Prof. Richard Painter Quoted in The Lever About Lawmakers Not Required to Disclose Details of Investments

Professor Richard Painter, S. Walter Richey Professor of Corporate Law, was quoted in The Lever about members of Congress having large investments in equities but are not required to disclose many details about these investments. The lack of transparency can make it difficult to discern whether these financial dealings could pose a conflict of interest. Prof. Painter said that unlike members of Congress, officials in the executive branch are subject to more stringent requirements for disclosing investment funds. The Office of Government Ethics, an independent agency that oversees financial disclosures in the executive branch, rarely considers private equity funds exempt from additional disclosure, he said. “The legislative branch is a different ballgame. It ties into this broader problem of stock trading and investments that create conflicts of interests for members of Congress.”