Latest news with #VictoriaKelly
New York Times
4 days ago
- Business
- New York Times
Ethics Panel Rebukes Congressman for Wife's Stock Trade in Firm He Helped
The House Ethics Committee on Friday rebuked a Republican congressman from Pennsylvania and urged him and his wife to sell their holdings in a steel company in his district after a four-year investigation into a stock trade found that he had violated the House's official code of conduct. In its report, the committee cited Representative Mike Kelly, a member of the Ways and Means Committee, for a 'lack of candor' in its inquiry into 2020 trades by his wife, Victoria, involving a local steel company that was seeking government intervention to prevent layoffs or the closure of its plant in Butler, Pa., in Mr. Kelly's district. Mr. Kelly was actively lobbying the Trump administration for trade protections for the plant, newly purchased by the company Cleveland-Cliffs, and learned that the Commerce Department was going to intervene in favor of the firm. The next day — five days before the Commerce action was made public — his wife purchased 5,000 shares of Cleveland-Cliffs stock. She later sold the stock at a nearly $65,000 profit, a roughly 285-percent gain. Members of Congress are prohibited from using confidential information for financial benefit and must disclose transactions by them or close family members valued at more than $1,000, but efforts to tighten those rules or bar lawmakers from trading stocks altogether have so far been unsuccessful. That has created an environment rife with potential conflicts of interest, in which many lawmakers who are active in the stock market have unique insight into or influence over companies whose shares they are buying and selling. The report said because of a lack of cooperation from Mrs. Kelly, it was ' ultimately unable to confirm whether Mrs. Kelly received nonpublic information from her husband or what her intent was in purchasing the Cleveland-Cliffs stock.' It did say, though, that the transaction risked creating an appearance of impropriety and self-dealing. 'Representative Kelly's conduct with respect to Cleveland-Cliffs and his wife's stock purchase raised significant concerns for the committee, even if it did not rise to the level of insider trading or clearly violate conflict of interest rules,' the report said. It also said that during his committee interview, 'some of Representative Kelly's answers to key questions were inconsistent both during his testimony and with his prior written responses to committee requests for information.' The report also said the committee was alarmed by the fact that Mrs. Kelly had made additional purchases of the company's stock in 2024 when the congressman was again working on an issue of importance to the company. 'Mrs. Kelly's subsequent purchase of Cleveland-Cliffs stock despite the ongoing investigation, and Representative Kelly's failure to timely disclose that purchase and answer questions relating to it, are yet more examples of his failure to recognize the gravity of the allegations in this case and indicate a lack of respect for the committee's role and processes,' the report said. It said he 'has not demonstrated sufficient appreciation for the harm to the institution caused by the appearance of impropriety.' In a statement, Mr. Kelly, who was first elected in 2010, said he and his family 'look forward to getting this distraction behind us.' 'Throughout this process, I have fought for the 1,400 workers at the plant, I've spoken with these workers, and they appreciate the hard work we have done to fight for those jobs and for Butler,' Mr. Kelly said in the statement.
The Hill
4 days ago
- Business
- The Hill
Ethics panel: Pennsylvania Republican violated code of conduct with spouse's stock trades
The House Ethics Committee 'found substantial evidence' that Rep. Mike Kelly (R-Pa.) violated the code of conduct for the lower chamber when his wife profited off stock trades for a company the congressman was focusing on in Washington. The report — which spans 28 pages and has three packets of supporting documents — cleared Kelly of intentionally causing his wife to trade based on insider information and having a conflict of interest, determining there wasn't evidence to prove those two wrongdoings. But the panel found that Kelly, a member of the powerful Ways and Means Committee, breached the House's code of conduct 'by failing to meet his duty of candor.' The committee ordered he and his wife to divest their investments in Cleveland-Cliffs, the steel manufacturer at the center of the report. 