WASHINGTON, D.C. -- Western New York Rep. Chris Jacobs appears to have recently violated federal law by reporting more than a dozen securities trades after the required deadline.
According to a congressional financial disclosure report, Rep. Jacobs made 13 securities trades between Jan. 19 and July 16. He digitally signed the report on Sept. 3 of this year.
Federal law requires members of Congress to report trades within 45 days of the transactions. The report does say the notification dates were on Aug. 20, with the exception of one on Aug. 13.
Twelve of the trades were municipal securities, including things like the Monroe County Industrial Development Corporation and the New York State Thruway Authority.
Jacobs' spokesperson, Christian Chase, said the other transaction was a corporate-initiated spin-off the lawmaker had not requested and didn't learn about until Aug. 13.
"As part of a review during the preparation of Congressman Jacobs' annual financial disclosure, and based on guidance from the House Ethics Committee, the determination was made that these transactions should be submitted on a Periodic Transaction Report (PTR). Upon making this determination, a PTR was prepared and filed disclosing all reportable transactions," Chase said.
He added Jacobs believes strongly in transparency and retains a compliance firm, which conducts regular reviews to ensure full compliance with financial disclosure requirements. According to the House Ethics website, an individual who files a report more than 30 days after it is due must pay a $200 late filing fee unless the committee waives the fee in exceptional circumstances.