Rep. Virginia Foxx (R) represents North Carolina’s 5th Congressional district, a north-south stripe of mostly rural and exurban parts of the central-west part of the state. Foxx has long been a vocal opponent of marijuana legalization, so her senior position on the House Committee on Oversight and Reform is a perfect post for her.
Yet as Congress begins to take up critical new federal marijuana decriminalization legislation, Foxx has been busy buying up stock to profit from her privileged access to information:
Foxx, 77, has made at least six investments in Altria, one of the world's largest tobacco companies and a leader in the burgeoning U.S. cannabis industry, since September of last year, according to financial disclosure reports. Altria, previously known as Phillip Morris, also holds large minority stakes in JUUL Labs and Anheuser Busch InBev, another company exploring the cannabis market.
The purchases, which have not previously been reported, likely make her the largest holder of marijuana-related stocks in Congress, according to a report from Unusual Whales, a market research firm.
Source: Meet the anti-legalization GOP Congresswoman cashing in on marijuana stocks (Salon)
Not only do Foxx’s stock purchases raise eyebrows, but so do their timing:
The MORE Act ultimately wasn't taken up for a vote in the then-Republican-controlled Senate, effectively killing the measure. It was reintroduced in the House Friday by Rep. Jerry Nadler, D-New York, and has a greater chance of success given the Senate's new Democratic majority.
At least four of Foxx's investments in marijuana-industry stock came between the initial MORE Act vote in December and Friday. In all, records show she has purchased somewhere between $79,000 and $210,000 in Altria stock. It remains unclear whether she is currently holding these investments — though no sales have been reported.
Just another crooked — Republican — politician lining her pockets with inside information. Shameless.
Carolina Forward is a progressive policy organization dedicated to building a more just, democratic and prosperous North Carolina. Learn more at CarolinaForward.org.