Former GOP Congressman Calls For Bresnahan’s Resignation As Audio Calls Stock Trading Into Question Again
Does he or doesn’t he?
That is the question surrounding Rep. Rob Bresnahan (R-08) that will not go away. Is he actively involved with his trades in his securities portfolio? Is he trading stocks and bonds based on inside knowledge?
The first-year congressman is unable to shed continued scrutiny, partly due to his own comments.
Last spring, Bresnahan told The Bob Cordaro Show that aired over WILK-AM radio in Wilkes-Barre with a slip of the tongue that perhaps he is more involved than he previously let on.
“I mean, I meet with my financial advisor,” said Bresnahan. “We talk about, you know, what different positions are coming up.”
This statement is strikingly different from the NEPA Republican’s previous denials that he is involved with the active management of his portfolio.
Bresnahan, who made a 2024 campaign promise to end congressional stock trading, said two months after the interview, “the trades that are being executed on my behalf, I do not have any dialogues with my financial advisors.”
In his most recent Periodic Transaction Report, he wrote as an addendum, “All investment decisions related to my personal financial portfolio are delegated to professional financial advisors. I have no role in, nor am informed of, specific investment decisions prior to their execution. Accordingly, these transactions were planned and executed by a financial advisor.”
The audio release has drawn the ire of former Pennsylvania congressman Jim Greenwood who is calling for the freshman representative to resign.
“Congressman Bresnahan’s own admission that he discusses his stock positions with his financial adviser is a red line that should never be crossed by a public official and a clear abuse of power,” he posted on social media. “It has become clear that Congressman Bresnahan is using his office to benefit himself rather than the Pennsylvanians he was elected to represent, and he must resign immediately.
“I proudly represented Pennsylvania as a Republican in Congress for more than a decade, but taking on corruption and restoring trust and integrity to the people’s House is not a partisan issue. Republicans, Independents, and Democrats should come together and say with a united voice that it is unacceptable for our elected officials like Congressman Bresnahan to profit off their votes in Congress.”
Bresnahan campaign spokesman Chris Pack told POLITICO that Bresnahan’s comments were “referring to 30,000-foot investment strategy and not about stock trades, and that is clear in the surrounding context of the interview.”
Democratic challenger Paige Cognetti called the audio release, “sickening.”
“Rob Bresnahan admitted he discussed his upcoming stock positions with his financial advisor,” she posted on social media. “It’s on tape, in his own words. Rob looked out for his portfolio while he voted to gut health care and jack up costs. This is the definition of corruption.”
According to his most recent Periodic Transaction Report, Bresnahan’s investment vehicle is a JP Morgan Brokerage Account #4. A discretionary investment advisory account is an account “in which you authorize JPMS and/or another affiliated or unaffiliated Portfolio Manager to act as your investment advisor. You give JPMS and/or the Portfolio Manager the power to invest on your behalf by buying and selling securities in your account and making all investment decisions for your account.”
However, according to the JP Morgan Wealth Management website at chase.com, it also says that “Your dedicated advisor takes the time to understand your short- and long-term goals and will create a personalized financial strategy tailored to where you are and what you want to achieve. Your advisor will proactively reach out to revisit your strategy and ensure your plan stays on track through shifting markets, changing priorities and life’s milestones.”
Pack called questions about Bresnahan’s investing “a ridiculous stretch.”
“To imply that Rob having the equivalent of a routine annual 401(k) meeting with his financial advisers to discuss risk tolerance amounts to insider trading would mean that every member of Congress or congressional staffer who discusses risk tolerance as part of their retirement planning is also engaged in insider trading,” he said.