Schrier Buys Up to $1.5 Million in Apple Stock
She reported the purchase months after making it, an apparent violation of federal law.
House Democratic Rep. Kim Schrier of Washington recently purchased up to $1 million in Apple stock, according to a periodic transaction report she signed last Friday.
Schrier purchased the stock jointly with her spouse on July 27, according to the disclosure, and it has a reported value of between $500,001 and $1 million. Under the STOCK Act, members of Congress are required to disclose purchases or sales of securities worth more than $1,000 within 45 days. Schrier did not disclose her Apple stock purchase until Nov. 11, nearly three and a half months after making the transaction. She is just one of many members of Congress who appear to have failed to abide by this law.
A periodic transaction report filed by Schrier on Nov. 18 shows that she and her spouse bought an additional $250,001 to $500,000 worth of Apple stock in later October.
Schrier is a member of the powerful House Energy and Commerce Committee, which often deals with bills and issues that could impact Apple and the price of its stock. The committee’s jurisdiction includes “electronic communications and the internet,” “privacy, cybersecurity and data security,” and “consumer protection and product safety.”
The committee’s chairman Rep. Frank Pallone (D-N.J.) has sent Apple CEO Tim Cook two letters this year related to privacy issues, a strong indication that these issues could come before the committee in the form of a hearing or legislation. One letter sought information about when the company learned about security issues with group FaceTime calls, while the other urged the company to review its privacy labels for apps, in light of reports suggesting they are misleading.
The Open Apps Markets Act, which would require companies like Apple that control operating systems to allow third-party apps and app stores, has been referred to the Energy and Commerce Committee. The bill would also bar Apple from using non-public information it collects from its app store for developing competing apps, and it would prevent the company from prohibiting app developers from telling consumers that their products can be purchased more cheaply outside the app store.
In 2020, Schrier and her spouse sold all shares of a previous stake they held in Apple and collected between $1 million and $5 million in capital gains and dividends income, according to the congresswoman’s annual financial report. The second-term representative received the fifth-most in donations among current House members in the 2020 election cycle from the Internet industry, as categorized by OpenSecrets, with nearly $138,000.
This post was updated on Nov. 19 to add details from a Nov. 18 transaction report.
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