A government watchdog organization has filed an ethics complaint against Rep. Jasmine Crockett (D-TX), alleging that the Democrat congresswoman failed to accurately report financial investments that could violate House ethics rules and federal law.
The Foundation for Accountability and Civic Trust (FACT) filed the complaint with the Office of Congressional Conduct.
FACT is seeking an investigation into Crockett for allegedly omitting assets worth more than $1,000 from her required federal disclosures.
In a statement, Kendra Arnold, executive director of FACT, said:
“Generally, a lot of members of Congress are trading and holding assets that could be considered a conflict of interest.
“When we see members of Congress not taking financial disclosure seriously, we do see other ethics problems.”
Alleged Discrepancies Between State and Federal Filings
Crockett, a former member of the Texas House of Representatives, filed financial statements at both the state and federal levels.
According to FACT, her 2021 Texas Legislature filing listed stock holdings in at least 25 companies.
However, her federal disclosures for the same period listed investments in just three.
The complaint highlights the stark difference:
“In her Texas filing covering the year 2021, Crockett states she owned stock in at least 25 companies, including: Amazon, American Airlines, AstraZeneca PLC, Aurora Cannabis, AT&T, Brinker International, Bristol-Myers Squibb, Carnival, Corporate Cannabis, DuPont, Devon Energy Corp., Exxon Mobil, GM, Ford, Johnson & Johnson, MGM Resorts, Moderna Inc., Match the Market, Newell Brands Inc., Occidental Petroleum, RedHill Biopharma (RDHL), Uber, Sabra Health Care REIT, Stocks Worldwide, T2 Biosystems (TTOO), ALNA, SNUS, and VBIV,” the complaint reads.
Crockett also reported $110,000 in debts in that same Texas filing.
However, according to FACT, her federal reports listed ownership in only Devon Energy Corporation, MGM Resorts International, and Moderna, Inc.
The filings mysteriously omit the remaining 25 companies reported at the state level.
Possible Violations of the STOCK Act
Under the Stop Trading on Congressional Knowledge (STOCK) Act of 2012, members of Congress must file annual financial disclosure reports detailing all assets, debts, and income.
They must also report any transaction exceeding $1,000.
Failure to report qualifying holdings can constitute a violation of both House rules and federal law.
“While it is conceivable that Rep. Crockett’s stock shares in these 25 corporations could fall under a value of $1,000 each, the publicly known facts suggest otherwise,” the complaint says.
“For instance, at least two of the stocks that Crockett did not disclose, T2 Biosystems and Red Hill Biopharma, were valued at more than $1,000 per share for the entirety of 2021.”
“This means that so long as Crockett owned a single share of these stocks, regardless of whether she sold them or continued to own them at the end of 2021, she was required to disclose her ownership during the year,” it adds.
Lack of Oversight in Congressional Filings
Arnold noted that Congress has no built-in auditing or enforcement mechanism to ensure lawmakers file accurate disclosures, leaving it up to outside watchdogs to identify and report potential violations.
“There is no checking or auditing process,” Arnold said.
“The financial disclosures are key to our democracy to one, ensure transparency; and two, ensure that members of Congress are not involved in conflicts of interest or perceived conflicts of interest.”
FACT regularly investigates potential violations of the STOCK Act and has previously filed complaints against both Republican and Democratic lawmakers accused of failing to properly report stock trades or investments.
If the Office of Congressional Conduct determines Crockett’s omissions were intentional or negligent, she could face fines, ethics sanctions, or referral for criminal investigation.
The congresswoman’s office had not publicly commented on the allegations.
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