U.S. Rep. Vern Buchanan, R-FL, today praised the Senate for taking up legislation to ban insider trading by congressional and executive branch officials. The Senate will vote this evening to move forward and begin debate on the legislation, known as the STOCK Act.
Buchanan is a co-sponsor of similar legislation pending in the House. "No elected or government official should be profiting from private information obtained because of their job," Buchanan said. "Public service should be about serving the people."
Specifically, the STOCK Act would ban Congress and the Executive Branch from securities trading based on non-public information. It would also establish tougher disclosure requirements.
"Our government institutions need to be held accountable to the people," said Buchanan. "I will work to make sure this legislation is passed by Congress as quickly as possible."