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. ReedJordan hits campaign trail amid bid for Speaker Overnight Health Care: Kavanaugh questioned if Roe v. Wade was 'settled law' in leaked email | Senate to vote next week on opioid package | Officials seek to jail migrant children indefinitely | HHS chief, lawmakers meet over drug prices House Republicans huddle on 'tax cuts 2.0' 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 CollinsIndicted GOP lawmaker to stay on ballot in New York this fall: report Live coverage: Cuomo, Nixon face off in high-stakes New York primary Hoyer lays out government reform blueprint 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 RyanCorey Stewart fires aide who helped bring far-right ideas to campaign: report GOP super PAC hits Randy Bryce with ad starring his brother Super PACs spend big in high-stakes midterms 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 PriceWhite House officials discussing potential replacements for FEMA chief: report Overnight Health Care: CBO finds bill delaying parts of ObamaCare costs B | Drug CEO defends 400 percent price hike | HHS declares health emergency ahead of hurricane HHS should look into Azar's close ties to the drug industry MORE bought Innate stock when he was a Georgia congressman, as did House Agriculture Committee Chairman Mike ConawayKenneth (Mike) Michael ConawayRussia probe accelerates political prospects for House Intel Dems Congress prepares to punt biggest political battles until after midterms Gowdy: House Intel panel should release all transcripts from Russia probe MORE (R-Texas), Rep. Markwayne MullinMarkwayne MullinEthics panel orders GOP lawmaker to repay family business K GOP lawmaker calls for ethics rules changes after Collins charged with insider trading GOP Rep. Chris Collins charged with insider trading MORE (R-Okla.) and Rep. Billy LongWilliam (Billy) H. LongThe Hill's 12:30 Report — Booker releases 'confidential' Kavanaugh documents | Anonymous attack shocks White House | Officials rush to deny writing op-ed Twitter chief faces GOP anger over bias at hearing Far-right activist interrupts Twitter hearing MORE (R-Mo.).

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