Rep. Tom Kean, Jr. (R-Westfield) has self-disclosed a minor reporting issue on a personal financial disclosure and has amended his report.
Dan Scharfenberger, a spokesman for Kean, said the issue involves a corporate transaction triggered by the merger of Somerset Savings Bank and Regal Bancorp. This transaction led to the disposition of an asset that the New Jersey congressman had no input or decision-making control over.
“As the compliance team has been preparing the congressman’s annual Personal Financial Disclosure report, they felt it would be best to over-report and file paperwork with the Ethics Committee on this matter,” said Scharfenberger. “Congressman Kean continues to go above and beyond every legal standard to ensure full transparency.”
The value of the bank asset was $5,474.
Soon after taking office last year, Kean sought his stick and fund assets into a qualified blind trust and is awaiting approval of the Ethics Committee.
Scharfenberger said Kean has advocated for reforms prohibiting all Members of Congress from trading individual stocks.
“He is leading by example as elected officials should always follow this model of transparency,” Scharfenberger stated.
Kean is seeking re-election to a second term in New Jersey’s 7th district against Democrat Sue Atman.
In 2020, Rep. Mikie Sherrill (D-Montclair) announced that she had converted all of her individual stocks to Exchange-traded funds (ETFs) that prevent any appearance of conflict.