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. ReedDrug pricing fight centers on insulin Dems ready aggressive response to Trump emergency order, as GOP splinters Dems hit GOP on pre-existing conditions at panel's first policy hearing 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 CollinsThe Hill's 12:30 Report: Sanders set to shake up 2020 race House Dems release 2020 GOP 'retirements to watch' for Fighting AIDS domestically and globally means pushing more evidence-based services 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 RyanFive takeaways from McCabe’s allegations against Trump The Hill's 12:30 Report: Sanders set to shake up 2020 race McCabe: No one in 'Gang of Eight' objected to FBI probe into Trump 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 PriceIs a presidential appointment worth the risk? Former Ryan aide moves to K street Grassley to test GOP on lowering drug prices MORE bought Innate stock when he was a Georgia congressman, as did House Agriculture Committee Chairman Mike ConawayKenneth (Mike) Michael ConawayAdam Schiff, Glenn Simpson and their Forrest Gump-like encounter in Aspen Schumer hits back at Trump: ‘He’s hostage-taking once again’ Hillicon Valley: House Intel panel will release Russia interviews | T-Mobile, Sprint step up merger push | DHS cyber office hosting webinars on China | Nest warns customers to shore up password security MORE (R-Texas), Rep. Markwayne MullinMarkwayne MullinDemocrat responds to being told 'go back to Puerto Rico' on House floor Liz Cheney wins House GOP leadership post Overnight Health Care: Opioids package nears finish line | Measure to help drug companies draws ire | Maryland ObamaCare rates to drop MORE (R-Okla.) and Rep. Billy LongWilliam (Billy) H. LongThe Hill's 12:30 Report — Presented by Kidney Care Partners — Lawmakers wait for Trump's next move on border deal Bad weather stops Pelosi, lawmakers from attending Dingell funeral service The Hill's 12:30 Report: State of the Union takeaways | Sights and sounds from the night | Virginia attorney general admits he wore blackface MORE (R-Mo.).

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