Rep. Tom Suozzi sold up to $50,000 of Global Industrial Co. stock without publicly disclosing ownership due to a loophole in federal law. He obtained this stock as unvested compensation in 2023 and did not report it, adhering to then-current disclosure rules. This sale comes amid calls for a ban on congressional stock trading, bolstered by Suozzi's history of delayed disclosures and violations of the STOCK Act. Bipartisan leaders have voiced support for reforming stock trade practices among lawmakers.
Rep. Tom Suozzi (D-N.Y.) recently sold up to $50,000 in Global Industrial Co. stock without disclosing ownership due to a loophole in federal law, raising concerns amid calls for a congressional stock-trade ban.
Suozzi's stock transaction occurred just before President Trump's tariff announcements, suggesting a pattern of opaque trading habits that have previously drawn congressional scrutiny.
Despite receiving the stock as unvested compensation in 2023, Suozzi failed to report his ownership, reflecting a history of delayed or missing disclosures and past violations of the STOCK Act.
A bipartisan movement in Congress is calling for a complete ban on stock trading by lawmakers, citing issues with the current financial disclosure law, especially in light of cases like Suozzi's.
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