#Jamie raskin son dies trial#

Stock purchases and sales exceeding $1,000 must be reported within 30 to 45 days after the transaction, depending on when a member learned of the transactions, according to the STOCK Act. Relatedly, Jamie Raskin acknowledged that he was roughly seven months late disclosing that his wife sold her 195,936 shares in Reserve Trust for nearly $1.5 million on December 18, 2020. Since then, lawmakers on the left and right have introduced several bills to ban or otherwise limit their colleagues - and in some cases, spouses - from buying and selling individual stocks. The consequences for doing so are generally minimal, inconsistently applied, and not publicly recorded, Insider found. Insider's ' Conflicted Congress' investigation, published in December, revealed that 54 members of Congress and at least 182 of the highest-paid Capitol Hill staffers, violated the STOCK Act with tardy or incomplete stock trades during 20. Sarah Bloom Raskin did not respond to an email about why her husband didn't disclose her holdings. The asset only appears on the 2020 report, which he submitted months after his wife cashed out the stock. But Jamie Raskin didn't report the Reserve Trust holdings to the Clerk of the House in his annual reports representing 2017 to 2019, the years his wife served on the board.īecause the STOCK Act says that such assets from a member of Congress or a spouse have to be disclosed annually, Jamie Raskin should have reported them every year until their liquidation in 2020. Jamie Raskin's office wouldn't say, and the White House only confirmed that Reserve Trust gave her the shares as compensation for her work with the company.Ī Republican familiar with the materials Sarah Bloom Raskin disclosed to the Banking Committee, who spoke on condition of anonymity because that person wasn't authorized to discuss the matter publicly, said the Fed nominee told them she acquired the stocks when she joined the board in 2017.Įthics rules say that members of Congress have to report assets for themselves and their spouses every year if the assets are valued at more than $1,000.

It's not clear when Sarah Bloom Raskin first acquired Reserve Trust shares. In 2018, while Sarah Bloom Raskin sat on the advisory board, the Fed granted Reserve Trust unusual access to its master account - an enviable get that allows the fintech company to move money for customers without relying on banks. Cynthia Lummis, a Republican of Wyoming, brought it up during Thursday's hearing. At least one conservative watchdog group is already questioning whether she used her past Fed connections to help the fintech trust, and Sen. The omission from congressional reports of the shares she held in Reserve Trust is likely to hand another round of ammunition to Republicans, who want to stall Biden's nominees. Yet she faces an uncertain confirmation path among Republicans and conservative Democrats in a narrowly divided Senate given that she has called for harsher financial regulations aimed at combating the climate crisis and supports tougher oversight on big banks. If confirmed, Sarah Bloom Raskin would become vice chairwoman of supervision at the Federal Reserve, after having held top-level jobs at the US Treasury and the Fed during the Obama administration. Sarah Bloom Raskin is President Joe Biden's nominee to fill the position of the government's most powerful banking regulator and faced a key Senate panel on Thursday.

#Jamie raskin son dies trial#

Jamie Raskin, who acknowledged he was late filing the portion of the disclosure about the sale and said it happened because of his son's death, is a prominent congressman who led the second impeachment trial of former President Donald Trump. This violation of the Stop Trading on Congressional Knowledge Act's disclosure provisions, which exist to promote transparency and defend against financial conflicts, comes at a time of significant national attention for the Raskins. The congressman likewise disclosed information about the sale of Reserve Trust stock eight months after Sarah Bloom Raskin dumped the stock in late 2020 for $1.5 million, an Insider analysis of federal records indicates. Jamie Raskin of Maryland violated a federal conflict-of-interest law by failing to properly disclose stock shares his wife received for advising a Colorado-based financial technology trust company.