Home Campaign Legal Center Iowa GOP Demands Investigation into Cindy Axne Allegedly Violating STOCK Act

Iowa GOP Demands Investigation into Cindy Axne Allegedly Violating STOCK Act

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The Republican Party of Iowa has demanded there be an investigation into Rep. Cindy Axne (D-IA) who has been accused of violating the Stop Trading on Congressional Knowledge (STOCK) Act of 2012 and House ethics rules.

“Cindy Axne’s actions were deliberate and illegal, and she shouldn’t be allowed to pay a petty fine and walk away. We’ve never had this type of criminal activity from an elected official in Iowa before and we must take this very seriously,” said Jeff Kaufmann, the chairman of the Republican Party of Iowa during a press call Thursday.

“Axne’s actions are exactly what people hate about the swamp. Have any of you forgotten that you traded a half-million dollars?” Kaufmann questioned.

An ethics watchdog with Democrat interests, Campaign Legal Center (CLC), filed a complaint Wednesday with the Office of Congressional Ethics asking for an investigation into Axne — the one remaining elected congressional Democrat in Iowa — for allegedly violating the STOCK Act and House ethics rules by allegedly failing to file periodic transaction reports for over 40 stock transactions worth up to $645,000. Breitbart News reported:

The complaint stated that in 2019 and 2020, Axne “appears to have purchased and sold more than 40 assets with a total value ranging from approximately $43,043 to $645,000 without disclosing the transactions,” noting that while the congresswoman “disclosed the ownership of these assets on her annual financial disclosures” she allegedly “did not file any corresponding periodic transaction reports (“PTRs”).”

Axne’s asset changes happened to occur when the congresswoman sat on the House Committee on Financial Services, and the complaint noted that her assets included Visa, Mastercard, Wells Fargo, and SS&C Technology Holdings. CLC said that due to her alleged lack of PTRs, the ethics office should investigate to “determine whether the differences in Rep. Axne’s 2019 and 2020 reports are the result of reportable transactions,” which is a violation of the STOCK Act and the House rules.

Kaufmann added, “It’s my hope that the committee deal with Cindy Axne swiftly and justly, and not with just a slap on the wrist, to stop this sort of political corruption once and for all.”

Breitbart has previously reported on the creation of the Stock Act, which requires members to file financial disclosure reports, in addition to periodic financial disclosure reports when trades are over $1,000, which Axne’s trades would fall into the category:

Members are supposed to file “full and complete” financial disclosure reports of themselves and the members’ spouse’s assets, debts, and income, in addition to the filing “periodic reports” when transactions are made that exceed $1,000. Every member is required to do so within 30 to 45 days of the transaction.

In 2012, Congress passed the STOCK Act and signed it into law shortly after receiving significant bipartisan support in the House and Senate. However, the legislation was introduced and quickly signed into law after Breitbart News senior contributor Peter Schweizer released Throw Them All Out in 2011.

The book exposed the corruption in the highest echelons of elected life, such as House Speaker Nancy Pelosi (D-CA) and others, both Republican and Democrats on Capitol Hill. Ultimately, forcing Congress’s hand and adopting the STOCK Act that implemented stricter reporting and ethics requirements.

Since the STOCK Act’s adoption, there have reportedly been 14 known Democrats serving in federal elected office who have been accused of violating the rules under the law.

Follow Jacob Bliss on Twitter @jacobmbliss.

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