Congressman Eric Cantor (VA-07) tonight issued the following statement regarding House consideration of the STOCK Act:
"It is unacceptable for any Member of Congress, federal official or their staff to use non-public information for their own financial benefit. The American people need to be able to trust that officials at all levels of the federal government are living under the same rules they are and aren't using their position for profit in any way.
"Tonight, we will introduce a strengthened and expanded STOCK Act, and remove provisions that would have made the bill unworkable or raised more questions then they answered. Our measure ensures that no Member will profit from insider trading and expands provisions to fully cover the Executive Branch. Further, it will ensure that Members convicted of a crime do not receive taxpayer funded pensions, and prohibit Members of Congress, Executive Branch officials and their staffs from receiving special access to Initial Public Offerings due to their positions.
"Members from both sides of the aisle have worked hard on this issue, specifically Representatives Tim Walz and Louise Slaughter, and they deserve credit for their efforts to increase transparency and accountability as we take a step to restore the public's trust in the federal government. After years of work, it's about time their efforts resulted in a law."
NOTE: Throughout the day and into the evening, Congressman Cantor has conferred with dozens of members on the STOCK Act and worked to address their various concerns. We apologize for the later than expected posting, but the House version will be on the Clerk's website this evening.