By Hank Russell
Republican congressional candidate Mike LiPetri called out his incumbent Democratic opponent Tom Suozzi (D-Glen Cove) for his “selfish” act of voting “no” on a bill that would ban elected officials and family members from trading stocks while in office.
On July 22, Congress passed the Stop Insider Trading Act, 232-198, with 13 Democrats joining all 219 Republicans in favor of the bill. Nick LaLota (R-Rocky Point) and Andrew Garbarino (R-Patchogue) voted for the bill, while Suozzi and Laura Gillen (D-Garden City) did not.
The legislation, which was sponsored by Bryan Steil (R-Wisconsin) and had 93 cosponsors, would bar sitting members of Congress and their families from trading stocks. If they intend to sell off the stock, they must announce an intent to sell within seven to 14 days. Details must include the projected date and description of the sale, as well as the number of shares. Violations include a fine of $2,000 or 10% of the transaction, whichever is greater.
The legislation also includes a requirement that all who vote in an election must present the proper photo identification. President Donald Trump has vigorously pushed for photo ID in elections in the past year.
The Act now goes to the Senate for a full vote.
LiPetri said this legislation was supported by more than 85% of Americans and the ban on stock trading by members of Congress is about restoring public trust. He also accused Suozzi of violating that trust.
“Once an insider trader, always an insider trader,” LiPetri said. “Selfish Suozzi has made millions trading stocks while pretending to be our congressman and apparently he has a few more hot tips he wants to cash in on before we beat him this November. He raises our taxes while enriching himself? Unreal and pathetic.”
The Republican National Committee also harped on Suozzi and his stock trades. They noted that, in 2025, Suozzi’s portfolio had a 35% rate of return — beating out the Dow, NASDAQ and the S&P 500 and even billionaire investor Warren Buffett and fellow Congress member Nancy Pelosi (D-California).
It was also reported that Suozzi sold off between $27,500 and $91,600 of stock in Palantir — which has contracts with the military and Immigration and Customs Enforcement (ICE) — before voting to defund the Department of Homeland Security. (He initially supported funding the agency.)
In addition, Suozzi violated the Stop Trading on Congressional Knowledge (STOCK) Act in 2021 by failing to disclose up to 300 trades. Three years later, he violated the Act again by failing to disclose his investment transactions in a timely manner, resulting in an ethics complaint being filed against the congressman.
A Suozzi spokesperson told WSHU in 2021, “The Congressman’s investments are managed through independent advisors with discretion over all transactions. Every transaction has been reported on his annual financial disclosure and all proper periodic disclosures will be filed on a going-forward basis.”
“Tom Suozzi is a corrupt, self-serving, money-hungry hypocrite who has gotten rich off the backs of Long Islanders while voting against SALT relief and tax cuts for seniors, hourly workers, and middle-class families,” said RNC spokesperson Kristen Cianci. “Suozzi’s priority is clear: lining his own pockets instead of helping the middle-class families he’s supposed to represent.”
Long Island Life & Politics reached out to the Suozzi campaign, but did not hear back as of press time.