Congressman Jim Matheson has signed and sent a letter to a House leader urging that a bill to ban insider trading by members of Congress, their staff and other federal employees be brought to the floor for a vote. Matheson is a cosponsor of H.R. 1148, the Stop Trading on Congressional Knowledge (STOCK) Act.
"As members of Congress we are in the business of public service, not personal profit," the letter states. "When a few betray that trust, the entire country suffers. Congress must now work to restore the American people's faith in our government."
Matheson noted that recent investigations by the news media raised questions about profitable stock trades made by several high-ranking members of Congress on both sides of the aisle. The reports suggested those trades may have been based on information they gained as legislators that wasn't known to the public. Federal securities law does not explicitly exempt members of Congress but experts disagree on whether and when lawmakers may be found to have violated existing law. Matheson said the STOCK Act is meant to eliminate any uncertainty.
The letter--addressed to House Majority Leader Eric Cantor--notes that action is taking place in the Senate this week.
"We urge you to bring the STOCK Act to the floor without delay," the letter concludes.