This afternoon, Rep. Ralph Hall (TX-04) voted with a House majority to pass Senate bill S. 2038, The Stop Trading on Congressional Knowledge Act, or STOCK Act, 417-2.
"While insider trading is already illegal under House rules, today's vote reaffirms to the American people that Washington must play by the same rules," said Hall. "Public servants should uphold a higher standard in all aspects of conduct. Although I do not play the stock market, I believe all those who hold office should not misuse public trust by using insider information for their own profit."
House Republicans voted to pass the Senate's STOCK Act, adding an amendment that would expand the scope of the bill to require more financial disclosures by government employees. Specifically, the House amendment to the STOCK Act will:
Expand the legislation so that the ban on insider trading applies to all Legislative, Executive, and Judicial Branch officials and their staff(s);
Ensure that members of Congress who commit a crime do not receive a taxpayer funded pension;
Ensure that members of Congress, executive branch officials, and their staff(s) cannot receive special access to initial public offerings because of their position.
Hall stated, "Confidence in Congress is at all-time low as the American people lack trust in those they have elected. With this in mind, the House bill today works to increase public disclosure and will make sure there is no question that Congress is abiding by the trust of the people that sent us here. I will continue to support honesty and accountability in Washington as I work hard to represent the 4th District of Texas."