Congresswoman Chellie Pingree Admits Delay in Reporting Treasury Securities Purchase
U.S. Representative Chellie Pingree has acknowledged a failure to timely disclose her purchase of U.S. Treasury securities, constituting a violation of federal financial disclosure laws. The revelations emerged from a federal document examined by the Portland Press Herald, which highlighted Pingree’s acquisition of six Treasury securities worth between $90,000 and $300,000.
The Democrat, who represents Maine’s 1st District, did not disclose these purchases until this week, nearly three months past the deadline established by the 2012 Stop Trading on Congressional Knowledge (STOCK) Act. This legislation mandates that members of Congress, their staff, and family members report stock trades and similar financial transactions promptly.
In a statement to the Bangor Daily News, Pingree characterized the late disclosure as a “paperwork error,” emphasizing that her transactions pertained to Treasury bonds rather than stocks. “Once I discovered this issue, I rectified it immediately and filed the necessary paperwork and paid the late fee,” she stated.
The timing of this violation raises eyebrows, as Pingree has previously advocated for greater transparency in Congress regarding stock trading. She co-sponsored the TRUST in Congress Act, which seeks to impose restrictions on members of Congress trading stocks. When asked about her stance on such legislation moving forward, she reiterated her commitment: “I have supported bills to ban and limit members of Congress from trading stocks in the past and will again during this Congress.”
Pingree’s admission serves as a reminder of the critical need for transparency and accountability among elected officials, particularly amidst ongoing discussions about potential reforms to curb insider trading and enhance public trust.
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