The Foundation for Accountability and Civic Trust filed a request with the Office of Congressional Ethics to investigate U.S. Rep. Alan Grayson’s hedge funds.
The question raised in the request is whether Grayson, an Orlando Democrat, is violating a House rule by using his name on the hedge funds.
“Not only does the rule explicitly ban members from receiving “compensation for affiliating with or being employed by such an entity in any capacity,” but it also prohibits a Member’s name to be used by such an entity “regardless of whether the organization compensates the Member,” states the July 6 request for an investigation.
The request for an investigation into Grayson has occurred as he appears poised to announce his campaign for U.S. Sen. Marco Rubio’s seat. U.S. Rep. Patrick Murphy, D-Jupiter, announced in March and has the backing of the party establishment.
Celeste Bush, chair of the Democratic Party of St. Lucie County who supports Murphy, filed a similar request for a Congressional investigation Tuesday.
The requests for an investigation follow a story in Politico that suggested Grayson was violating House rules. Grayson says he has complied with House rules although financial experts questioned his explanation.
“Alan broke no laws, violated no ethics rules and fully disclosed everything,” Grayson spokesman Kevin Franck told the Miami Herald. “Supporters of former Republican Patrick Murphy are on the attack because they can't defend Murphy's conservative record of siding with Wall Street and they know that Alan Grayson can't be bought or bossed around.”
Any investigation -- should it move forward -- won’t become public for months until and if it gets to the House ethics committee. About one-third of investigations the Office of Congressional Ethics starts end up going to the ethics committee for further review.