The House Ethics Committee will extend their review of stock trades and disclosures of Rep. Tom Malinowski (D-Ringoes), after the Office of the Congressional Ethics found that there “substantial reason” to believe Malinowski failed to properly disclose his stock transactions.
“Based on the foregoing information, the Board finds that there is substantial reason to believe that Rep. Malinowski failed to properly disclose stocks that he purchased or sold or failed to properly file [Periodic Transaction Reports] for any of the stock transactions he made,” the OCE wrote in a report they transmitted to the Ethics Committee.
In March of this year, a Business Insider investigation found that Malinowski had failed to disclose dozens of stock trades he made in 2020. Malinowski said that his broker made the trades, and he had no knowledge of what they entailed; he’s since put his stocks into a blind trust.
Nevertheless, the case was sent to the Office of Congressional Ethics, which then moved it forward to the House Ethics Committee. The committee announced last month that they would provide an update on Malinowski’s case by no later than today; they could have formally sanctioned Malinowski or exonerated him, but instead chose to continue the investigation.
In response to the committee’s report, Malinowski’s office emphasized that the committee still has not found him culpable of any wrongdoing, and that today’s release merely signals that the committee is continuing its work.
“The Ethics Committee’s inability to resolve this matter at this time was the same outcome for every member included in today’s routine disclosure, and in no way reflects an escalation,” Malinowski spokesperson Naree Ketudat said.
“Contrary to the partisan attacks, there is no allegation before the Committee of any abuse of office,” Ketudat continued. “The only matter that was recommended for review was a failure to properly file some of his disclosures, an oversight which he has always acknowledged, and fully corrected.”
Though redistricting may scramble the race, Malinowski is currently locked in what’s shaping up to be a tight re-election campaign, possibly against Senate Minority Leader Tom Kean, Jr. (R-Westfield) who narrowly lost to Malinowski in 2020. No report has yet found Malinowski guilty of wrongdoing, but Republicans have nonetheless repeatedly slammed Malinowski for his stock trading in advance of the 2022 campaign.
“In a time when Democrats and Republicans can’t agree on much, there is an overwhelming consensus to continuing an investigation on Congressman Malinowski,” said Kean. “At a time when New Jersey needs someone to look out for its best interests, Congressman Malinowski continues to show that his personal interests come first. The people of New Jersey deserve better. “
The National Republican Campaign Committee released a statement immediately after the report came out harshly criticizing Malinowski.
“Tom Malinowski just can’t stop breaking the law,” NRCC spokesperson Camille Gallo said. “He’s a corrupt politician who will be held accountable for his crooked behavior by New Jerseyans and now, potentially the House Ethics Committee.”Malinowski Ethics