Tom Malinowski’s ethics woes deepened on Tuesday when the House Ethics Committee announced a formal investigation into millions of dollars in undisclosed stock trades.
“Pursuant to House Rule XI, clause 3(b)(8)(A), and Committee Rules 17A(b)(1)(A) and 17A(c)(1), the Chairman and Ranking Member of the Committee on Ethics have jointly decided to extend the matter regarding Representative Tom Malinowski, which was transmitted to the Committee by the Office of Congressional Ethics on July 23, 2021,” the Committee announced. News of action on the allegations – or a decision by the Committee not to act – is anticipated by October 21st.
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Malinowski’s undisclosed trades included pandemic stock moves in companies including Peloton and a testing company.
Congressional action follows the filing of not one but three ethics complaints.
It wasn’t until summer 2021 – when the ethics complaints were filed and pressure was already building – that Malinowski finally moved to place his stock holdings in a blind trust.
Stock trading disclosures are governed by the STOCK Act of 2012.
“Congressman Malinowski’s troubles are only just starting to heat up,” said Congressional Leadership Fund Communications Director Calvin Moore whose organization has expended resources on ads criticizing Malinowski. “Tom Malinowski made himself the portrait of Washington corruption and it’s time he is held accountable for it. This investigation will bring light to Malinowski’s shady stock deals and will hang over his head like a dark cloud until Election Day.”
“Trading Tom Malinowski’s corrupt behavior is finally catching up to him. Voters – and potentially the House Ethics Committee – will hold Malinowski accountable for his illegal activities,” added NRCC Spokeswoman Camille Gallo in a separate statement.
Malinowski represents New Jersey’s 7th Congressional District.
He won reelection in 2020 by approximately 4,000 votes – a small percentage of the total votes cast – and before news of his trading activities came to light. National Republicans consequently hope that Malinowski will be one of the most vulnerable incumbents in 2022, though the pending redrawing of the Garden State map means the partisan composition of the district won’t be certain for many weeks.
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