Leger Fernandez violated federal stock trading law

Democrat U.S. Rep. Teresa Leger Fernandez of New Mexico’s Third Congressional District recently joined some of her colleagues on a list of members of Congress who violated a federal stock trade law known as the STOCK Act. 

Leger Fernandez is now one of 76 congressional representatives who bucked the law designed to prevent insider trading and stop conflicts of interest. 

According to Business Insider, “Federal records show that Rep. Teresa Leger Fernandez, a freshman member of Congress from New Mexico, violated the Stop Trading on Congressional Knowledge Act of 2012, which in part requires members of Congress to disclose within 45 days stock trades they’ve made for themselves, spouses, or dependent children.”

Leger Fernandez sold between $15,001 and $50,000 worth of the investment company Golub Capital BDC. She waited until December to disclose the January 2021 stock trade — made just after she took office. That is well after the 45-day requirement for members of Congress.

An aide to Leger Fernandez, who refused to go on record, defended the stock trade, saying she “made the trade as part of her retirement portfolio, which is normally managed by an independent firm. In this particular instance, the aide noted, Fernandez directed the firm to sell the stock,” according to the report.

The aide claimed the Democrat congresswoman had “drafted” the report of the sale within the 45-day period but blamed an “electronic error” for the trade only being reported this month. 

Leger Fernandez’s aide claimed the congresswoman “supports a ban on members of Congress owning individual stocks,” although Congress has refused to act on legislation to implement such policies.

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13 thoughts on “Leger Fernandez violated federal stock trading law”

    1. The majority of both US Senators and Representatives on the list were Republicans: https://www.businessinsider.com/congress-stock-act-violations-senate-house-trading-2021-9

      Additionally, “Prior to the midterm elections, House Minority Leader Kevin McCarthy noted he was open to a congressional stock trading ban, however, he’s been mum on the topic post-election now that it’s clear the Republican Party will have control of the House next term”: https://www.businessinsider.in/politics/world/news/a-democratic-congresswoman-just-joined-the-long-list-of-lawmakers-whove-violated-a-federal-conflict-of-interest-law/articleshow/96119181.cms

  1. And what is done to all of these people in Congress who violated this law? Nothing? They should at least be hit with a steep fine, otherwise they will continue to do the same thing over and over again.

  2. Democrats: always indignant, always above the law, always somehow better than their lowly constituents. And yet, elected in NM w/o question. Maybe the reason why this state leads the country in the most undesired metrics. With leadership like this what can residents hope will improve? Cannot wait to relocate my family.

  3. Just like the dems to let this out after the elections. Wouldn’t matter as we have a lot of sheep in NM voting democrat. Voting for the same old party hoping for better results. Also shame on the Republicans doing the same by giving Steve Pearce more time to screw the Rep Party and just like all the old RINOS in Washington

  4. Steve Pearce is no RHINO. Visited with him in DC while he was in office. Agree though, he could do more to energize the Republican Party of NM.

  5. Oh no-say it isn’t so… An elected dembocrat from New Mexico making underhanded deals and misappropriating funds? Nah -never happens in New Mexico. Bet she’s thinking ,or maybe taking lessons from our fine upstanding Governor, that corruption is the norm and people shouldn’t ask nor challenge an elected person..

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