Representative Dwight Evans is the latest representative to face such allegations.
Representative Dwight Evans, a Democrat representing Pennsylvania’s 3rd Congressional District, failed to reveal that he sold shares of Amazon and Tesla stock within the time period required by federal law.
Representative Evans was three and a half months late in revealing that he sold between $15,001 and $50,000 in Amazon stock, as well as between $1,001 and $15,000 in Tesla stock.
The recent review of congressional financial records revealed that the representative sold his shares on October 29th, but did not disclose the sale until this week.
Evans announced that he suffered a minor stroke last May. He has since resumed his duties at the start of this Congress.
Evans’ office said of the late disclosure in an email, “It was an oversight, and it has been corrected.” Back in 2021, Evans failed to meet another deadline in disclosing his sale of stock in American Electric Power Co., Inc. worth up to $15,000.
Evans’ late disclosure violates the Stop Trading on Congressional Knowledge (STOCK) Act, which was signed into law by former President Obama in 2012.
The law created financial disclosure requirements and enforcement rules for members of Congress, their immediate families, and staff who decide to trade stocks. It made insider trading on Capitol Hill illegal and specified how members of Congress could legally invest their money on a personal basis.
According to the STOCK Act, the purchase of sock, bonds, or cryptocurrency by a member of Congress, their spouse, or their dependent children must be disclosed within 45 days of a trade.
It is unclear if the House Ethics Committee penalized Evans for his violations. The fine for first-time offenders is $200, but the committee may elect to waive it without a public disclosure.
Over the past several years, multiple members of Congress from both parties have reportedly violated the STOCK Act.
