“Because she was in the process of setting up a blind trust, there was an honest mistake about what disclosures were required” Condarco said, noting that Shalala’s attorney and financial adviser “just missed the deadline.”
Shalala, who previously worked in the Clinton administration as Health and Human Services Secretary, served in government before the STOCK Act became law. Shortly after she was sworn into Congress, members were sent a memorandum from the Ethics Committee, explicitly stating the mandates they are subject to regarding financial disclosures, including periodic transaction reports.
Shalala failed to report “roughly a half-dozen transactions,” Condarco said.
According to her financial disclosure report—filed in May of 2019—Shalala held stock in several companies that could benefit significantly from the COVID relief money she is overseeing, including Alaska Air Group, Inc., and Spirit Aerosystems Holdings, Inc. Because she has yet to file a periodic transaction report, it is impossible to independently verify that she has, in fact, sold these off. Shalala’s spokesperson said they are working to submit the reports “as soon as possible.”
Several senators have been under intense scrutiny for their stock trades after private congressional briefings and before the market precipitously fell from the coronavirus pandemic halting the economy. The reason these trades came to light are because Republican Sens. Richard M. Burr of North Carolina, and Kelly Loefller of Georgia, filed their periodic transaction reports.
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April 25, 2020 at 12:08AM
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What will come of Donna Shalala stock scandal - Roll Call
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