The STOCK Act advances in the Senate

Discussion in 'Politics & Religion' started by DemZad, Jan 31, 2012.

  1. This could be a small step in the right direction. Good luck enforcing it though...
    In a move aimed at improving transparency and voter confidence in Congress, the Senate on Monday voted to advance a bill to stop so-called "congressional insider trading."

    By a vote of 93 to 2, the Senate agreed to proceed with debate on the Stop Trading On Congressional Knowledge, or STOCK Act. The legislation specifically prohibits federal lawmakers from trading stocks based on nonpublic information they have obtained in the course of their congressional work.

    "Members of Congress and their staffers have the duty to the American people," Senate Majority Leader Harry Reid said on the Senate floor today. "They may not use privileged information they get on the job to personally profit, but the perception remains that a few members of Congress are using their positions as public servants to serve themselves instead... The STOCK Act will clear up any perception that it's acceptable for members of Congress to profit from insider trading."

    Senators Richard Burr, R-N.C., and Tom Coburn, R-Okla., voted against the motion. Five senators did not vote: Johnny Isakson, R-Ga., Mark Kirk, R-Ill., Mary Landrieu, D-La., Robert Menendez, D-N.J., and Roger Wicker, R-Miss.