Congressmen Found Guilty of STOCK Act Violations Amid Calls for Greater Transparency

Three members of Congress have been found to have violated the STOCK Act, which mandates that federal lawmakers disclose individual stock, bond, and cryptocurrency trades within 45 days. The latest violators are Reps. Shri Thanedar (D-Michigan), Tracey Mann (R-Kansas), and Derek Tran (D-California).

Thanedar failed to disclose a January sale of Apple stock worth between $100,001 and $250,000 until Thursday. He also didn't report an October sale of MicroStrategy stock, which has been rebranded from Strategy, until Thursday.

The congressman's wife sold her MicroStrategy shares at a 17% loss. Thanedar stated that he would voluntarily divest of his individual stock holdings after previously violating the STOCK Act twice last year. He expressed support for 'actual efforts to ban congressional stock trading.'

Mann was nearly two years late disclosing 10 tech-heavy stock trades made by his wife, involving companies like Apple and Meta.

Tran's spokesperson said he didn't disclose a sale of Litecoin because the value fell below a $1,000 threshold. However, due to cryptocurrency volatility, the sale ultimately exceeded this threshold, prompting Tran to promptly disclose it.