Rep. Tom Suozzi (D-N.Y.) has come under scrutiny for selling up to $50,000 in Global Industrial Co. (NYSE:GIC) stock without prior disclosure.
What Happened: This transaction occurred just before a significant tariff announcement by President Donald Trump, according to a report by Fortune.
Suozzi’s stock sale was not publicly disclosed due to a loophole in federal law, which has since been addressed by Congress to prevent similar incidents. Suozzi’s office stated that he adhered to the rules in place when he last filed his financial disclosures in 2024.
His Chief of Staff, Matt Fried, confirmed that Suozzi complied with House Ethics rules.
The congressman’s stock dealings have attracted attention amid a push by a bipartisan group in Congress to prohibit lawmakers from trading stocks. They argue that the current financial disclosure law, the STOCK Act, is being misused.
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Suozzi, now a member of the House Committee on Ways and Means, supports the Bipartisan Restoring Faith in Government Act of 2025, which aims to restrict stock trading by Congress members. He co-sponsored the bill in May.
Why It Matters: The issue of stock trading by lawmakers has been a contentious topic, with several recent reports highlighting questionable transactions.
For instance, Rep. Scott Franklin recently purchased Accenture stock valued between $27,027 and $405,000, while Rep. Robert Bresnahan sold 3M stock valued between $36,008 and $190,000.
These transactions, along with Suozzi’s, underscore the ongoing debate about the ethical implications of congressional stock trading and the need for stricter regulations.
In May, congressional stock trades were closely monitored, but no major red flags were raised.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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