Name: SCOOP: Sen. Dianne Feinstein fails to disclose husband's stock purchase, says she's willing to pay a fine
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SCOOP: Sen. Dianne Feinstein fails to disclose husband's stock purchase, says she's willing to pay a fine

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An icon in the shape of a person's head and shoulders. It often indicates a user profile.Redeem nowDemocratic Sen. Dianne Feinstein says she's prepared to pay a fine for not properly disclosing one of her husband's stock purchases.&nbsp;The August 2020 purchase by Richard Blum, the lawmaker's husband, involves up to $50,000 worth of shares in College Reaction LLC, a private, youth-focused polling company that recently changed its name to The Generation Lab.&nbsp;&nbsp;In a letter to the Secretary of the Senate dated January 6 — the day pro-Trump insurrectionists broke into the US Capitol — Feinstein acknowledged the "previously unreported transaction conducted by my spouse" that should have been disclosed weeks before.&nbsp;The letter also comes as Democrats in the and have renewed a push to reform government ethics, integrity, and voting laws as part of the ".""I recognize that this untimely filing carries a monetary penalty, which I will pay upon notification from the Senate Select Committee on Ethics," wrote Feinstein, who has represented California in the Senate since 1992.Blum is an investment banker, and the couple is worth tens of millions of dollars, according to Senate financial disclosures. The nonpartisan Center for Public Integrity Feinstein among the wealthiest members of the Senate.Feinstein's spokesman Tom Mentzer told Insider on Wednesday that the lawmaker became aware of her husband's purchase of The Generation Lab shares "in the course of a review of her husband's transactions" by his company."We can't speak to why it had been previously overlooked but have been ensured that personnel involved in his transactions are aware of the reporting requirements."Feinstein has not yet been contacted by the Senate Ethics Committee on whether she will face a fine, Mentzer added.The Generation Lab describes itself as a "polling and research firm studying young people and the trends that shape their world" and that translates "youth views and behavior for media, academia, businesses, government, and the American public."Some of The Generation Lab's have tackled political topics. On Wednesday, for example, it published a poll titled, "."In a statement to Insider, The Generation Lab said it is "happy to confirm Mr. Blum is an investor."Members of Congress are generally allowed to buy and sell individual stocks — to the chagrin of some government reform advocates — so long as they publicly disclose the transactions.Federal requires senators to publicly disclose certain financial transactions of more than $1,000, such as their own and their spouses' stock trades, and do so no later than 30 days after receiving "notification" of a transaction. They have 45 days to disclose overall.Other recent financial trades by Feinstein and her husband have come under scrutiny.In January 2018, Blum purchased between $100,000 and $250,000 in Facebook stock. (Members of Congress are only required to publicly report their assets in broad ranges.)In April that year, Facebook CEO Mark Zuckerberg testified before the Senate's Judiciary Committee, of which Feinstein was then the Democrats' ranking member.&nbsp;Not until May did Feinstein publicly disclose her husband's Facebook stock purchase, investigative journalism outfit Sludge later in 2018.During January and February of 2020, shortly before the stock market crash of March 2020, Feinstein's husband sold between $1.5 million and $6 million in stock from biopharmaceutical company Allogene Therapeutics.&nbsp;Feinstein , explaining that she had no personal knowledge of the trade when it was made. Mentzer told Insider that Feinstein keeps her own stock investments in a blind trust.In September, Blum made headlines when a , and news reporting, he wrote an "inappropriate letter of support" for a wait-listed student later admitted to the University of California-Berkeley. Blum is serving his as a member of the University of California system Board of Regents."This is the first time I've heard that maybe I did something that wasn't right," Blum the San Jose Mercury News in September about that incident. "I think it's a bunch of nonsense."Sign up for notifications from Insider! Stay up to date with what you want to know.Subscribe to push notificationsAn icon in the shape of a lightning bolt.Keep readingIt indicates an expandable section or menu, or sometimes previous / next navigation options.An icon in the shape of a lightning bolt.For you

An icon in the shape of a person's head and shoulders. It often indicates a user profile.Redeem nowDemocratic Sen. Dianne Feinstein says she's prepared to pay a fine for not properly disclosing one of her husband's stock purchases.&nbsp;The August 2020 purchase by Richard Blum, the lawmaker's husband, involves up to $50,000 worth of shares in College Reaction LLC, a private, youth-focused polling company that recently changed its name to The Generation Lab.&nbsp;&nbsp;In a letter to the Secretary of the Senate dated January 6 — the day pro-Trump insurrectionists broke into the US Capitol —...

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Dave Levinthal

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SCOOP: Sen. Dianne Feinstein fails to disclose husband's stock purchase, says she's willing to pay a fine

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