Correcting the Record; Representative Malinowski Responds to AP Coverage

May 21, 2021
Press Release

(Somerville, NJ) Today, the Office of Representative Tom Malinowski released the following statement in response to recent AP coverage:

“The charge that Congressman Malinowski abused his office is categorically false. 

The AP story acknowledges, “there is no indication that Malinowski acted on insider information to make his investment decisions.”  These trades were made solely by his broker based on publicly available information and without Congressman Malinowski’s input of prior knowledge; a fact confirmed by Gagnon Securities in a statement to AP, attached below. 

For two years Congressman Malinowski has been a leading voice in demanding transparency from our elected officials and has spent his career as a leader in the global fight against corruption.

The true question at hand in AP’s reporting is, should Members of Congress and other elected officials be held to a higher standard?  Congressman Malinowski believes the answer should be yes to ensure trust between the public and their elected representatives. 

Congressman Malinowski is committed to full transparency with the public. He believes that all Members of Congress should be required to maintain blind trusts if they have any investments in the stock market. In the absence of any such requirement, and going above the law, Congressman Malinowski is currently in the final phases of establishing a blind trust for himself.” 

Gagnon Securities Statement:

Gagnon Securities LLC is an SEC registered investment adviser that has full discretion over its advisory client accounts, including the account maintained by Congressman Malinowski.  Gagnon Securities make all trading decisions in discretionary client accounts, and does so based on publicly available information as well as proprietary analysis that forms our investment strategy for all our clients. All trades referenced by AP that were made in Congressman Malinowski’s account in 2020, including all short positions, were made by Gagnon Securities pursuant to its discretionary authority and without Congressman Malinowski’s input or prior knowledge.