Rep. Tom Malinowski (D-NJ) has paused his stock trading until the House Ethics Committee approves his plan of putting assets into a blind trust, according to a report.
Malinowski has reportedly paused his stock trades since May 26, the congressman is currently awaiting approval from the ethics committee to put his remaining assets into a blind trust, according to the New Jersey Globe. Colston Reid, Malinowski’s chief of staff, said, “The account will remain frozen while we are awaiting a vote by the Ethics Committee.”
The congressman has had numerous complaints filed against him in the Office of Congressional Ethics (OCE), which laid out Malinowski’s alleged violations of federal law due to his constant failure to disclose his over 100 stock trades within the STOCK Act of 1978.
The act requires that financial disclosures must be filed for transactions over $1,000 must be filed within 30 days and no more than 45 days after the transaction takes place.
Due to this, Malinowski “agreed to create a blind trust to forestall any appearance of problems with his personal finances,” the report stated.
However, the blind trust must be approved by a bipartisan Ethics Committee, which has not yet happened. If the committee fails to approve the blind trust, it will happen automatically.
“The latest trades were made in April, and Malinowski was notified of them at the end of that month. They weren’t disclosed until June 12,” the report added.
Regardless, Malinowski’s stock trading has already begun to be a prominent issue with the congressman’s reelection bid for a third term. The National Republican Congressional Committee (NRCC) has started to hammer the congressman as #TradingTom.
In May, Samantha Bullock, an NRCC spokeswoman, said, “Tom Malinowski’s law-breaking activity has caught up with him, and he’s going to suffer the consequences in 2022.”
New Jersey State Senate Minority Leader Thomas Kean, Jr., (R) will reportedly announce his bid for the Republican nomination to unseat Malinowski on July 14. Joe Biden won the district by 12 points, but Kean came within one percent last year in the general election.
Reid added that the Ethics Committee has previously looked over the congressman’s Periodic Transaction Reports and has told him that his transaction was within the guidelines, meaning he will not have any penalties.