Sen. Susan Collins and her husband, retired lobbyist Thomas Daffron
Maine Sen. Susan Collins failed to report up to $395,000 in stock trades, violating a law that she helped pass.
The STOCK Act requires members of Congress and their spouses to disclose stock transactions within 45 days of a trade being ordered. A review of the Republican senator’s disclosures from 2013 to 2018 shows 24 transactions that were reported more than 100 days late.
All of these trades were made by Collins’ husband, Thomas Daffron, a former lobbyist. The late-reported items include shares of Microsoft, JPMorgan Chase, and CVS.
NOTUS reported that Collins also failed to report a purchase of Pfizer stock earlier this year.
Collins supported the STOCK Act when it was introduced in January 2012 and helped shepherd it into law by becoming the first Republican to back the measure. It ultimately passed with bipartisan support and was signed into law by President Barack Obama.
“At a time when polls show low public confidence in Congress, there is a strong desire to address the concerns that underpin the public’s skepticism and assure the American people that we put their interests above our own,” Collins said in defense of the law.
Collins has since opposed efforts to completely ban stock trading by members of Congress, an idea supported by the vast majority of voters and members of her own party. A Brennan Center survey found that 81 percent of adults support such a ban.
Collins has acquired considerable wealth as a result of her investments.
In 2001, she reported her net worth as between $111,000 and $315,000. According to Quiver Quantitative, which tracks the wealth of lawmakers, her net worth in 2013—less than a year after marrying Daffron—was $3.8 million. Today, it is $6.9 million.
Earlier this year, it was reported that Collins and Daffron had personally profited from the war in Iran through their substantial oil and gas holdings.
The STOCK Act requires lawmakers to pay a fine for every transaction reported outside the 45-day window. These fees are frequently waived by the House and Senate ethics committees. It is unclear whether Collins has been investigated or reprimanded for the infractions.
Collins is running for a sixth term this year. Her likely Democratic opponent is oysterman and veteran Graham Platner, who has pledged to support a congressional stock trading ban.
Reprinted with permission from American Journal News
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