CINCINNATI — According to financial disclosure records, U.S. Rep. Greg Landsman and his wife recently sold hundreds of thousands of dollars worth of stocks amid the ongoing U.S. trade war and volatility in the stock market.
Landsman, who represents Cincinnati, and his wife sold hundreds of thousands of dollars worth of stocks in March. Though the exact amount is unclear, an analysis by our news partner, the Journal-News, found that the sales combined are valued between $379,000 and $1.44 million. Federal lawmakers are only required to disclose stock sale values in broad ranges.
WATCH: See what stocks a Cincinnati Congressman recently sold and why a political science expert says it matters
In the fall of 2024, Landsman failed to disclose trading activities on time — a breach of legal requirements under the 2012 STOCK Act. The law requires members of Congress and certain family members to file reports within 30 to 45 days after receiving notice of a transaction exceeding $1,000.
Several members of Congress from Ohio, both past and present, are STOCK Act violators, the Journal-News reported. Among them: Reps. Warren Davidson, R-Troy; Marcy Kaptur, D-Toledo; Steve Chabot, R-Cincinnati; and David Joyce, R-Bainbridge Twp.
"The (2012 STOCK Act) really had one major purpose, which was to prevent members of Congress from insider trading," UC political science professor David Niven said.
The transactions come at a time of rising scrutiny for members of Congress over their personal finances. We asked Niven to articulate the sentiment.
"Things have moved so fast, and so dramatically in the markets, that it creates an inherent interest and suspicion of members who are in any way potentially using their position to make advantageous trades," Niven said.
In a statement, Landsman said through a spokesperson that these stock sales represent his commitment to enhancing financial transparency.
Landsman is co-sponsoring the TRUST in Congress Act, which, if enacted, would require Congress members and select family members to place investments in blind trusts to avoid potential conflicts of interest. Landsman described the divestiture of his stocks as an initial step towards this goal.
"Congressman Landsman is working to bring his investments in compliance with the TRUST in Congress Act — putting them into a professionally managed exchange-traded fund (ETF) to avoid any conflict of interest. These sales are just part of making that happen," the statement read.
We asked Niven to address how constituents may perceive Landsman's financial transactions: "It ultimately comes down to intent. A lot of times we see these members give lip service to what they know is right, but then not actually do that personally."
"If Rep. Landsman not only signs on to a bill that would ban the trading of stocks, but then follows that, by his own volition, I think the intent is clear," Niven said. "If there's any failure to live up to the thing that he thinks should be universally applied, then I think certainly constituents would be very skeptical of every stock trade a member makes."
Findings from a 2023 Pew Research survey indicate that nearly 80% of Americans believe Congress struggles to separate financial interests from its legislative responsibilities.
Per Landsman's financial disclosure records, the U.S. Congressman sold shares in several high-profile tech companies, including Apple, Microsoft and chipmaker Nvidia. In addition, he sold shares of stock invested in a defense contractor and tobacco company.
Per the Journal-News, as recently as February, the Landsmans were still purchasing individual stocks in companies such as Amazon, Ameriprise Financial and Crowdstrike Holdings, according to federal records.
In his statement to WCPO 9 News, Landsman emphasized the disclosure was not delayed but rather filed on time in accordance with legal requirements.
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