Trump's bank watchdog bought financial stocks up until taking office

Section:

By Michelle Price and Patrick Rucker
Reuters
Wednesday, April 25, 2018

WASHINGTON -- U.S. President Donald Trump's nominee for Wall Street regulator Comptroller of the Currency bought financial stocks until he took office in November, according to financial disclosure documents filed with the Office of Government Ethics.

While not illegal, the trading activity by Joseph Otting's money manager could violate the spirit of ethics rules designed to prevent conflicts of interest, five experts in U.S. government ethics standards said. Nominees are required by law to disclose all assets to the Office of Government Ethics and divest any deemed a conflict of interest, or having the appearance of one, once they are confirmed. Otting gave the ethics office a tally of his investments in March 2017 and agreed upon his June nomination to unwind millions of dollars in financial stocks within 90 days of being confirmed.

... Dispatch continues below ...



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However, following his nomination Otting bought hundreds more financial shares, according to a Reuters analysis of OGE filings which list some of the stocks along with the number of shares Otting was required to divest upon taking office. ...

... For the remainder of the report:

https://www.reuters.com/article/us-usa-otting-investments-exclusive/excl...

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