Congresswoman Mazie K. Hirono (HI-02) today voted in favor of the Stop Trading on Congressional Knowledge Act, or STOCK Act, which bans insider trading by Members of Congress, congressional staff, and officials in the executive and judicial branches of government.
The STOCK Act overwhelmingly passed the House by a bipartisan vote of 417-2.
"The American people wanted the STOCK Act passed and I agree. Members of Congress should play by the same rules as everyone else and not profit from insider information. And executives of Fannie Mae and Freddie Mac shouldn't get bonuses while they're under government control," said Congresswoman Hirono, a cosponsor of the House version of the bill. "While I wanted to see a stronger version of the STOCK ACT come to the floor, the bill we passed today is a step forward to restoring Americans' faith in their government."
The STOCK Act has support from both sides of the aisle. In addition to the insider trading ban, it also requires Members of Congress to report stock sales within 30 days of the sale and requires disclosure of home mortgages by Members of Congress.