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. ReedThis week: Trump's budget lands with a thud on Capitol Hill Cuccinelli: New York reintroduced 'the main problem' that allowed 9/11 New Yorkers blocked from Global Entry program over immigrant license law 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 CollinsFormer Rep. Chris Collins sentenced to 2 years in prison for insider trading GOP leaders encourage retiring lawmakers to give up committee posts Democrats running to replace Duncan Hunter, Chris Collins vow to support ethics package 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 RyanPaul Ryan says he disagrees with Romney's impeachment vote Trump doubles down on Neil Cavuto attacks: 'Will he get the same treatment as' Shep Smith? Trump lashes out at Fox News coverage: 'I won every one of my debates' 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 PriceDNC chair says app used in Iowa won't be used in other primary states Hillicon Valley: Iowa chaos highlights misinformation threat | Officials blame app for delayed results | Company offers 'regret' | Nevada officials drop plans to use app | Ohio ramps up election security Company behind Iowa Democratic caucus app expresses 'regret' MORE bought Innate stock when he was a Georgia congressman, as did House Agriculture Committee Chairman Mike ConawayKenneth (Mike) Michael ConawayLive coverage: Democrats, Republicans seek to win PR battle in final House impeachment hearing Laughter 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 MORE (R-Texas), Rep. Markwayne MullinMarkwayne MullinOvernight Energy: Republicans eye top spot on Natural Resources panel | GOP lawmakers push back on bill to make greener refrigerators, air conditioners | Green groups sue Trump over California fracking plans Republicans push back on bipartisan bill to make greener refrigerators, air conditioners Lawmakers beat Capitol Police in Congressional Football Game MORE (R-Okla.) and Rep. Billy LongWilliam (Billy) H. LongLawmaker says he urged Pelosi to auction ripped up speech for charity Lawmakers from both sides of the aisle mourn Cummings Lawmakers toast Greta Van Susteren's new show MORE (R-Mo.).

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