The Foundation for Accountability and Civic Trust (FACT) submitted a request with Senate Select Committee on Ethics and asked the committee to “immediately investigate” Hickenlooper's spouse's trading in stocks after he failed to reveal numerous transactions that occurred between the months of March and November 2021 that were valued at as high as $1.3 million. He eventually reported them on the 16th of May.
A few of the reported stock transactions reported late included Liberty Media Corporation, Liberty Broadband Corporation, and Qurate Retail, Inc. In reality, the ethics watchdog pointed out that two transactions he reported in May were more than one year old at the time he made his report.
As with all lawmakers, senators are required to submit an annual report of transactions between 30 and 45 days following transactions in stock exceeding $1,000 that are made for spouses or themselves under the Stop Trading on Congressional Knowledge (STOCK) Act of 2012.
The complaint stated that Hickenlooper not reporting the stock within the timeframe stipulated by federal law constitutes an “clear violation of federal law and Senate ethics rules” and constitutes an “egregious case” due to the lengthy delay in the filing.
The complaint further stated:
The laws have to be followed strictly for a Senator to be able to disclose whether he utilized non-public information for profits or if the official decisions of a Senator were changed to profit from his personal financial investments. If disclosures are not made until this late it is difficult and, in some cases, impossible to determine if a Senator had a conflict of interests and the law ceases to be effective. Senators are fully aware of their obligation to adhere to the law and are under an obligation to do that.
The Senate Select Ethics Committee should take action to ensure Senators adhere to the most fundamental ethical requirements to ensure the public's trust. Senator Hickenlooper's stock trading and any infractions with federal laws must be investigated, and the appropriate penalties are imposed. Thank you for your time.
FACT's Executive Director Kendra Arnold, slammed the senator in a statement:
Sen. Hickenlooper's inability to submit timely reports on stock transactions is unjustifiable. Senators are conscious of reporting obligations that are required to ensure the transparency of their actions and for accountability. Inadequate disclosures undermine public confidence and give the impression that Senators don't have to comply with the federal ethics laws and regulations. I would like to see Senators on the Senate Select Committee on Ethics act swiftly to stop this kind of behavior and determine appropriate sanctions.
It was in 2012 that Congress swiftly adopted legislation known as the STOCK Act and signed it into law. The legislation received substantial bipartisan support from both chambers. The legislation was put forward and quickly passed into law because of Breitbart News senior contributor Peter Schweizer who in 2011 published Throw Them All Out, uncovering corruption in the upper ranks of the political system.
The book by Schweizer, which revealed House Speaker Nancy Pelosi (D-CA) and numerous others, exposed corruption concerns between Republicans and Democrats on Capitol Hill, forcing Congress to adopt legislation known as the STOCK Act that implemented stricter reporting and ethics rules.