Stock Trades Reported By Ga. Congressional Reps Show Possible Conflict

GEORGIA — A New York Times investigation published Tuesday raises conflict-of-interest questions about whether 97 sitting members of Congress, including two representing Georgia 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 when it comes to 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 2019-2019.

The Times investigation found that in Georgia, Rep. Rick Allen, a Republican, had 25 reported trades in companies and three potential conflicts.

According to the Times, Allen had trades in Merck and Johnson and Johnson while serving on an education and labor subcommittee that was considering prescription drug price legislation.

Rep. Austin Scott, a Republican, had 13 reported trades in companies with one potential conflict, the Times found.

The Times reported Scott and his wife bought and sold shares in General Election, a military contractor, in 2020. He is a House Armed Services Committee member, according to the Times.
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.

“I can confirm that Congressman Scott's wife owns less than $20,000 worth of GE stock in an inherited IRA,” Alex Enlow, communications director for Scott, told Patch in a statement.

Allen did not reply to a request from Patch seeking comment.

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