House ethics committee investigating Rep. Chris Collins for insider trading allegations

The outside, non-partisan Office of Congressional Ethics began a review of Collins' activity in March and voted to send its findings to the House ethics panel in July, which can formally launch investigations and recommend any sanctions against any lawmaker it determines has broken any rules. The ethics committee announced in the release of the report that it would start a review of Collins.

The report details how Collins met with officials at the National Institutes of Health to discuss the development of a drug made by Innate, a company whose board he served on.

According to the report by OCE, released Thursday by the Ethics committee, "There is a substantial reason to believe that Representative Collins shared material nonpublic information in the purchase of Innate stock, in violation of House rules, standards of conduct, and federal law."

Collins released the following statement in response to the report: "Throughout my tenure in Congress I have followed all rules and ethical guidelines when it comes to my personal investments. I was elected to Congress based upon my success in the private sector, and my willingness to use that experience every day to facilitate an environment that creates economic opportunity and jobs. I thank the House Ethics Committee for their meticulous review of this case and for the tough work they do to hold all Members of Congress accountable to the highest standards of conduct."

OCE recommended to the ethics panel that the NIH meeting raised questions because Collins "took official actions or requested official actions that would assist a single entity in which he had a significant financial interest."

In a joint statement, House Ethics Chair Susan Brooks, an Indiana Republican, and the top Democrat, Rep. Ted Deutch, said, "The committee notes that the mere fact of conducting further review of a referral, and any mandatory disclosure of such further review does not itself indicate that any violation has occurred, or reflect any judgment on behalf of the committee."