Revealed: Congressman scolded others for capitalizing on the pandemic -- while he was doing the exact same thing

Revealed: Congressman scolded others for capitalizing on the pandemic -- while he was doing the exact same thing
Franmarie Metzler; U.S. House Office of Photography / Wikimedia Commons

At the onset of the pandemic, Rep. Tom Malinowski (D-N.J.) scolded those who were interested in capitalizing on the health crisis as he stressed that it is "not the time for anybody to be profiting." However, it appears the New Jersey lawmaker did not adhere to his own advice.

According to NBC4, Malinowski, a two-term Democratic lawmaker, reportedly purchased or sold off approximately seven figures worth of medical and tech stocks for companies that were instrumental in the pandemic response. The publication reports that Malinowski's trades were approximately a third of $3.2 million worth of trade activity he failed to disclose.

The latest reports about Malinowski's undisclosed stock come just months after former Georgia Sens. Kelly Loeffler and David Perdue found themselves at the center of controversy for similar activity. Loeffler and her husband faced backlash after offloading more than $18 million in stock shortly before the market crash that occurred after COVID-19 was declared a pandemic. Perdue also came under fire for making a total of 2,596 trades in just one term.

Now Malinowski is being scrutinized for his own stock activity. During an interview on Thursday, Malinowski claimed, "his broker handles all of his trading decisions and he does not speak to the firm about specific transactions. His office provided a statement from the firm stating that it made trades 'without Congressman Malinowski's input or prior knowledge.'"

Malinowski said, "At no point in the last 25 years have I directed, suggested, or even asked questions about a particular trade being made by my brokerage firm."

The lawmaker also added that he was "in the process of setting up a blind trust to hold his financial portfolio, which he will have no control over."

While no lawmakers faced consequences for their trade activity last year, the occurrences have led to more in-depth discussions about the limitations imposed under the Stock Act which requires lawmakers to report all trade activity to Congress.

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