Michaud Cosponsors STOCK Act

Press Release

Congressman Mike Michaud has become a cosponsor of the "Stop Trading on Congressional Knowledge Act," or STOCK Act (H.R. 1148), which would hold members of Congress and their staff legally responsible for profiting from the nonpublic information they gain from their official positions.

"Rules on insider trading shouldn't exempt Congress," said Michaud. "The same rules of the road set for Wall Street should also be followed by members of Congress, their staff, and employees in the executive branch. We are elected to serve those we represent, not profit off the work. I'm hopeful both the House and Senate act soon on this commonsense bill."

The STOCK Act is a bipartisan bill that would prohibit members of Congress and employees of Congress from profiting from nonpublic information they obtain via their official positions, and require greater oversight of the growing "political intelligence" industry. More specifically, the STOCK Act:

* Prohibits members of Congress, their staff, executive branch employees, and any other person from buying or selling securities, swaps, or commodity futures based on congressional and executive branch nonpublic information;
* Requires more timely disclosure of financial transactions above $1,000 for those members of Congress and staff that are already required to file annual financial disclosures;
* Amends House ethics rules to prohibit members of Congress and their employees from disclosing any non-public information about any pending or prospective legislative action for investment purposes;
* Requires firms that specialize in "political intelligence" who use information obtained from Congress to make financial transactions to register with the House and Senate -- just like lobbying firms are now required to do.

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