Key Congressional committee members invest in Comcast, Verizon, AT&T, report says

Members of Congress serving on subcommittees charged with legislating the Internet are invested in major broadband service providers including Comcast (NASDAQ: CMCSA), AT&T (NYSE: T) and Verizon (NYSE: VZ), some of them with significant holdings.

The data comes courtesy of MapLight.org, and was distilled by Gizmodo. According to financial disclosures, four members of the House Committee on Energy and Commerce, and one member of the Senate Committee on Commerce, Science and Transportation, hold personal investments in one, two or all of the aforementioned ISP giants, AT&T, Comcast and Verizon.

Fred Upton, (D-Mich.), chairman of the House Committee on Energy and Commerce is invested in all three companies, according to public disclosures.

While disclosure is mandatory, investing in companies they regulate is not illegal for Congressional lawmakers.

"In sum, there are no restrictions on any kind of investments," Meredith McGhee, policy director at the Campaign Legal Center, told Gizmodo. "Members in the House (and Senate) are not required to divest. To recuse or abstain from voting, they have to have a 'direct personal or pecuniary interest in the event of such question.' That is interpreted to mean when legislation affects a 'class' of people and not a few individuals."

For more:
- read this Gizmodo story
- see this Maplight.org database

Related links:
FCC's Wheeler says he expects lawsuits on net neutrality regardless of what rules are passed
AT&T halts fiber deployments until net neutrality is resolved
FCC wants AT&T to provide information on fiber investment delay
AT&T's Stephenson appeals directly to FCC's Wheeler to not reclassify broadband under Title II
FCC's Wheeler proposes two-tier net neutrality plan for broadband services
FCC flooded with over 3M comments about net neutrality rules

Suggested Articles

Nexstar Media closed its $6.4 billion acquisition of Tribune Media, making it the largest television broadcast group in the U.S.

A massive media conglomerate like Comcast/NBCUniversal makes news often but this week was particularly busy with an acquisition, a big name reveal and a major…

DAZN, a subscription sports streaming service that launched in 2018, has a new distribution deal in place on Comcast’s X1 and Flex video platforms.