Skip to main content

As published on Politics PA

Lou Barletta the stockholder may be benefiting from Rep. Lou Barletta (R-Luzerne) the politician, the Wilkes-Barre Times Leader reported Sunday.

The new STOCK Act, which compels disclosure of investment information from members of Congress, offered a window into Barletta’s finances.

He says that his finances are managed by an adviser with whom he has little to no input.

The law was passed earlier in 2012, after a report on ‘60 Minutes’ by CBS News highlighted several instances of lawmakers whose personal finances benefited specifically and directly as a result of congressional votes.

The Times Leader pointed out that Barletta’s portfolio includes a significant amount of stock in energy companies that may benefit from his votes to reduce pollution regulations – if the bills ever get through the Senate, that is.

One of the several instances the report found is that in May 2011, Barletta voted for three bills that would increase offshore drilling, only two months after adding to his portfolio stock in offshore drilling company Seadrill Limited.

This all comes after the January 2012 STOCK Act (Stop Trading on Congressional Knowledge) that prohibits Congress members and other governmental staff from using exclusive information garnered from their governmental positions to guide their stock trading.

Barletta spoke in support of the Act and insisted he is completely unaware of the contents of his portfolio: “[The Act] makes everything very, very transparent, and I’m comfortable that I don’t even know what stocks I have,” he told the Times Leader.

According to that report, no votes were timed so exactly with his stock trades to suggest the votes were made with the trades in mind. Barletta asserts this is because there really is no conscious connection.

“My financial adviser has total discretion,” Barletta told the Times Leader. “I’m not even notified until after the transaction. I have no knowledge of what he buys and sells.”

Barletta says his portfolio is so varied, he might also be supporting bills that would damage his investments. Indeed, despite owning stocks in pharmaceutical companies like Bristol Myers Squibb Co., Bareltta has several times voted to overturn the healthcare law, which benefits them.

He also offered to show the still-sealed envelopes of notices mailed to him by his financial adviser to prove he truly had no idea what his portfolio contained.

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site