EXCLUSIVE — The National Republican Congressional Committee is hitting out against Rep. Marcy Kaptur (D-OH), sending the congresswoman a detailed memo explaining a law that blocks insider trading on the stock market, despite the Ohio Democrat voting in favor of the bill over a decade ago.
The NRCC distributed the memo, “How To Not Violate The Law You Voted For,” to Kaptur’s office in Washington, D.C., on Wednesday afternoon. The two-page handout details the parameters of the STOCK Act, which Kaptur had violated earlier this year, according to the NRCC.
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“After spending 40 years in Congress hiding from constituents, it’s clear Marcy Kaptur cannot be trusted to meet even the most basic levels of transparency,” NRCC spokesman Chris Gustafson told the Washington Examiner. “The NRCC is happy to provide Kaptur with this guide on how to be a lawmaker, not a lawbreaker, and remind voters that Kaptur’s time in office is coming to an end.”
Filings show Kaptur sold $1,280 worth of stock in Andersons in October but failed to report the transaction until May 15, reportedly violating the 45-day deadline to disclose periodic transaction reports that was implemented in the STOCK Act. Kaptur was later fined $200 for the violation.
The memo, exclusively obtained by the Washington Examiner, details when the reports are required to be filed, as well as step-by-step instructions on how to do so. The letter includes a number of tongue-in-cheek remarks throughout the page.
“This memo introduces the reporting requirements for the STOCK Act (FYI, you voted for it),” the introduction reads.
“If you personally conduct a transaction, you need to report it on a PTR within 30 days of the transaction (NOT 205),” the memo later states. “Even if you did not conduct or direct a transaction, you may still be required to report it (You are). Transactions must be reported within 30 days of being made aware of the transaction, but no later than 45 days from the date of transaction (Again, not 205).”
Kaptur's office defended her conduct, noting the congresswoman has never personally purchased or traded stocks. Rather, her office said she inherited the stocks after her brother's death in 2021, later moving the proceeds to a certificate of deposit, announcing she would not trade or sell them.
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“In 2022, it became clear that as a result of redistricting Congresswoman Kaptur would represent the Ohio agribusiness whose stock she had inherited. To avoid even the appearance of any conflict with her official work, Congresswoman Kaptur promptly sold all of her shares in the stock — a total of $1,280.03," a spokesperson for Kaptur said. “Upon discovering the $1,280.03 transaction exceeded the reporting limit of $1,000, she filed the required report and a $200 fee for the delay in recognizing the oversight."
The latest attack comes after the NRCC designated Kaptur’s seat as one of its top targets in the 2024 cycle, deeming the 21-term congresswoman one of the most vulnerable incumbents next year. Kaptur’s seat is expected to be one of the more competitive races, with the nonpartisan Cook Political Report rating it as “lean Democratic.”