Another Pennsylvania congressman has raised eyebrows with his stock trading.
Rep. Dwight Evans (D-03), a member of the House Ways and Means Committee, failed to reveal that he sold shares of Amazon and Tesla stock within the required time.
Evans was 3 1/2 months late in revealing his sale of between $15,001 and $50,000 in Amazon stock and between $1,001 and $15,000 in Tesla stock, according to an OpenSecrets review of congressional financial records.
The Philadelphia congressman sold his shares on October 29, but did not disclose the fact until this week. Evans, who announced that he suffered a minor stroke last May, returned to his office duties at the start of the new term. It is unknown if his absence led to his miscue.
“It was an oversight and it has been corrected,” said Evans’ office in an email.
It is not the first time that Evans has failed to meet a deadline to disclose stock trades. In 2021, he was tardy in revealing a sale of American Electric Power Co., Inc. stock worth up to $15,000.
President Barack Obama signed the Stop Trading on Congressional Knowledge (STOCK) Act into law in 2012. The law created new financial disclosure requirements and enforcement rules for members of Congress, their immediate families, and staff who decide to trade stocks. It clarified that insider trading was illegal on Capitol Hill. It defined how members of Congress could personally invest their money — and could not.
The STOCK Act requires that financial transactions such as the purchase or sale of stock, bonds, or cryptocurrency by a member of Congress, their spouse or dependent children, be disclosed within 45 days of a trade.
The fine is not onerous, coming in at $200 for first-time offenders. The House Ethics Committee may elect to waive the fine without a public disclosure. It’s unclear whether the Ethics Committee penalized Evans for either of his two STOCK Act violations.
Evans’ STOCK Act violation is simply the latest in a congressional epidemic: Dozens of members of Congress — Democrats and Republicans alike — have been caught violating the law during the past several years.
Last month, OpenSecrets exclusively reported that Rep. Neal Dunn (R-Fla.) violated the STOCK Act by failing to properly report his wife’s five-figure investment in MicroStrategy Inc., a business intelligence and cryptocurrency firm that owns more than $40 billion worth of Bitcoin.
“The law that requires members of Congress to disclose financial information is extremely important because it is the only method the public has to determine whether they have a conflict of interest,” Kendra Arnold, executive director of the Foundation for Accountability and Civic Trust told OpenSecrets. “For instance, if a member makes stock transactions but does not disclose them or does so late, it makes it difficult or impossible to determine whether they used nonpublic information when making their financial decisions or if their personal investments influenced official action.”
As mentioned above, Evans is the second Keystone State representative to garner attention after trades in the stock market. Rep. Rob Bresnahan (R-08), who campaigned on the concept of banning stock trading by sitting members of Congress, has made 246 stock trades since assuming his seat in January. Since that story was published on Monday, the NEPA representative has filed reports on another 19 stock trades, including 11 purchases between $1,001 and $15,000, and eight sales between the same range.