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Investigative Report·House Committee on Ethicsadmonishment

In the Matter of Allegations Relating to Representative Mike Kelly

Published July 25, 2025544 pages
View source PDFOriginal source

Briefing

The Committee on Ethics investigated whether Representative Mike Kelly or his wife used confidential, nonpublic information about a Department of Commerce Section 232 investigation into GOES-related steel to trade Cleveland-Cliffs stock. The Committee found no substantial evidence that Representative Kelly violated insider-trading laws or conflict-of-interest standards, but it did find substantial evidence he violated clause 1 of the Code of Official Conduct for his conduct during the investigation. The Committee unanimously issued a reproval and required divestiture of the couple’s Cleveland-Cliffs holdings before the Representative takes further official actions related to the company.

People Named

  • Michael Guest — other
  • Troy Balderson — other

Allegations

  • [medium]Mrs. Kelly purchased 5,000 shares of Cleveland-Cliffs stock on April 29, 2020, five days before Commerce publicly announced a Section 232 investigation into GOES-related products.
  • [high]Representative Kelly allegedly learned nonpublic, material information about Commerce’s planned Section 232 investigation through his official duties and may have disclosed or allowed disclosure to his wife.
  • [medium]During the Committee’s investigation, Mrs. Kelly made an additional purchase of the same company’s stock and Representative Kelly failed to timely disclose or fully answer questions about that purchase.

Findings

  • [no violation]The Committee did not find substantial evidence that Representative Kelly violated insider-trading laws or conflict-of-interest standards regarding the alleged tipping or trading.
  • [violation found]The Committee found substantial evidence that Representative Kelly violated clause 1 of the Code of Official Conduct for failing to acknowledge the seriousness of the alleged misconduct and the Committee’s investigation and for his conduct during the investigation (including failure to timely disclose and to respond about subsequent stock purchases by his wife).

This summary is generated by AI from the official document. Read the source PDF for the authoritative text.