Senator Rand Paul’s statement came almost sixteen months late as he filed disclosure with the Senate for actions that took place a year ago. The Senator from Kentucky disclosed that his wife, Kelley, had purchased a couple of stocks in Gilead Sciences. For the uninformed, Gilead Sciences was one of the companies that had produced an antiviral drug that could be used to treat coronavirus.
This is in violation of the STOCK Act, which prohibits the members of Congress from utilizing private information for private profit. Even then, the disclosure should have been filed and represented within 45 days- as reported by The Washington Post.
Rand Paul Violated the STOCK Act?
Last March saw the World Health Organization declare COVID-19 a deadly pandemic. The month also saw the Department of Justice launching several investigations into the professional lives of several senators who had sold their stocks shortly after the pandemic was declared. For, it could lead to the complete upheaval of the financial industry as well as lead markets to crash completely.
Rand Paul’s wife held stocks in the company which makes Remdesivir- which is an antiviral drug that was initially developed to treat Hepatitis C- something that could also be used against several other infectious diseases.
Professor James D. Cox of the Duke University stated that the purchase of the stock and the late filing brought forth questions about how Rand Paul could have used the information that was provided to lawmakers about the pandemic as well as the plan of the government to fight it- and turned it into a source of profit.
He further stated that the Senator needed to have a good explanation for the trade that took place- as well as why it took him so much time to discover the trade and then file it.
Kelsey Cooper, the spokeswoman for Rand Paul, stated that the senator had never attended any confidential briefings about the pandemic. Also, when he discovered Kelley Paul’s stock purchase, he had filled out the proper forms that were required.