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Public Statements

Stop Trading on Congressional Knowledge Act of 2012

Floor Speech

By:
Date:
Location: Washington, DC

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The Senator from Kentucky.

Mr. PAUL. Mr. President, I rise in support of this amendment. This amendment would strike the underlying bill and would replace it with an affirmation that we are not exempt from insider trading and that each Senator would sign a statement each year affirming they did not participate in insider trading.

I think this is the way to go. I think the American people want to be sure we are not exempt. I think this is a good way to do it without creating a bureaucracy and a nightmare that may well have many unintended consequences.

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Mr. PAUL. Mr. President, this amendment would say that those in the executive branch who decide loans and grants, if they have a self-interest in the company or if their family has a self-interest in the company, they should not be making decisions awarding grants and awarding loans. I think the idea that you should not make money off of government is an important one, but it is not just Congress that this should apply to; this should apply to the executive branch. We should not have hundreds of millions of dollars in loans--even billions of dollars in loans--dispensed by people who used to work for that company or whose family still works for the company.

I yield my time.

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