Friend in need

18 March 2010 By James Pethokoukis

A top aide to Senate Banking Committee Chairman Chris Dodd traded financial stocks during the crisis. The trades were apparently allowed, but look dodgy. With so much marketsensitive activity going on in Washington, it’s time to toughen up Capitol Hill’s investing rules.

This content is for Subscribers only

Context News

Amy Friend, chief counsel for the U.S. Senate Banking Committee, owned and traded a variety of financial stocks during the 2008 financial crisis, according to a disclosure report seen by Reuters Breakingviews. The stakes were listed in broad ranges between $1,500 and $15,000. The investments were jointly owned by Friend and her husband. Such stakes appear to be permitted under Senate ethics rules.

Friend's trading was first reported by Bloomberg BusinessWeek.

The Senate Ethics Manual states that members or employees may not use official position to introduce or pass legislation, where a principal purpose is to further a member, officer, employee, or other immediate family member's financial interests, or the financial interests of a limited class to which such individuals belong.

Senate Ethics Manual

Context News

Friend's trading was first reported by Bloomberg BusinessWeek.

Email a friend

Please complete the form below.

Required fields *