Congresswoman Mazie K. Hirono (HI-02), cosponsor of the STOCK Act that would ban insider trading in Congress, released the following statement on the announcement that the U.S. Senate will vote on similar legislation next week:
"The privilege to serve the people and communities of Hawaii's Second District is one that I take very seriously. The American people entrust Members of Congress to put country first. Benefiting financially from insider knowledge violates this trust and is unacceptable.
"During his State of the Union address, President Obama called on Congress to come together and pass a bill that bans insider trading by Members of Congress. As a cosponsor of the STOCK Act in the House, I applaud Leader Reid for his commitment to bringing such legislation to the Senate floor and I will fight for a vote in the House."
The Stop Trading On Congressional Knowledge (STOCK) Act of 2011 would prevent Members of Congress, their staff, and officials in the Executive Branch of government from using knowledge gained through their official duties to profit by trading stock and other financial instruments. It would also require private firms that provide "political intelligence" to clients for the purpose of financial gain to register as lobbyists and follow all applicable disclosure requirements.