'Representative Kelly's conduct with respect to Cleveland-Cliffs and his wife's stock purchase raised significant concerns for the Committee, even if it did not rise to the level of insider trading or clearly violate conflict of interest rules,' the committee wrote, later adding Kelly 'has not demonstrated sufficient appreciation for the harm to the institution caused by the appearance of impropriety.' The panel's investigation focuses on a series of trades of Cleveland-Cliffs stock that Kelly's wife, Victoria, made in the last five years. Cleveland-Cliffs in 2020 acquired AK Steel, which is the sole producer of grain oriented electrical steel (GOES) in the U.S. GOES is produced in Butler, Pa., a town in Kelly's district. In early 2020, Cleveland-Cliffs had said it may have to close the Butler location and lay off employees if the Trump administration did not implement Section 232 tariffs, which would protect the production of GOES in the U.S. Kelly took part in actions in Washington to address the matter. On April 28 of that year, the Commerce Department told Cleveland-Cliffs — and Kelly learned — it would begin a Section 232 investigation for some GOES-based steel products, according to the report. The next day, the panel learned, Victoria Kelly bought 5,000 shares of Cleveland-Cliffs stock for $23,075. The investigation was announced on May 4. The committee said it was unable to determine if Victoria Kelly was made aware of the development before making the trade. But, the congressman was working from home at the time after testing positive for COVID-19 and told the committee 'Mrs. Kelly would've heard any of my conversations,' adding that she 'sits around for most of the time I'm on the phone,' according to the report. The panel said it could definitely determine if she heard the conversation. The Stop Trading on Congressional Knowledge (STOCK) Act, enacted in 2012, prohibits members and staff from engaging in insider trading using information learned in official capacities. While Kelly was interviewed as part of the investigation, his wife 'refused to participate in a voluntary interview or to respond to written questions from the Committee, citing her prior cooperation with document requests as well as health concerns,' according to the report. The Congressman also said his wife did not want to speak to the committee because she felt the process was 'invasive.' 'The Committee did not receive full cooperation from Mrs. Kelly and was therefore unable to determine whether her stock purchase was improper,' the report reads. The panel did, however, find that the investment in Cleveland-Cliffs 'was an outlier' in her portfolio, noting that unlike other trades that were made at her firm's discretion, that transaction 'had to be instructed and confirmed directly by Mrs. Kelly in order for the transaction to be completed because it was not on PNC's investment platform.' The move marked her first purchase of individual stock in a year, according to the report, and was different from the mainly funds and bonds on her account. Kelly said he believed his wife made the transaction because 'she thought the stock was so low priced, it'd be foolish not to… I know that she thought she made a hell of a buy.' In August 2020, however, Kelly's office told a local news outlet inquiring about the purchase that it was made 'to show her support for the workers and management of this 100-year old bedrock of their hometown, where they both are life-long residents.' The second transaction examined by the committee was made in January 2021, shortly after Cleveland-Cliffs in December 2020 acquired a steel manufacturing corporation that caused its stock to skyrocket in value. Victoria Kelly that month sold all her shares in the company for $87,551.06, turning a $64,476.06 profit. 'None of the witnesses interviewed by OCC or the Committee, including Representative Kelly, provided an explanation for why Mrs. Kelly chose to sell her stock at that time. Representative Kelly told the Committee he did not speak with Mrs. Kelly about the sale at any point,' the report reads. Then in June 2024, Kelly disclosed that his wife purchased between $50,000 and $100,000 in shares of Cleveland-Cliffs back in March, as the congressman's office was involved in a matter involving the company and the Department of Energy. In March, the Energy Department made a decision on the matter that protected the facility in Butler. As a result of the findings, the panel recommended that Kelly and his wife 'divest all of Cleveland-Cliffs stock should he continue to take official actions relating to the company.' 'It is rare for the Committee to recommend divestment of stocks where there is a potential appearance of a conflict of interest. As Representative Kelly himself noted, however, he is an 'insider' when it comes to Cleveland-Cliffs, by virtue of his position as the representative for his district,' the report reads. In a statement responding to the Ethics report, Kelly said: 'This investigation has unnecessarily lasted for nearly five years.' 'In the years since this investigation began, the Cleveland Cliffs Butler Works plant faced an uncertain future due to the Biden administration's reckless energy policies. Throughout this process, I have fought for the 1,400 workers at the plant, I've spoken with these workers, and they appreciate the hard work we have done to fight for those jobs and for Butler. My family and I look forward to putting this distraction behind us,' he added.
