Skip to main content
Tags: federal trade commission | big tech | regulation | stocks

WSJ: Top FTC Officials Had Stocks in Firms They Regulated

ftc seal

The seal of the Federal Trade Commission is seen on the lecturn in the commissioner's conference room in Washington, D.C. (Paul J. Richards/AFP via Getty Images)

By    |   Thursday, 13 October 2022 07:37 PM EDT

One-third of the 90 top officials of the Federal Trade Commission owned or traded stocks in companies the agency has overseen between 2016 and 2021, mostly tech firms, The Wall Street Journal reports.

According to a review by The Journal of actions made public by the agency, FTC officials owned stock in 22 of about 60 large companies that were brought before the agency for review during the five-year period

Technology firms have been under more scrutiny in recent years, and almost one-fourth of the FTC's top officials either owned or traded stocks in such tech firms as Amazon, Facebook, Google, Microsoft and Oracle, according to the report.

One FTC chairman owned Microsoft, Oracle and AT&T during the time that sensitive reviews that affected the tech and telecom sectors were being conducted, according to The Journal.

And while his office was working with overseas officials on a probe involving Facebook, the head of the agency's internal division bought and sold stock in the company through a financial adviser.

Although federal employees are barred by law from involvement on policy matters in which they hold a significant financial stake, the FTC officials did not break any laws, according to The Journal. That's because there are exemptions for officials to own stocks that overlap with the work of their agencies.

Employees can invest up to $15,000 in an individual stock or up to $50,000 in an industry-specific mutual fund and still comply with the regulations.

A spokesman for the FTC told The Journal that agency officials complied with the law, adding that the agency has a "robust ethics program" that follows all rules set by Congress and the Office of Government Ethics.

Officials are instructed on how to follow the rules, but the spokesman said, "Ultimately, it is the filer's obligation to comply with the rules."

© 2024 Newsmax. All rights reserved.


Politics
One third of the 90 top officials of the Federal Trade Commission owned or traded stocks in companies the agency has overseen between 2016 and 2021, mostly tech firms, The Wall Street Journal reports.
federal trade commission, big tech, regulation, stocks
304
2022-37-13
Thursday, 13 October 2022 07:37 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
Get the NewsmaxTV App for iOS Get the NewsmaxTV App for Android Scan QR code to get the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved