On Monday, an ethics complaint was filed against Democratic Rep. Jamie Raskin for failing to properly declare the shares that his wife, President Biden’s pick for the Federal Reserve’s top banking regulator, received for her position at a Colorado-based financial technology company.
The American Accountability Foundation filed a complaint with the Office of Congressional Ethics alleging that Raskin violated federal financial disclosure reporting requirements by neglecting to reveal a substantial stock transfer received by his wife, Sarah Bloom Raskin, in December 2020.
Jamie Raskin disclosed the transaction in August 2021, eight months after Sarah Bloom Raskin sold 195,936 shares of Reserve Trust for $1.5 million, according to a federal financial disclosure. According to the publication, the first transaction will take place on December 18, 2020.
“Sarah and Jamie Raskin are career politicians who have used the system to enrich themselves, and it is time that someone holds them accountable,” Tom Jones, the founder of the American Accountability Foundation, said in a statement to FOX Business.
“If House rules are going to mean anything, the House Ethics Committee needs to open an investigation and sanction Jamie Raskin for hiding this shady stock deal from the public.”
Legislators’ spouses are able to invest in companies or industries that their partners may help regulate. Jamie Raskin’s refusal to promptly inform the shares sold by his wife, on the other hand, breaches the Stop Trading on Congressional Knowledge Act.
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The Stock Act, as it is popularly known, was implemented in 2012 in an effort to enhance transparency on Capitol Hill by making it illegal for members of Congress and their families to gain from insider information and requiring lawmakers to declare stock trades to Congress within 45 days.
Jamie Raskin, a senior legislator who managed former President Trump’s second impeachment trial, did not respond to a FOX Business request for comment right away.
The Maryland Democrat, on the other hand, acknowledged the late filing and told Business Insider that the omission happened because the transaction took place right before the death of their 25-year-old son, Thomas, on December 31, 2020.
Although the American Accountability Foundation’s complaint acknowledged that the Raskins had lost their son during that time period and should be “given some leeway in meeting filing requirements,” it also noted that the congressman quickly returned to his official duties as the leader of the impeachment charge against Trump.
The scrutiny comes at a critical time for Sarah Bloom Raskin, who was formally nominated by Biden to serve as the Federal Reserve’s vice chairwoman for supervision last month.
As vice chair for supervision, Sarah Bloom Raskin, a Duke University law professor who has held high-level roles at both the Treasury Department and the Fed, would oversee yearly stress tests that analyze bank soundness and liquidity.
Progressive politicians and advocacy groups have applauded her appointment, expecting she would be tougher on Wall Street than her predecessor, Randal Quarles, a Trump appointee who resigned in late December.