Staff Reports
Democratic congresswoman Rep. Kathy Manning (D-NC) has once again found herself in hot water for her questionable stock trades. According to records, Manning and her spouse made a large purchase of shares in Blackstone, an influential private investment banking company, over a year past the federally required deadline. The transaction, which occurred on June 10, 2022, was only revealed in a periodic transaction report on Thursday, a whopping 418 days later. This blatant disregard for the STOCK Act, which mandates that securities trades of more than $1,000 be disclosed within 45 days, raises serious ethics concerns.
Manning has attempted to defend herself in the past by claiming that her investments are managed by third-party managers, but that excuse is wearing thin. She has repeatedly violated the stock disclosure law, with 51 trades worth up to $1.25 million filed past the deadline in 2022 alone. This kind of behavior is unacceptable and undermines public trust in our elected officials.
It’s no surprise that politicians on both sides of the aisle often ignore the requirements of the STOCK Act. But with Manning’s repeated offenses, it’s clear that stricter enforcement is needed. The fines for skirting the act are a mere $200, hardly enough to deter lawmakers from breaking the rules. The Office of Congressional Ethics must take these violations seriously and refer them to the House Ethics Committee for investigation and appropriate action.
Crooked Democrats just can’t stop breaking the law. https://t.co/LUEmzkJEdZ
— NRCC (@NRCC) August 5, 2023
In this particular case, Manning conveniently sold the Blackstone shares for a loss of approximately $3,300 just a few days after buying them. According to the filing, the purchase was omitted due to an administrative error, which was only discovered when preparing the annual report for filing in August 2023. This excuse seems flimsy at best and raises suspicions about the true motives behind Manning’s stock trades.
This latest incident is not the first time Manning has been caught in a potential conflict of interest. She reportedly sold shares of Amazon and Microsoft before voting in favor of an antitrust bill and purchased shares in semiconductor companies before voting on legislation related to the semiconductor industry. These actions raise serious questions about whether her personal financial interests are influencing her legislative decisions.
It is imperative that lawmakers like Manning are held accountable for their actions. Public officials should be held to the highest ethical standards, and it is disappointing to see someone repeatedly flout the rules. The American people deserve representatives who prioritize their interests over personal gain. It’s time for Manning to answer for her repeated violations of the STOCK Act and restore the public’s trust in her integrity.