Business Wire
29-04-2025
- Business
- Business Wire
NFS ECO Appoints Northern Trust to Administer Natural Capital Credits
CHICAGO & LONDON--(BUSINESS WIRE)--Northern Trust (Nasdaq: NTRS) announced today that it has entered into a service agreement with UK-based Ecosystem Certification Organisation (ECO) to provide recordation and settlement services for digital carbon credit units issued to project developers under the Natural Forest Standard (NFS), which is administered and governed by ECO. Under the agreement, Northern Trust will record the 'Natural Capital Credits' generated by NFS-certified projects and act on instructions from each project developer to transfer and settle digital carbon credit transactions and provide custodial services. Share Under the agreement, Northern Trust will record the 'Natural Capital Credits' generated by NFS-certified projects and act on instructions from each project developer to transfer and settle digital carbon credit transactions and provide designated custodial services. The NFS has been developed for natural forestry projects within the voluntary carbon market. NFS provides a mechanism for crediting the carbon, biodiversity, and socio-economic benefits achieved by preventing deforestation and degradation of large-scale natural forest projects. ECO supports project developers utilizing the NFS methodology and works with projects from the initial implementation to credit issuance and helps ensure the methodology and governance process are transparent and credible, which is a key component of the standard's integrity. ECO has chosen to outsource recordation and settlement services to strengthen independence, enhance efficiency, and maintain a clear separation between governance and registry operations. This decision reflects ECO's commitment to transparency, integrity, and the delivery of a strong and effective registry service. Victoria Kelly, Director at Ecosystem Certification Organisation, said: 'Appointing The Northern Trust Carbon Ecosystem to administer the Natural Capital Credits will provide full lifecycle management of all digital carbon credits today and in the future, ensuring transparency and traceability for all Natural Capital Credits issued to projects verified under the Natural Forest Standard.' Jonathan Bowie, Director at Ecosystem Certification Organisation added: 'By working with Northern Trust, we are able to focus further attention on our core business offering of supporting operational activities in relation to the administration of the main functions of the Standard.' Justin Chapman, Group Head of Strategic Partnerships, Digital Assets and Financial Markets, at Northern Trust, said: 'We are pleased to provide recordation services to ECO. Working with standards bodies who are looking to separate responsibilities supports further maturity of the Voluntary Carbon Market.' Northern Trust announced the formal launch of The Northern Trust Carbon Ecosystem in September 2024 with the first live transactions. The ecosystem is powered by Northern Trust's digital assets platform, Northern Trust Matrix Zenith™ which is the latest milestone in Northern Trust's asset servicing innovation journey. Northern Trust Matrix Zenith supports key digital asset lifecycle events from asset creation, trading, pricing and custody to reporting. The Northern Trust Carbon Ecosystem is offered through The Northern Trust Company, Chicago. About Northern Trust Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2025, Northern Trust had assets under custody/administration of US$16.9 trillion, and assets under management of US$1.6 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.
Yahoo
05-03-2025
- General
- Yahoo
Remarkable Women in our community: Victoria Kelly
(WIVT/WBGH) – The month of March, along with being National Women's History Month, is Nexstar's annual remarkable women contest. News 34 will be showcasing four finalists throughout the month, beginning tonight with Victoria Kelly. After getting out of the military, her service hasn't stopped, as she works with some of the most vulnerable. Victoria Kelly's knack for serving others didn't stop with the military. Victoria Kelly Served in Iraq from 2003 to 2005 before leaving the service in worked in logistics and as a combat life saver. Since returning to the states, she's become the chair of the veterans committee for CSEA Region Five and the local 449. Kelly says, 'I have a soft spot for veterans. And I like to see them get things they deserve, myself included.' She organizes an annual golf tournament at Belden Hill and just last month, used some of the money that was raised and donated twenty electric razors to veterans in the State Veterans Home in Oxford. And that's in her free time. For work, she is a house director at Broome Developmental Center, caring for People with Developmental Disabilities. Growing up, Kelly watched her mom work a similar job with the state. Kelly says, 'I grew up with people developmentally disabled living in our home for family care. And it was something that I was comfortable with and I felt like I had a knack for.' She goes above and beyond by taking her clients to see family members, planning trips, and participating in a polar plunge that raised around $16,000 for the special Olympics last year. Remarkable Women Nominee Victoria Kelly says, 'Some of the things I like to do for the individuals is like, we plan outings, fun outings. We've gone to Jones Beach in New York City, we've gone to Niagara Falls, Lake Ontario, state fair, Broome County Fair. It's fun to keep them active in the community.' She works with them to help reach their own goals and get them ready for the workforce. Kelly says it's the people she works with that keep her coming back. Kelly says, 'I've been in this field for 18 years, and it's definitely the individuals and to see their growth and change, and their different personalities and getting to know them. It's fun.' On top of everything she does, Kelly is a wife, and the mother of twin daughters born through IVF. Kelly says she loves how her schedule keeps her busy and doesn't want to slow down anytime soon. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
05-03-2025
- Entertainment
- Yahoo
BCAC raises over $300k for local arts organizations
BINGHAMTON, N.Y. (WIVT/WBGH) – There was good news for local arts organizations on Tuesday as a fund created to support them raised more money this year. The Broome County Arts Council announced the recipients of its 2025 United Cultural Fund. This year, the Arts Council raised $307,000, a 12% increase over last year. $242,000 was divided up between seven major organizations to assist them with their operating costs. They are the Binghamton Philharmonic, Roberson, Tri-Cities Opera, Good will Theatre, Discovery Center, EPAC and LUMA. 'These funds will directly support local artists and organizations ensuring that our vibrant arts scene continues to inspire, enrich and honor Broome County,' said Chang. A dozen other non-profits and individual artists received $1,000 grants to support community projects. They include Music in the Glen, the Binghamton Downtown Singers and the Phelps Mansion Museum. Remarkable Women in our community: Victoria Kelly JUST demands enforcement of HALT Law during Tuesday rally BCAC raises over $300k for local arts organizations UE families react to administrator's controversial Instagram post Garage Taco Bar under new ownership Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
