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Senate candidates Michael Whatley and Roy Cooper found a policy they both agree on, but now Cooper is asking Whatley to prove he stands behind his position.
On Monday, Whatley told The Washington Examiner that he agrees with members of Congress who believe their colleagues should sell off their individual stocks or place them in a qualified blind trust. Doing so ensures that members of Congress aren’t benefitting from their positions.
“Public servants should never be about personal profit,” Whatley, the former chair of the Republican National Committee, told The Washington Examiner. “If you’re elected to serve, your duty is to the voters and not your portfolio.”
Now Cooper is telling Whatley to put his money where his mouth is.
“If Michael Whatley truly believes public service is about serving North Carolinians and not boosting his own portfolio, he should commit to selling his individual stocks today,” Cooper, the Democratic former governor of North Carolina, said in a news release first provided to McClatchy.
In response, Jonathan Felts, a spokesman for Whatley, said Whatley will do that when elected to the U.S. Senate, and then turned attention to an unrelated 2019 story about Cooper and pipeline permits.
Stock trading controversy
Members of Congress have been debating the ethics of owning individual stocks since at least 2011. At the time, members were shocked to learn that they weren’t liable under insider trading laws, and several members were accused of trading based on insider knowledge.
Since then, laws have been created to stop insider trading among lawmakers, but advocacy groups say those policies don’t go far enough.
In December, Rep. Anna Paulina Luna, a Republican from Florida, filed a discharge petition, to prohibit members from owning individual stocks. That mechanism, if she collects 218 signatures, would force House Speaker Mike Johnson to bring a bill to the floor.
So far she has 80 signatures. Only one is from North Carolina: Rep. Valerie Foushee, a Democrat from Hillsborough.
Nine members of North Carolina’s delegation own widely held investment funds and stocks, and six have widely held investment funds such as mutual funds or large pension funds, but not individual stocks.
Cooper and Whatley are considered the frontrunners to replace Sen. Thom Tillis, a Republican from Huntersville, who is choosing to retire after a public feud with President Donald Trump over Medicaid coverage in North Carolina. Trump has endorsed Whatley.
Both are required to submit financial disclosures to the Senate Committee on Ethics, offering peeks into how they make a living.
The exact amount that Whatley owns in stocks is hard to ascertain. He’s only required to give ranges for the stocks he owns. Most of his stock holdings are valued between $1,001 and $15,000 or between $15,001 and $50,000. At the bare minimum, he owns more than $200,000, according to his disclosure report. But if his stocks are at the top of the range, what he owns could be well over $1.5 million.
His ethics report also includes the stocks owned by his wife and children, which raises the total much higher.
His investments include pharmaceutical, oil and technology stocks, among other things.
Cooper’s financial disclosures do not show any individually owned stocks, only mutual funds. He supported a ban on lawmakers owning stocks in December, but Whatley has remained quiet on the issue until now.
“Whatley has already profited from policy decisions he championed, eroding what little trust people already have in Washington politicians,” Cooper said in the news release, which linked to an article about Whatley and his family’s stock holdings in oil companies. “I believe candidates must earn the trust of North Carolinians, which is why I didn’t own or trade any individual stocks as Governor, don’t own or trade individual stocks as a candidate, and it’s why I won’t as U.S. Senator, regardless of whether a ban is passed – Michael Whatley should commit to doing the same.”
Early voting is now underway in the March 3 primary election.
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Danielle Battaglia
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