Story highlights The Office of Congressional Ethics released a report on Rep. Chris Collins

The report is referral to the House ethics committee to begin a review

(CNN) The House ethics committee is investigating New York Rep. Chris Collins, the first Republican on Capitol Hill to endorse Donald Trump's presidential campaign, for potentially violating federal law and House rules regarding insider trading.

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."

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