Montana's senior U.S. Senator Max Baucus applauded today as the Senate Governmental Affairs Committee passed legislation to prohibit members of Congress from using inside knowledge for financial gain. Baucus is co-sponsoring the legislation known as the STOCK Act, which stands for Stop Trading on Congressional Knowledge.
"Everyone needs to play by the rules - especially Members of Congress. We know it's the right thing to do, and this bill will make it the law of the land," Baucus said.
Baucus currently holds no financial investments and had previously held his investments in a blind trust to avoid any potential conflict of interest. By definition, a blind trust ensures that 3rd party trustees have complete discretion over all investment decisions, and there is absolutely no consultation with the trust beneficiary.