House Speaker Paul Ryan, R-Wis., kicked Rep. Chris Collins off of the House Energy and Commerce Committee after it the New York Republican was arrested by the FBI and charged with insider trading.
In a statement, the speaker also called for a “prompt and thorough” investigation by the House Ethics Committee.
“While his guilt or innocence is a question for the courts to settle, the allegations against Rep. Collins demand a prompt and thorough investigation by the House Ethics Committee,” Ryan said. “Insider trading is a clear violation of the public trust. Until this matter is settled, Rep. Collins will no longer be serving on the House Energy and Commerce Committee.”
Collins is accused of multiple counts of securities fraud, making false statements, wire fraud, and one count of conspiracy to commit wire fraud. The lawmaker’s son, Cameron Collins, and Stephen Zarsky, the father of Cameron Collins’s fiancee, have also been charged.
Collins, who has represented New York’s 27th Congressional District since 2013, reportedly told ex-Health and Human Services Secretary Tom Price and other members of Congress to invest in Australia-based pharmaceutical company Innate Immunotherapeutics, of which he was the largest stockholder, and later bragged about how much money he made.
A news conference is expected midday Wednesday by the U.S. Attorney’s Office for the Southern District of New York.
