Ethics group complaint: Rep. Cindy Axne failed to disclose stock trades as required by law


DES MOINES, Iowa — An ethics group has asked for a formal investigation into Iowa Representative Cindy Axne, 3rd District Democrat from West Des Moines and six other members of Congress for failing to properly disclose dozens of financial transactions that they are required by law to reveal. The Republican Party of Iowa’s Chairman Jeff Kaufmann called Axne’s actions “deliberate,” while Axne’s spokesman said that she will correct any errors if she made any.

Read the complaint here.

The Campaign Legal Center filed the ethics complaints Wednesday against Axne, three other Democrats and three Republicans for failing to report stock trades. Five of the members–including Axne–are members of the House Financial Services Committee. That committee oversees the financial services industry

The STOCK Act requires that members of Congress file a report any time that they sell or buy a stock and they must submit the disclosure within 45 days for each trade valued at more than $1,000. The Campaign Legal Center contends that Axne failed to comply with those requirements.

The ethics group’s complaint said that Axne didn’t disclose more than 40 stock transactions that were valued between $43,00 and $645,000.

Axne’s spokesman released a statement in response to the complaint:

“While Congresswomen Axne completes her own financial disclosures, she does not personally manage or execute transactions related to her retirement account or the ones she has with her husband or her small business. In accordance with her legal requirements, she has submitted all required disclosures of her assets through her first three years in Congress. If there are errors with those disclosures, they are unintentional and the Congresswoman will take immediate and all necessary steps to ensure her disclosures are accurate and in accordance with the law.”

Kaufmann called Axne’s response, “smoke and mirrors.” “Let’s be clear-eyed about this,” Kaufmann said, “She broke federal law. This is serious. This not an oversight. This is purposeful. This is not an honest mistake. This should be taken seriously and not be rectified with a slap on the hand.”

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