![]() ![]() He also bought into an index fund tied to the performance of the S&P 500. Two weeks later, while Congress voted on the CARES Act, Crenshaw bought stocks valued at the same price range in Southwest, Boeing, energy infrastructure manfacturer SPX, and Kinder Morgan, a Texas-based company specializing in pipeline construction. ![]() Then, when global markets crashed on March 12, Crenshaw bought between $1,001 and $15,000 in Amazon. “We all have a limited amount of attention, and if you’ve got eye on your stock portfolio, then you’re not giving that crisis or the American people the full attention they demand.”Ĭrenshaw, elected in 2018, had never traded individual stocks in office until that crisis struck, according to public records. Boyd School of Law at the University of Las Vegas Nevada. It shows that when the market crashes, that person is thinking about themselves and using the volatility to their own advantage,” said Ben Edwards, a securities law expert and professor at the William S. ![]() “Members of Congress should not be actively trading securities in the middle of a crisis. The timing, however, along with Crenshaw’s own trading history and connections to the industry, raises questions about why he made the purchases and failed, twice, to disclose them. “The real number is around $30,000 at most,” Discigil said, and “in no way were his purchases unethical or related to official business.” “You’re referencing financial disclosures that use a range to report stock purchases, and you’re choosing the upper end of the range to come up with that $120,000 figure,” Justin Discigil, Crenshaw’s communications director, told the Daily Beast in an email. They only appeared in December, when Crenshaw amended his annual report, originally submitted in August. The trades, which are listed only in a range of values, add up to a maximum of $120,000, and do not compare in size or volume to the kinds of headline-grabbing transactions executed ahead of the pandemic by Sens. Months later he amended his records to reflect the purchases. Crenshaw, who supported the bill, did not initially disclose the transactions, in violation of the STOCK Act, a law that requires members of Congress to tell the public when they engage in securities trades. That changed in March 2020, when he made half a dozen buys as the largest economic relief package in history was written and debated.įive of those purchases came in the three days between March 25 and 27, as the Senate and House voted on the CARES Act and former President Trump signed it into law. Dan Crenshaw (R-TX) did not buy or sell any stocks in his first 13 months as a congressman. ![]()
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