Democratic Representative Bill Keating of Massachusetts just violated a conflict of interest law

  • A Massachusetts congressman is the latest congressman to violate a federal conflict of interest law.
  • Representative Bill Keating violated a provision of the STOCK Act by waiting too long to report two stock trades.
  • Congress is actively debating whether to ban all lawmakers from trading individual stocks.

A Democratic member of the United States House of Representatives has just violated a federal conflict of interest law by being late to report individual stock trades he made in September.

Representative Bill Keating of Massachusetts violated the Stop Trading on Congressional Knowledge Act of 2012, which in part requires members of Congress to file financial information within 45 days of a stock trade.

Keating said he sold shares in Ross stores worth between $1,000 and $15,000 and bought shares in TJX companies valued in the same range on Sept. 9. It did, however, wait until October 30 to report the transactions, which exceeded the 45-day deadline. .

Legislators are not required to provide the specific value of their transactions and instead report them within broad ranges.

Keating’s deputy chief of staff and director of communications, Lauren Amendolara McDermott, told Insider in an email that Keating doesn’t do his own stock trading — they’re done by an investment firm on his behalf.

McDermott said Keating notified the House Ethics Committee of the transgression and no fine was issued because the filings were only a few days late and “within the grace period published by the committee. — the House Ethics Committee typically applies fines to members of Congress who are no more than 30 days late in their financial disclosure statements.

The standard fine is $200.

Congress Considers Stock Ban

As Keating continues to trade stocks, his congressional peers debate whether federal lawmakers, their spouses and dependent children should even be allowed to buy, sell or own individual stocks in the first place.

McDermott, Keating’s deputy chief of staff and communications director, told Insider that the congressman “has fully supported both the STOCK Act and the Insider Trading Prohibition Bill as well as the TRUST in Congress Act because he thinks that it would be easier to comply with and enforce.”

After nearly a year of waiting, House leaders unveiled a ban on congressional stock trading in September. A swath of Democrats and good government groups, however, said the proposed legislation is too broad to garner GOP support and is fatally flawed by including a loophole that allows “fake” blind trusts.

Much to the chagrin of Republicans and Democrats who have been calling for this legislation, Congress has suspended all progress on the bill until the conclusion of the November midterm elections.

Since 2021, Insider’s “Conflicted Congress” project, along with other news outlets, has uncovered 73 members of Congress who have violated the disclosure provisions of the STOCK Act.

Two other members of the Massachusetts congressional delegation — Reps. Katherine Clark and Lori Trahan, both Democrats — also violated the STOCK Act.

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