WASHINGTON (AP) — The indictment of Rep. Chris Collins on insider trading charges is drawing new attention to the freedom members of Congress have to serve on corporate boards or to buy and sell stock in industries they’re responsible for overseeing.
Collins, a New York Republican, has denied any wrongdoing stemming from his involvement with Innate Immunotherapeutics Limited, a biotechnology company based in Sydney, Australia.
He was Innate’s largest shareholder and also was on the company’s board.
Members of Congress are not prohibited from serving on corporate boards as long as they don’t receive any compensation for doing so. But legal and ethics experts say it’s an arrangement that can create the potential for conflicts of interest.
It is unclear how many lawmakers have board positions. There’s no central database with that information.
