Today, U.S. Rep. Ed Perlmutter took action to force an up or down vote on reform legislation banning insider trading by Members of Congress, congressional staff, and Executive Branch employees. Perlmutter signed a petition to bring up The Stop Trading on Congressional Knowledge or STOCK Act (H.R. 1148), a measure sponsored by Representatives Tim Walz and Louise Slaughter.
Even though the STOCK Act has had the support of a majority of the House for nearly two months and currently has 271 bipartisan co-sponsors including 179 Democrats and 92 Republicans, the House has not acted on the measure.
"This is something members from both sides of the aisle agree on," said Perlmutter. "An overwhelming majority of the House supports this legislation to ensure Members of Congress play by the same rules as everyone else -- and cannot personally profit from information not available to the American public. Only the Republican Leadership is standing in the way of its swift passage."
Perlmutter signed this petition to force action on legislation having the support of a majority of the House of Representatives, because the Republican Leadership will not move ahead with it. This petition requires the House to consider the legislation once 218 Members of Congress sign it.
The Stop Trading on Congressional Knowledge Act, or STOCK Act, (H.R. 1148) would prohibit Members of Congress and federal employees from profiting from nonpublic information they obtain via their official positions, and require greater oversight of the growing "political intelligence" industry.
The Senate this week is considering the measure, voting 93-2 to move forward on debating the bill.
Perlmutter said, "These are key steps so the government will once again work for the American people -- to reignite the American Dream, and not the special interests. "