, has filed a complaint with the Office of Congressional Ethics. The group is questioning whether Donalds’ omission was an attempt to evade public scrutiny and potential conflict of interest accusations.
No immediate response was available from Donalds’ spokesperson regarding the complaint. According to his filings, the stocks were part of a retirement account from Donalds’ previous employer, Moran Wealth Management based in Naples, Florida. It’s noted that sometimes such trades may be managed by advisors rather than the lawmakers themselves; however, disclosure is still legally required.
Interestingly, Donalds has publicly advocated for prohibiting stock trading by lawmakers, further highlighting the contradiction of his actions. His previous statements about imposing sanctions on non-compliant members of the House underscore the significance of his own failures to adhere to the STOCK Act. This development comes after some lawmakers were excused by the House Ethics Committee in 2022 despite suspicions of similar violations, on grounds of apparent ignorance of the law’s requirements.