Jones Pushing to Outlaw Insider Trading in Congress

Press Release

This week Congressman Walter B. Jones (NC-3) encouraged his colleagues to join a bipartisan effort to ban insider trading in Congress. H.R. 1148, the STOCK Act, which Jones cosponsored in October, would prohibit Members and employees of Congress, Executive branch employees, and any other person from buying or selling securities, swaps, or commodity futures based on congressional and executive branch information that is not available to the public. A 60 Minutes story last week entitled "Insiders" highlighted the need for this legislation.

"This bill would send a clear message that Congress is committed to playing by the same rules as all Americans," said Congressman Jones. "Congress should be proactive in taking action to restore the public's trust, and passing this bill would be a step in the right direction."

The STOCK Act would:

· Prohibit 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. It would also require more timely disclosure of financial transactions above $1,000 for those Members and staff that are already required to file annual financial disclosures;

· Amend House ethics rules to prohibit Members and their employees from disclosing any non-public information about any pending or prospective legislative action for investment purposes;

· Require 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.

House Financial Services Committee Chairman Spencer Bachus announced on Thursday that his committee will hold a hearing on the STOCK Act on December 6. Congressman Jones is a senior member of the House Financial Services Committee.

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