Statement from Jennie Lou Leeder, Democratic candidate for US House TX-11, concerning Mike Conaway’s purchase of stocks involved in controversial securities fraud investigation:
Today the Dallas Morning News reports that Mike Conaway is one of two Texas Congressman who invested in an “obscure Australian pharmaceutical company at the center of insider trading charges leveled Wednesday against Rep Chris Collins, R-N.Y.”
The story continues: “Collins was the biggest investor in the company, which was developing a drug to treat multiple sclerosis, and he reportedly was pitching it as a good investment to friends and House colleagues. If the Texans or other lawmakers invested based on non-public information, that would violate restrictions Congress imposed on itself in the Stock Act.”
This is the third time that we know of in which Conaway has made conspicuously timed stock purchases in companies affected by legislation working through the House. Mike Conaway purchased shares in Entergy, a company that stands to benefit from the high-level nuclear waste storage facility in West Texas — the same one Conaway co-sponsored and passed legislation on. His response was, “That’s not something I authorized personally.” He later explained it was his wife who made the stock purchases. Entergy stock has increased 26% since the legislation was passed.
And in 2017 during the debate to repeal the Affordable Care Act Conaway’s wife bought $30,000 worth of United Health stock the same day the Committee on Rules advanced the Affordable Care Act replacement bill. Though the bill would eventually fail, United Health stock has increased 25% in the last year.
Mike Conaway has proven time and again that he is exactly what is wrong with Washington, DC. It’s time TX-11 had a representative in Congress who cared more about improving the lives of constituents over increasing his own wealth. I am calling on Mr. Conaway to immediately divest of any of his interests in which non-public information was used to procure the stock and give a full accounting of all of his investments so that the voters of TX-11 can have an accurate picture of how their Congressman is benefitting from his position.
### « Back to Press Releases