Congressman Dave Loebsack today joined a group of lawmakers to take action that would force the House leadership to bring up legislation for a vote that closes the loophole that allows members of Congress to profit off of non-public information. In May, Loebsack was the fourth person in Congress to cosponsor the House version of the STOCK Act. The bipartisan legislation now has over 270 cosponsors, including 92 Republicans.
"The American people must have faith in their government for it to be effective and it is well past time that we end these special privileges," said Loebsack. "If the Speaker of the House does not see fit to bring up this legislation, it is time we force his hand to allow an up or down vote. The people of Iowa and across America deserve better and we must ensure that Members of Congress play by the same rules as everyone else."
Loebsack is also a cosponsor of legislation, the Restoring Ethical Standards, Transparency, and Responsibility in Congressional Trading (RESTRICT) Act, that would go one step further in preventing insider trading. The RESTRICT Act would require Members of Congress to place all of their stocks and other securities in a blind trust, giving a third party the responsibility for managing assets and prohibiting Members of Congress from having any influence over buying, trading, and selling decisions.
A discharge petition forces action on legislation that has the support of a majority of the House of Representatives, because the Leadership has not moved it ahead. A discharge petition requires the House to consider the legislation once 218 Members of Congress have signed it.