Sen. Susan Collins (R-ME) has been caught violating a congressional stock trading disclosure rule that she played a big part in advocating for over a decade ago.
According to Dave Levinthal of NOTUS, “Collins’ husband, Thomas Daffron, purchased a Pfizer corporate bond worth from $15,001 to $50,000 on February 3, but Collins didn’t disclose the purchase to the Senate until Wednesday.”
By not disclosing this on time, Collins, who sits on Senate committees that oversee several executive branch agencies overseeing Pfizer, violated the Stop Trading on Congressional Knowledge (STOCK) Act — one of many dozens of lawmakers in both parties who have disregarded this law to varying degrees in recent years.
Blake Karen, a spokesperson for Collins, explained in an email to NOTUS, “Tom Daffron’s investment decisions are made exclusively by a third-party advisor without his consultation. Due to a delay in notification from the third-party advisor, the disclosure forms for these bonds were submitted five days behind schedule.”
As Levinthal noted, “The standard fine for such a violation is $200, but the House and Senate ethics committees generally waive the fine for disclosures that are late by 30 days or less. Collins’ disclosure came five days past the 45-day deadline.”
The enforcement gaps in the STOCK Act have led many to propose Congress ban legislators and their families from trading individual stocks altogether, although for various reasons it has not gained enough traction to move forward.
Collins is currently running in a tough fight for re-election. The Democratic primary to challenge her is a contest between sitting Gov. Janet Mills, and Graham Platner, a harbormaster and oyster farmer running on a progressive platform.
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