Does the STOCK Act have legs?

November 18th, 2011  |  Source: citizensforethics.org

 

Today, Citizens for Responsibility and Ethics in Washington (CREW) and other good governance groups sent letters to members of Congress urgingpassage of the “Stop Trading on Congressional Knowledge Act” (“STOCK Act”).   

This critical legislation would provide clear and balanced application of the laws against insider trading to both the private and public sectors. Click here to read our letter to the House, and click here to read our letter to the Senate.

As the letter states, the STOCK Act is gaining a great deal of momentum in just the last few days following a “60 Minutes” program on the issue and a release of a new book by Peter Schweizer that documents congressional insider trading in detail. 

The number of co-sponsors on the House bill has increased more than five-fold just this week, and a hearing has already been scheduled on the bill before the House Financial Services Committee.  And for the first time, companion bills are being introduced in the Senate by Sens. Scott Brown (R-Mass.), Kirsten Gillibrand (D-NY) and others.

The current state of affairs is unacceptable.  Members of Congress should not be above the law when it comes to insider trading and it is simply reprehensible that some are enriching themselves when they should be making policy decisions based on what’s best for the public, not their stock portfolio.

CREW applauds the new co-sponsors and strongly encourages all members of Congress to sign-on to help achieve its passage. 

To read more about the STOCK Act, see here and here

Click here to read our letter to the House.

Click here to read our letter to the Senate.




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