Why some suburban lawmakers got extensions for mandatory disclosure reports
Six of the nine congressional representatives serving the North, West and Northwest suburbs requested 90-day extensions for annual financial disclosures that were due in mid-May, records show.
Democrats Sean Casten of Downers Grove, Raja Krishnamoorthi of Schaumburg, Brad Schneider of Highland Park, Bill Foster of Naperville, Delia Ramirez of Chicago and Jesus "Chuy" Garcia of Chicago were granted deferrals.
So were Illinois' two senators, Democrats Tammy Duckworth of Hoffman Estates and Dick Durbin of Springfield.
Extensions are common. Staffers for several members of the Illinois delegation said their bosses needed more time to collect necessary paperwork for the latest forms.
"This is a standard request to ensure Rep. Casten can include as much detail as possible in his annual financial disclosures," Casten spokeswoman Clare Jennings said.
Duckworth spokesman Ben Garmisa had a similar explanation.
"Sen. Duckworth has not yet received all relevant documents, and this normal extension will help ensure she's able to file a complete report," Garmisa said.
In a twist, at least one of the extension requests reportedly came at the urging of the House Committee on Ethics, which reviews the completed statements for members of that chamber.
"(The committee) let us know they were swamped and needed more time to complete their preliminary review," Foster spokesman Greg Cybulski said. "We expect to submit the final version as soon as we get a green light from them."
The extensions give the lawmakers until mid-August to deliver their disclosure reports, with public releases to follow.
The reports of the suburban region's other three lawmakers - Democrats Lauren Underwood of Naperville, Jan Schakowsky of Evanston, and Mike Quigley of Chicago - should be made public around June 15. The House clerk typically publishes the documents 30 days after the May 15 deadline.
Transparency tools
Congressional and senatorial financial disclosure reports are designed to cast light on possible unethical financial behavior, such as investments in businesses that benefit from congressional activity or stock transactions inspired by insider information acquired on Capitol Hill.
"When members of Congress trade in securities while making decisions affecting their value, there is an unavoidable potential conflict of interest," Krishnamoorthi said in a news release earlier this year.
House reports can be found online at disclosures-clerk.house.gov/PublicDisclosure/FinancialDisclosure. Senatorial reports can be found at senate.gov/pagelayout/legislative/g_three_sections_with_teasers/lobbyingdisc.htm.
The reports detail information about the source, type and amount of a lawmaker's income, personal investments, gifts, contracts and money from other sources. Debts must be reported, too.
The financial interests of spouses and dependent children must be reported, too.
Federal candidates have to file once they hit a $5,000 fundraising threshold. Senior congressional employees - for this year, those earning at least $141,022 annually - also must complete disclosure reports.
Some filers provide more information than legally required. For example, Durbin usually includes his income tax returns with his report, spokeswoman Emily Hampsten said.
"He took this lead from former Illinois Sen. Paul Douglas, for whom Sen. Durbin interned while in college," Hampsten explained.
Other reports
Although this year's annual filings from the suburban congressional representatives and senators aren't yet available, two suburban lawmakers have filed periodic reports that revealed new investments and other transactions.
In May, Schneider reported his wife purchased ownership interest in two real estate companies the previous month. Each investment was worth between $50,001 and $100,000, records indicate.
Also, in January, Schneider requested a waiver that would exclude him from reporting a gift prompted by a family member's death, records show.
A Schneider spokesman couldn't be reached for comment.
In the Senate, Duckworth reported that, in April, she and her husband sold stock in Illinois Tool Works, a Glenview company that produces automotive parts, cooking equipment and other products. The stock was worth between $15,000 and $50,000 at the time, Duckworth's report shows.
The couple had owned stock in the company since at least 2016, the year she was elected to the Senate, records show.
The April sale fully divested the couple of Illinois Tool Works stock, Garmisa said.
Duckworth's 2022 report showed the couple also owned stock in Verizon Communications and the Walt Disney Co., among other investments. The couple no longer owns any individual stocks, Garmisa said.
Duckworth is among the lawmakers who've sponsored or co-sponsored legislation that would prohibit members of Congress from trading individual stocks while in office. Krishnamoorthi, Schakowsky, Casten, Foster, Garcia and Quigley have backed such plans, too.
Most recently, Duckworth and Krishnamoorthi teamed up in April to introduce the Ending Trading and Holdings in Congressional Stocks Act.
"My colleagues and I in Congress were elected to look out for the best interests of our constituents, not our own financial interests," Duckworth said in a news release. "The American people deserve to be confident that that is the case."
The bill awaits debate.