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Congressman Raja Krishnamoorthi Calls For Oversight Committee Investigation Into Secretary of Commerce Wilbur Ross’s Potential Insider Trading and Conflicts of Interest

June 19, 2018

WASHINGTON, DC – On Monday, Congressman Raja Krishnamoorthi wrote to House Oversight Committee Chairman Trey Gowdy to urge him to convene hearings on Secretary of Commerce Wilbur Ross's potential conflicts of interest, insider trading, and violation of a sworn statement to federal officials in the wake of new revelations published by Forbes.

A signed copy of this letter is viewable here and its text follows:

June 18, 2018

The Honorable Trey Gowdy

Chairman, House Committee on Oversight and Government Reform

2418 Rayburn House Office Building

Washington D.C. 20515

Dear Chairman Gowdy,

In his confirmation hearing, Secretary of Commerce Wilbur Ross promised the American people that he would fully divest from his business concerns prior to his confirmation to avoid conflicts of interest. Despite his written promise to the Office of Government Ethics, it is now clear that Secretary Ross has not adhered to his word.[1]

It has been widely reported that for the majority of 2017, Secretary Ross maintained stakes in Chinese government-owned companies, firms with direct ties to Russian President Vladimir Putin's inner circle, as well as to a Cypriot bank under investigation by Robert Mueller.[2]

Last fall, five days before reports surfaced that Secretary Ross had financial ties to a shipping company named Navigator Holdings, which has direct ties to a Putin confidant, Secretary Ross shorted his stocks and turned a profit on this news story. Further reporting has shown that it is more probable than not that Secretary Ross had prior knowledge that a report would expose his investments prior to his decision to short sell his shares in the firm.

I respectfully request that you convene hearings to determine what conflicts of interest Secretary Ross possesses, if any insider trading laws were broken, and whether he violated a sworn statement to federal officials.

Thank you for your immediate attention to this matter, and we look forward to your reply.

Sincerely,

Raja Krishnamoorthi

Member of Congress


[1]Forbes, "Lies, China And Putin: Solving The Mystery Of Wilbur Ross' Missing Fortune," June 18, 2018

[2]Ibid