Rep. Kim Schrier (D-Wash.) belatedly disclosed the purchase of hundreds of thousands of dollars in Apple stock last week in apparent violation of federal law — but a spokesperson insisted the lawmaker was unaware of the transaction until recently, according to a new report.
In a filing dated Nov. 12, Schrier revealed that between $500,001 and $1 million in shares of the tech giant had been purchased July 27 through a jointly held family trust. The disclosure was first reported by Forbes.
The federal Stop Trading on Congressional Knowledge (STOCK) Act of 2012 requires members of Congress to disclose securities trades within 45 days of the transaction date, meaning Schrier should have filed the paperwork with the House clerk prior to Sept. 10.
However, lawmakers also have 30 days to report a trade made on behalf of themselves or their spouses once they become aware of it.
“Rep. Schrier was unaware of the transaction, which was made by her husband who handles their finances independently,” spokeswoman Elizabeth Carlson said in a statement.
“As soon as she became aware, she filed the required report. She has never before missed a transaction reporting deadline and will make sure all such deadlines are met in the future,” Carlson added.
Schrier, who was first elected to Congress in 2018, is a member of the House Energy and Commerce Committee, which deals with telecommunications and tech issues.
According to Business Insider, 46 members of Congress have failed to report trades as mandated by the STOCK Act. Members who miss the deadline to file disclosures face a fine of at least $200, though Business Insider reported that the fine is generally waived if a disclosure is fewer than 30 days late.