Abernathy Dumps Telecom Stocks8/28/2001 8:49 AM Eastern
Complying with federal conflict-of-interest rules, Federal Communications
Commission member Kathleen Abernathy has sold thousands of dollars in
telecommunications stocks in companies with business issues before the
At the time of her Senate confirmation in late May, Abernathy held between
$500,000 and $1 million in telecommunications stocks, including shares of Qwest
Communications International Inc., Verizon Communications and Vodafone Group
plc. She agreed to sell the stocks within 90 days of her confirmation.
On Tuesday, Abernathy aide Bryan Tramont said the Republican commissioner
sold the stocks about 30 days ago, and she no longer has any financial conflicts
that would prevent her from voting on FCC matters.
Under agency rules, commissioners are barred from participating in issues in
which they have direct financial interests. Before she sold the stocks,
Abernathy excused herself from one FCC public meeting when a
telecommunications-related issue came up for a vote.