Bill Prohibits Insider Trading by Members of Congress, Executive Branch, and Judicial Branch Officials
Washington, DC – U.S. Senator Ben Cardin (D-MD) today praised Senate passage of S. 2038, the Stop Trading on Congressional Knowledge (STOCK) Act, which passed with a vote of 96-3. Senator Cardin cosponsored an initial version of the legislation, which prohibits federal lawmakers and their staffs from trading stocks based on nonpublic information they have obtained in the course of their congressional work as a means for making a private profit. The legislation passed by the Senate includes a 30-day reporting requirement on all investment activity of more than $1,000, and requires that the information as well as annual financial disclosure forms be published online to ensure public access to the information.
“Public service is a trust that should not be used for personal gain. Passage of the STOCK Act helps bring greater transparency and accountability in Congress, reinforcing the spirit and the letter of current law,” said Senator Cardin. “Members of Congress need the utmost trust from the American people to be effective public servants, and the STOCK Act’s reporting requirements will help increase that trust. President Obama and the American people asked Congress to pass this bill, and I’m proud to say that today in the Senate we got it done. I urge my colleagues in the House to do the same. ”