Legislation cracking down on insider trading by members of Congress hasn’t landed on the floor of the U.S. House yet, but it’s already become a political football in Congressional District 10.
That’s because the Democrat who wants that seat, international affairs consultant Dan Grant, is alleging that incumbent Rep.Michael McCaul, R-Austin, is benefiting from lax ethics rules for U.S. representatives and senators — rules the pending U.S. STOCK Act would help strengthen.
McCaul says his opponent is flat wrong.
At the heart of the dispute is the McCaul family’s private interest in the company pushing the Keystone XL Pipeline — and the congressman’s public advocacy for the project as a member of Congress. McCaul, believed to be the second-wealthiest member of Congress, reported that his family owned $115,000 to $300,000 in TransCanada Corporation stock as of 2010, the latest year available, according to ethics filings compiled online by the Center for Responsive Politics.