Rand Paul reveals that within the late monetary disclosure, his spouse purchased shares within the firm behind Remdesivir

Washington
CNN

Kentucky Republican Senator Rand Paul announced Wednesday that his wife had purchased up to $ 15,000 in shares in Gilead Sciences, maker of the antiviral drug Remdesivir, in February 2020.

Remdesivir was later approved as the first drug to treat Covid-19. Paul’s filing with the Senate shows that Gilead shares were bought for between $ 1,000 and $ 15,000.

The STOCK Act – enacted in 2012 to outlaw Congress insider trading or the use of non-public information for personal financial gain – requires trading transactions to be disclosed within 45 days. Paul’s coverage came 16 months late.

The financial disclosure came more than a year late because the original filing was not properly submitted, according to Paul spokesman Kelsey Cooper, who also noted that Paul’s wife, Kelley, lost money on the investment.

“Last year, Dr. Paul filled out the registration form for an investment his wife made from her own income in which she lost money. It did so in the appropriate reporting window, ”Cooper said in a statement.

“While preparing to file his annual financial statement for last year, he learned that the form had not been submitted and promptly notified the filing office for guidance. In accordance with these instructions, he submitted both reports today. ”

News of the late financial disclosure sparked a swift backlash from ethics experts and government supporters on Wednesday.

“The senator should have an explanation for the trade and, more importantly, why it took him nearly a year and a half to discover it from his wife,” said James Cox, a law professor at Duke University, the Washington Post first reported the revealing.

“The fact that he did not disclose and other senators’ investigations into possible insider trading related to Covid did not prompt him to disclose, it is very worrying,” said Walter Shaub, a senior ethics fellow at Project on Government oversight said Thursday on CNN’s “New Day,” adding that it doesn’t matter if Paul’s wife made or lost money on the trade for it to be acceptable.

The coronavirus pandemic brought congressional stock trading activity into focus as a number of lawmakers came under fire for removing stocks from their portfolios before the massive sell-off in stock markets following the worsening pandemic.

The Justice Department investigated several members of Congress for insider trading, but has now completed the investigation.

Paul, who became the first U.S. Senator to test positive for Covid-19, has repeatedly denied public health guidelines, and Dr. Anthony Fauci, the country’s leading infectious disease expert, was publicly challenged several times.

Earlier this week, Paul was banned from YouTube for seven days because a video claimed masks were ineffective in fighting Covid-19, a company spokesman said.

CNN’s Anneken Tappe, Scott Bronstein and Veronica Stracqualursi contributed to this report.

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