GOP lawmaker calls for ethics rules changes after Collins charged with insider trading

GOP lawmaker calls for ethics rules changes after Collins charged with insider trading
© Greg Nash

Rep. Tom ReedThomas (Tom) W. ReedHillicon Valley: Critics press feds to block Google, Fitbit deal | Twitter takes down Hamas, Hezbollah-linked accounts | TikTok looks to join online anti-terrorism effort | Apple pledges .5B to affordable housing Twitter takes down Hamas, Hezbollah-affiliated accounts after lawmaker pressure Hillicon Valley: Zuckerberg would support delaying Libra | More attorneys general join Facebook probe | Defense chief recuses from 'war cloud' contract | Senate GOP blocks two election security bills | FTC brings case against 'stalking' app developer MORE (R-N.Y.) on Thursday said Congress should reform its ethics code to avoid conflicts of interest.

During an appearance on CNN, Reed suggested that a revamped code could prohibit members from sitting on the boards of publicly traded companies while serving in Congress.

"Obviously, any type of conflict of interest, we need to do a better job in Congress to send the message to the people that we're making sure that the integrity of the House is in place and that no one is above the law," Reed said. 

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Reed's remarks come one day after Rep. Chris CollinsChristopher (Chris) Carl CollinsOn The Money: Economy adds 136K jobs in September | Jobless rate at 50-year low | Treasury IG to probe handling of Trump tax returns request | House presses Zuckerberg to testify on digital currency Two Collins associates plead guilty in insider trading case On The Money: Trump blames Fed as manufacturing falters | US to join Trump lawsuit over NY subpoena for tax returns | Ex-Rep. Chris Collins pleads guilty in insider trading case MORE (R-N.Y.) was charged with insider trading. Collins, who represents parts of western New York, turned himself in to the FBI early Wednesday.

Prosecutors allege that, while serving on the board of the Australia-based pharmaceutical company Innate Immunotherapeutics, Collins gave nonpublic information about drug trial results to his son to help him "make timely trades in Innate stock and tip others." 

Outgoing Speaker Paul RyanPaul Davis RyanIs Joe Biden finished? Krystal Ball previews fifth Democratic debate Former Speaker Boehner's official portrait unveiled MORE (R-Wis.) removed Collins from his position on the Energy and Commerce Committee after his arrest.

Multiple Republican lawmakers told The Hill last year that Collins had urged other members of Congress to invest in the pharmaceutical company.

Collins has been under investigation by congressional officials for his ties to Innate since last year. In the fall, a report from the Office of Congressional Ethics found there was “substantial reason” to believe he violated federal law by sharing inside information with the company's investors.

Former Health and Human Services Secretary Tom PriceThomas (Tom) Edmunds PriceHundreds apply to fill Isakson's Senate seat in Georgia Overnight Health Care — Presented by Partnership for America's Health Care Future — Warren faces tough choices on 'Medicare for All' funding | Dems demand answers on Tom Price's charter flights | Medicaid expansion nears 2020 ballot in Oklahoma Senate Democrats demand answers on payment for Tom Price's charter flights MORE bought Innate stock when he was a Georgia congressman, as did House Agriculture Committee Chairman Mike ConawayKenneth (Mike) Michael ConawayLaughter erupts at hearing after Democrat fires back: Trump 'has 5 Pinocchios on a daily basis' Live coverage: Schiff closes with speech highlighting claims of Trump's corruption Live coverage: House holds third day of public impeachment hearings MORE (R-Texas), Rep. Markwayne MullinMarkwayne MullinLawmakers beat Capitol Police in Congressional Football Game Democrats hold first hearing in push for clean energy by 2050 Overnight Energy: House moves to block Trump drilling | House GOP rolls out proposal to counter offshore drilling ban | calls mount for NOAA probe MORE (R-Okla.) and Rep. Billy LongWilliam (Billy) H. LongLawmakers from both sides of the aisle mourn Cummings Lawmakers toast Greta Van Susteren's new show Trump honors Stanley Cup champions, talks impeachment, Turkey MORE (R-Mo.).

Prosecutors also charged Collins’ son, Cameron Collins, and Stephen Zarsky, the father of Cameron Collins's fiancée.