WASHINGTON (AP) — In the early days of the pandemic, New Jersey Rep. Tom Malinowski scolded those looking to capitalize on the once-in-a-century health crisis.
“This is not the time for anybody to be profiting off of selling ventilators, vaccines, drugs, treatments, PPE (personal protective equipment), anywhere in the world,” the two-term Democrat and former assistant secretary of state told MSNBC in April 2020.
He did not heed his own admonition.
Since early 2020, Malinowski has bought or sold as much as $1 million of stock in medical and tech companies that had a stake in the virus response, according to an analysis of records by The Associated Press. The trades were just one slice of a stock buying and selling spree by the congressman during that time, worth as much as $3.2 million, that he did not properly disclose.
The issue of congressional stock trading took on a new urgency last year when at least three senators were the subject of inquiries about whether they made financial decisions based on insider information. Though no one was charged, their dealings stirred outrage and highlighted the limitations of the Stock Act, a 2012 law intended to curtail stock market speculation by lawmakers.