Democratic congresswoman tapped for pandemic oversight failed to disclose 2019 stock sales

Rep. Donna Shalala, D-Fla., who was recently tapped by Speaker Nancy Pelosi to serve on the  special committee overseeing coronavirus relief spending, is acknowledging through her office that she failed to disclose stock sales conducted in 2019.

The lack of disclosure constitutes a violation of federal law, according to the Miami Herald, which reported that the STOCK Act stipulates transactions should be reported within 45 days.

The newspaper noted that Shalala, a former Cabinet secretary, said she sold stocks in 2019 to steer clear of any possible conflicts of interest following her November 2018 election to Congress.

“She had a misunderstanding about the periodic transaction report process and her need to report the sale of these stocks while preparing a blind trust,” spokesperson Carlos Condarco told the Miami Herald. “As a new member with a broker and attorney who were not familiar with the congressional disclosure rules, there was a misunderstanding.”

The congresswoman was appointed by Pelosi earlier this month to help oversee billions of dollars in pandemic relief funds. “Treasury got a huge pot of money to bail out large industries, specifically airlines,” Shalala said. “What we’re really after is mischief. We’re after fraud.”

The Miami Herald reported that Shalala's office revealed that between November 2018 and November 2019 the congresswoman sold stocks in businesses the could possibly pursue bailout funding as well as two organizations that the news outlet said are "advising the U.S. Treasury Department and Federal Reserve on the disbursement of loans and funds: Moelis and BlackRock."