Between Madison Cawthorn and Ted Budd, North Carolina’s Republican congressional delegation doesn’t add up to a whole lot for the constituency to be proud about.
This week, we can go ahead and add another shameless grifter to the list: Congresswoman Virginia Foxx, whose voting record suggests she opposes cannabis legalization, and yet, is out there cashing in on marijuana stocks.
According to a report in Salon, Foxx, who holds an influential position on the U.S. House Committee on Oversight and Reform, has made at least six investments in Altria, “one of the world’s largest tobacco companies and a leader in the burgeoning U.S. cannabis industry, since September of last year, according to financial disclosure reports.“
From the story:
The purchases, which have not previously been reported, likely make her the largest holder of marijuana-related stocks in Congress, according to a report from Unusual Whales, a market research firm. It’s impossible to say for certain, however, because members of Congress are not required to disclose the exact amounts of their investments.
The trades are especially newsworthy for their timing: beginning just a few months before the U.S. House of Representatives passed the the Marijuana Opportunity Reinvestment & Expungement Act (MORE) in December, which would serve to decriminalize cannabis at the federal level—a key goal of advocates who say the drug’s current status as a controlled substance represents a key roadblock to full legalization. Foxx voted against the measure.
Her investments raise concerns over the ethical problems members of Congress create when trading individual stocks within an industry their actions have the potential to influence.
“This is so obviously a conflict of interest, I’m just not sure what else I can say, really,” Richard Painter, a former White House ethics attorney under President George W. Bush and University of Minnesota law professor, told Salon. “It brings into question her credibility as a lawmaker.”
Rep. Foxx’s office did not respond to a request for comment. …
Her investments raise concerns over the ethical problems members of Congress create when trading individual stocks within an industry their actions have the potential to influence.
That’s right, everyone. You’re stuck smoking delta-8 if you want to operate lawfully, but damn if Virginia Foxx isn’t going to make a mint off the real stuff.
Support independent local journalism. Join the INDY Press Club to help us keep fearless watchdog reporting and essential arts and culture coverage viable in the Triangle.
Comment on this story at backtalk@indyweek.com.
