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The stock trade made by the wife of Rep. Mike Kelly (R-Pa.) has sparked concerns about insider information. The House Ethics Committee, however, did not find enough evidence to prove that Kelly violated insider-trading laws.
What Happened: The House Ethics Committee released a report on Friday, which expressed “serious concerns” about stock purchases made by Kelly’s wife in 2020, reported The Wall Street Journal.
The report found that Kelly had breached the House’s code of conduct by not being forthcoming during the investigation into his wife’s stock purchase. The report’s public release is intended to serve as a reprimand for his actions.
The stock in question was purchased by Victoria Kelly a day after a significant tariff decision. The company, Cleveland-Cliffs Inc. (NYSE:CLF), operated a local steel plant that was at risk of closure. The report did not establish any violations of insider-trading laws by Kelly.
Why It Matters: The Office of Congressional Ethics deemed Victoria Kelly's stock purchase "uncharacteristic." The immediate occurrence after Rep. Kelly's office learned of favorable federal actions for Cleveland-Cliffs, suggesting potential use of nonpublic information.
The case marks a definitive instance where a formal ethics review was initiated due to a lawmaker’s spouse engaging in stock trading connected to her husband’s official duties.
Price Action: CLF stock closed up at 4.86% at $11.44 during regular trading hours on July 25.
Photo courtesy: khunkornStudio via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Posted In: CLF
