NY Times report questions 2 of US Rep. Scott Franklin's stock trades as potential conflicts
U.S. Rep. Scott Franklin of Lakeland is among 97 members of Congress who have engaged in stock transactions that pose potential conflicts of interest, according to a review by The New York Times, though Franklin denies that.
The newspaper included Franklin’s headshot among those of the other 96 in a front-page story published Wednesday. The Times conducted “an extensive analysis of trades” from 2019 to 2021, the article said.
The Times found more than 3,700 trades reported by lawmakers from both parties that raised potential conflicts “between their public responsibilities and private finances,” according to the report.
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Franklin, a Republican heavily favored to win a second term, is not mentioned in the main article, which focuses on such officials as Sen. Tommy Tuberville, R-Alabama, and Rep. Ro Khanna, D-California.
The package includes short summaries of the stock trades from each of the 97 members of Congress, and Franklin’s is among the briefest. It says Franklin reported trades in five companies during the three-year period, and the Times deemed two of them to be potential conflicts.
Franklin reported sales in two pharmaceutical companies “while the House Oversight Committee, on which he sat, was in the midst of a three-year investigation into drug pricing and business practices.” The report says Franklin’s office did not respond to the Times’ request for comment.
Franklin’s office sent a statement to The Ledger on Thursday:
“As a Republican member of the Democrat controlled Committee on Oversight and Reform, I have not been involved in any investigations they are conducting, and certainly none initiated prior to my election to Congress. I also have no awareness of the transactions made by the manager of my financial portfolio until after they are made.
“I am only informed of the trades so I can comply with House Ethics reporting requirements. I have always followed these rules and will continue to do so. Despite what was reported by The New York Times, my office has no record of anyone from the Times reaching out for comment. Otherwise, I would have happily explained the facts to them.”
The New York Times report focuses not only on trades made by members of Congress but also on transactions involving their family members. For example, Paul Pelosi, the husband of House Speaker Nancy Pelosi, D-California, bought and sold at least $25 million in stocks, options and other financial assets from 2019 to 2021.
While Pelosi said she is not involved with her husband’s financial transactions, critics have called for stricter rules governing the investments of congressional members and their families.
Franklin, a former Lakeland city commissioner, was elected to Congress in 2020 in House District 15. He is now running for the redrawn District 18, which covers eastern Lakeland and extends as far south as Collier County. Franklin easily prevailed in the August primary election and will face a non-party candidate and a write-in candidate in the November general election.
The Times report did not mention Polk County’s other two U.S. House members — Rep. Darren Soto, D-Kissimmee, and Rep. Greg Steube, R-Sarasota. Nor did it mention Rep. Daniel Webster, R-Clermont. Webster is running for election in the redrawn District 11, which includes northern Polk County.
Gary White can be reached at gary.white@theledger.com or 863-802-7518. Follow on Twitter @garywhite13.
This article originally appeared on The Ledger: NY Times report questions stock trades of Lakeland Rep. Scott Franklin
