Report Shows Stock Trading Disputes for 3 Minnesota Congressmen – Duluth News Tribune | Jewelry Dukan

ST. PAUL — Three members of the Minnesota congressional delegation and a North Dakota senator have been sued for possible conflicts of interest in stock trading in a report published this week by the New York Times.

The report identified 97 members of the House of Representatives and US Senate who bought or sold stocks or other financial assets, or reported transactions by spouses or dependent children.

The analysis included transactions between 2019 and 2021 from a Congressional Financial Disclosure Database. The Times compared the transactions with allocations from membership committees and data from congressional hearings and other investigations.

Members of Congress are required to disclose trades but are not barred from trading while in office. Some members have placed their assets in blind trusts to avoid the appearance of a conflict. In recent years there have been increasing calls for greater restrictions on members’ ability to trade shares.

Minnesota Senator Tina Smith and Representatives Angie Craig and Dean Phillips, all Democrats, reported transactions involving companies influenced by committees they serve on. Republican Senator John Hoeven of North Dakota also reported several conflicts.

The Times found no conflicts between members from South Dakota or Wisconsin.

Democratic Minnesota Senator Tina Smith reported deals with four companies between 2019 and 2021, three of which had potential conflicts.

US Senator Tina Smith

Smith’s husband, Archie Smith, who invests in medical device companies, had interests in two insulin device manufacturers when Smith became a senator in early 2018. During his time in the Senate, Smith pushed for measures that would make insulin more affordable, though it’s not clear how those bills would affect company stock prices.

According to the report, Archie Smith sold shares in the device companies in 2020. Sen. Smith told the Times she was unaware of her husband’s investment decisions and played “absolutely no role.”

Rep. Angie Craig reported on two potentially conflicting deals, both made by her college student son in 2019. The congresswoman from the southern Twin Cities discovered that her son had traded shares in Lyft and Ford while she served on the House Transportation and Infrastructure Committee without her knowledge. what she later reports.

In a statement, Craig’s office said she had supported banning members of Congress and their spouses and dependent children from trading stocks since “day one,” selling their individual shares before taking office.

MP Angie Craig

Angie Craig speaks to attendees at a town hall meeting at Burnsville High School on January 26, 2019.

Tim Nelson / MPR News

“As a mother, I would be grateful if my college student son weren’t allowed to own or trade stocks. And as a member of Congress, I’m working to get legislation passed to force him to listen to his mother,” Craig said in a statement.

Craig’s district includes southern suburbs of the Twin Cities, including Eagan, and rural areas south and southeast of the Twin Cities, extending to the Wisconsin border. Your district is generally considered one of the most competitive in Minnesota by political observers. This year she is up against 2020 Republican challenger Tyler Kistner and Legal Marijuana Now contestant Paula Overby.

Dean Phillips

Rep. Dean Phillips

Rep. Dean Phillips, representing Minnesota’s third congressional district in the western suburbs of the Twin Cities, reported the most transactions of any Minnesota member. Between 2019 and 2021, he reported deals at 276 companies, 34 of which had potential conflicts, according to the report.

According to the report, Phillips bought or sold stocks and bonds in more than two dozen banking firms while on the House Financial Services Committee. He sold some days before executives testified before the committee. He now sits on the House Committee on Ethics, charged with enforcing stock disclosure requirements.

In a tweet, Phillips said he has not personally led the trade since 2018.

“I do not trade stocks and have not had any contact with my advisors since 2018,” he wrote. “My assets are in a ‘blind trust’ which means I cannot see what is being bought and sold on my behalf.”

A spokesman told the Times that Phillips hired a law firm to place the shares in a blind trust in 2020 — a process that lasted until July 2021.

Phillips is running for his second term and faces a challenge from Republican Tom Weiler.

While sitting on two energy-related committees, senior North Dakota Senator John Hoeven bought between $300,000 and $600,000 worth of stock in oil and energy companies, the Times noted. In 2020, he moved all of his stock holdings outside of his control.

“Sen. Hoeven follows Senate ethics rules on investments and reporting, and all of its marketable investments are now in mutual funds or blind trusts,” a spokesman said in a statement.

In total, Hoeven reported dealings with 29 companies, seven of which had potential conflicts. The Senator sits on the Energy and Natural Resources Committee, the Budget Subcommittee on Homeland Security, and the Agriculture, Food and Forestry Committee.

Hoeven is seeking his third term in November, facing Democrat Katrina Christiansen and Independent Rick Becker.

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