Ethics panel sides with Texas Republican Congressman Pat Fallon on late financial filings

The House Ethics Committee has voted unanimously to dismiss referrals against Rep. Pat Fallon, R-Sherman, and two other House members for failing to timely report personal financial transactions. The Office of Congressional Ethics released a report earlier this year documenting a pattern of late filings by Fallon of the legally required Periodic Transaction Reports. The report called for the committee to investigate further and issue subpoenas to force Fallon’s full cooperation. But the committee instead sided with Fallon’s attorney, who cast the tardy filings as a freshman House member stumbling over unfamiliar rules that have tripped up many of his colleagues. “The Committee concluded that there was not clear evidence that the errors and omissions in the Members’ PTRs were knowing or willful and that the Members were generally unclear on the requirements relating to PTR filings,” according to a press release the committee issued on Friday.

The committee said it had worked with Fallon and the other members. “They have all made diligent efforts to take appropriate remedial actions and ensure their continued compliance with applicable financial disclosure requirements,” according to the release. Congress adopted new requirements as part of what is commonly referred to as the STOCK Act, requirements that members file reports no later than 30 days after they learn of a transaction over $1,000, and in any case within 45 days. The OCE report found Fallon failed to file timely reports on 122 transactions worth between $9 million and $21 million. Most of those were shortly after he took office in early 2021, but his late filings continued for months after he was on notice about his obligations under the law, according to the report. News accounts have put the spotlight on a lack of compliance by members while watchdog groups have called for tighter regulations – or even an outright ban – on individual stock trading by Capitol Hill lawmakers.