Rep. Julia Letlow’s frequent stock trades have become a major campaign issue in Louisiana’s hyper-competitive U.S. Senate race.
But voters aren’t likely to see the latest details about Lewlow’s personal finances by the state’s May 16 Republican primary vote, despite a federal deadline on May 15 for publicly disclosing such information.
That’s because both Letlow, as well as primary opponent and incumbent Sen. Bill Cassidy, have both requested — and received — 90-day extensions for revealing their latest trove of personal assets, debts and nongovernmental sources of income, a NOTUS review of congressional documents indicates.
As a result, neither Letlow nor Cassidy is legally required to file their annual personal financial disclosures, which cover financial activity during 2025, until mid-August. That’s not only weeks past this month’s Republican primary, but after a potential June 27 primary runoff.
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In January, NOTUS revealed that Letlow violated the Stop Trading on Congressional Knowledge Act by failing to properly disclose more than 210 personal stock trades that combined were worth between $225,000 and $3.3 million. (Lawmakers are only required to list the values of their trades in broad ranges.)
Letlow’s congressional office declined to answer specific questions about her financial disclosure extension.
“Brief filing extensions are very common and provide all lawmakers time to gather the appropriate documentation. Her disclosure will be filed in full compliance with the law and transparency,” Letlow spokesperson Matt Smith said in a statement.
Cassidy’s office also didn’t explain why the senator requested a filing extension, something he’s periodically done in previous years. But Cassidy campaign manager Katie Larkin said the lawmakers’ two extension requests aren’t comparable.
“Letlow and Cassidy are in totally different situations — she has a history of sketchy financial behavior and her disclosure would provide voters with information they need to make their decision,” Larkin told NOTUS. “In stark contrast, Sen. Cassidy doesn’t trade stocks and his financial disclosures are always about as interesting as plain toast.”
NOTUS’ ongoing Capitol Gains project indicates that Letlow’s median net worth was $1.68 million at the end of 2024. At the time, she reported individual stock holdings in dozens of companies, including government contractors and businesses that spend millions of dollars each year lobbying the federal government.
Cassidy’s median net worth for the same time frame, meanwhile, was in the red: -$1.06 million. Mortgages are the main source of Cassidy’s debt, congressional financial records covering 2024 indicate.
“I’m not serving in the U.S. Senate to get rich and enrich myself — that’s not what leaders do,” Cassidy previously told NOTUS.
Former congressman and current Louisiana State Treasurer John Fleming, who is also running alongside Letlow and Cassidy, said he plans to file his personal financial disclosure by the May 15 deadline. All voters deserve an up-to-date picture of all the candidates’ finances, he told NOTUS in a phone call.
“If you’re going to send someone to Washington to deal with the nation’s finances, it’s probably good for the people to know how they’re managing their own budget,” Fleming said. “Given the problems [Letlow] had, I can understand why she would want to delay that disclosure. Cassidy I don’t know about.”
Fleming’s wealth is significant. His most recent federal-level financial disclosure, which covers activity during 2024, lists hundreds of mutual funds, real estate holdings, business entities and stakes in Subway restaurant franchises that he and his wife own.
An Emerson College/KLFY-TV poll this week put Fleming and Letlow in a statistical dead heat leading the race, while Cassidy remained within striking distance, and more than one in five likely voters were still undecided.
Cassidy, a physician in his second term in the Senate, has at times opposed President Donald Trump, particularly on health policy matters. Trump, who endorsed Letlow in January, this week called Cassidy “very disloyal.”
Whoever wins the Republican primary is almost certain to win the November general election: The Cook Political Report scores the race a “solid” Republican seat.
Because Louisiana’s Senate primary features three leading candidates who are “barely differentiated on ideology and issues,” Robert Hogan, the political science department chair at Louisiana State University, says any potentially problematic revelation in a candidate’s personal financial disclosure report “could be seized upon and amplified by opposing candidates or outside groups.”
“It is therefore unsurprising that candidates have not voluntarily provided such information beyond what is required,” Hogan said, adding that “financial disclosure reports enable voters to judge whether candidates have potential conflicts of interest and most observers believe such information is beneficial to help voters make informed decisions.”
Nothing is stopping Letlow and Cassidy from changing their minds about their financial disclosures: Either could decide to publicly file them before the May 16 primary, even if they’re now not legally obligated to do so until Aug. 13.
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