Luzerne County voters overwhelmingly approved a referendum involving insider stock trading in Tuesday’s general election, according to unofficial results.
With all precincts reporting as of press time, 85,430 voters, or 89.09% voted yes, and 10,457, or 10.91%, voted no.
The citizen-initiated ballot question will amend the county’s home rule charter to require the county to:
• Prohibit county government elected officials and employees from using nonpublic information obtained through their county service to engage in individual stock trades or prediction market bets.
• Release an annual report of ethics complaints and stock trades involving county, state, and federal elected officials who represent the county, based on publicly available information that already must be disclosed by elected officials.
Action Together NEPA, which organized the citizen petition signature effort to effectuate the referendum, has said the local action would serve as a “model for transparency and integrity” as efforts to pass federal bans on congressional stock trading have repeatedly stalled.
Polling of likely voters found strong bipartisan support for the insider trading charter ban in this county and one also on the ballot in neighboring home rule Lackawanna County, Action Together said. The referendum in Lackawanna also passed, according to unofficial results.
Alisha Hoffman-Mirilovich, Action Together executive director, released a joint statement Tuesday night with Jennifer Graham Partyka, a Lackawanna County resident who submitted signatures to get the referendum on the ballot in that county.
“Tonight, residents across NEPA made clear that they’re tired of their elected officials taking advantage of them,” it said. “Voters have now delivered a mandate to our leaders. Rein in corruption. Ban insider trading. Put enforceable safeguards in place so the people making decisions on our behalf cannot profit from information or power entrusted to them.”
More than 40,000 people in both counties signed petitions to put the referendums before voters in a message that “crossed party lines” and told elected officials they “should not use positions of power for personal profit,” their statement said.
They thanked voters and volunteers.
“The biggest change starts at the local level. Today is a victory. Tomorrow, we will hold our leaders to the standard voters have set,” the statement said.
For implementation, Luzerne County Council must update the county ethics code, which covers all county government employees, elective county officials, members, and employees of county authorities, boards, and commissions.
Within four months of the amendment effective date, the county is required to submit proposed county ethics code amendments to County Council that are “consistent with the provisions, spirit, and purpose” of the charter and amendment.
Luzerne County Manager Romilda Crocamo had said the administration will “fully and promptly” carry out the directive if voters approve it.
This is the first time citizens have placed a proposed Luzerne County home rule charter amendment on the ballot for voter consideration. Since the county charter took effect in 2012, only the County Council has placed charter amendments on the ballot.
Critics had asserted many voters would be confused and wrongly believe the referendum prohibits state or federal elected officials from insider trading. The county has no authority over them.