Democratic senator Dianne Feinstein admits she did not properly declare husband’s stock purchase

1 month ago 10

Democratic senator Dianne Feinstein has admitted that she did not properly disclose one of her husband's stock purchases and has said that she would be prepared to pay the relevant fine, a report has said.

In a letter to the Secretary of the Senate on 6 January, Senator Feinstein acknowledged the “previously unreported transaction conducted by my spouse” that was weeks late, Business Insider reported.

The purchase by Senator Feinstein’s husband, Richard Blum, was made in August 2020 and involves up to $50,000 worth of shares in College Reaction LLC, according to the outlet.

The company is a private, youth-focused polling company recently named The Generation Lab, which describes itself as a "polling and research firm studying young people and the trends that shape their world”.

"I recognise that this untimely filing carries a monetary penalty, which I will pay upon notification from the Senate Select Committee on Ethics," wrote Ms Feinstein.

Senators are required by federal law to publicly disclose certain financial transactions of more than $1,000 no later than 30 days after receiving "notification" of a transaction and within 45 days overall.

The couple is worth millions of dollars, according to Senate financial disclosures, and the nonpartisan Center for Public Integrity ranks Senator Feinstein among the wealthiest members of the Senate, the report said.

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Ms Feinstein's spokesman Tom Mentzer told Business Insider that the lawmaker became aware of the shares "in the course of a review of her husband's transactions" by his company.

"We can't speak to why it had been previously overlooked but have been ensured that personnel involved in his transactions are aware of the reporting requirements,” Mr Mentzer said.

The senator is yet to be contacted by the Senate Ethics Committee on whether she will face a fine, the spokesperson added.

The Generation Lab told the website that it was “happy to confirm Mr Blum is an investor".

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