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Congresswoman Louise Slaughter

Representing the 25th District of New York

Slaughter Reacts to House Ethics Committee Statement Regarding the Congressman Chris Collins Investigation

October 12, 2017
Press Release
Slaughter is the author of the STOCK Act, the most important ethics reform in a generation

WASHINGTON, DC — Congresswoman Louise M. Slaughter (NY-25) today released the following statement in reaction to the House Ethics Committee’s statement following the Office of Congressional Ethics’ investigation into Congressman Chris Collins (NY-27). Earlier this year, Slaughter asked the Securities and Exchange Commission, the acting U.S. Attorney for the Southern District of New York, the House Committee on Ethics, and the Office of Congressional Ethics to investigate the major stock trading scandal involving Congressman Collins and several House Republicans. She has also introduced the End Congressional Stock Market Abuse Act following Congressman Collins’ controversial trading.

“Anyone who has the privilege to be a member of Congress has a responsibility to uphold the public trust and meet the highest ethical standard. I wrote the STOCK Act and fought for six years to get it signed into law for precisely that reason. I called for the Ethics Committee to investigate Congressman Collins given all the evidence that suggests he used his position in the public trust for his own personal gain. Many people, including many members of Congress from his own party, were concerned by his zealous pursuit of profits when he should have been representing his constituents. Former Secretary Tom Price, who refused to cooperate with this investigation, was involved in this scandal and was eventually forced to sell the same stocks in question due to conflicts of interest. He ultimately resigned from the Trump administration as a result of his ethical lapses. Now, the Office of Congressional Ethics has found clear and convincing evidence that Congressman Collins likely broke federal law. He put his obsession to enrich himself before the people he swore to represent. It is a disgrace to Congress and to his constituents, who deserve better.”

Slaughter first introduced the STOCK Act in 2006. After her six year fight and a groundswell of public support following a 60 Minutes investigation, the legislation was passed and signed into law on April 4, 2012. The bill prohibits insider trading by members of Congress, their staff, and other government employees and requires groundbreaking new disclosures that shine a light into the trading habits of public officials. Her End Congressional Stock Market Abuse Act would strengthen the STOCK Act and close ethics loopholes that were exploited by Collins and Price, purchase exclusive stock deals not available to the general public and take part in initial public offerings (IPOs) outside the United States.