Congresswoman Tammy Baldwin (D-WI) has joined a bipartisan group of more than 200 House Members in supporting legislation that would ban insider trading by Members of Congress. Despite support from more than 70 Members of their own party, House Republican leaders are blocking consideration of the bill.
The STOCK Act (Stop Trading on Congressional Knowledge - H.R. 1148) is a bipartisan bill that would prohibit Members of Congress and employees of Congress from profiting from non-public information they obtain via their official positions.
"As we work to end corrupt practices and establish transparency on Wall Street, we must apply the same rules to all who have access to insider information, including Members of Congress," said Congresswoman Baldwin. "This is a loophole we must close if we are to restore the American people's faith in Congress and the work of democracy. I call on Majority Leader Eric Cantor to put integrity above politics and bring this bill to a vote," Baldwin said.
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 non-public information. It also requires more timely disclosure of financial transactions by Members and top-level staff;
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 specializing in "political intelligence" that use information obtained from Congress to make financial transactions to register with the House and Senate -- just as lobbying firms are now required to do.
Congresswoman Baldwin placed her investments in a blind trust in December 2001.