Following the indictment of Rep. Chris Collins (R-NY), Issue One Executive Director Meredith McGehee released the following statement:
“The fact of the matter is that the prosecution of Rep. Chris Collins (R-NY) spotlights the larger issue facing the House: Members of Congress should not be serving on boards of companies while they are in public office, regardless of whether they are profiting directly from the activity.
It is now critical that the House follow the Senate and change its rules to end this practice and prevent these potential conflicts of interest in the future.
Additionally, following the completion of the prosecution of Rep. Chris Collins (R-NY), both chambers should take the opportunity to review how the STOCK Act and correct any weaknesses dealing with insider trading that the prosecution revealed.”
In July 2017, the Office of Congressional Ethics referred the case of Rep. Collins to the House Ethics Committee after concluding that he violated insider trading laws and House rules by taking ‘official acts’ on behalf of the pharmaceutical company, Innate Immunotherapeutics. He has been under investigation by the House Ethics Committee since August 2017.