Owens Votes for STOCK Act, Wants Stronger Bill as Law

Press Release

By:  Bill Owens
Date: Feb. 9, 2012
Location: Washington, DC

Congressman Bill Owens voted today for the House amendment to S. 2038, the Stop Trading on Congressional Knowledge (STOCK) Act, which would prohibit public servants from using nonpublic information derived from their official positions for personal benefit. Owens cosponsored the original House legislation (H.R. 1148) in November and signed a discharge petition last week demanding GOP House Leadership bring that bill to the floor for a vote. The House amendment to the Senate version of the STOCK Act passed the House today by a vote of 417-2.

"House passage of this bill is a step in the right direction, although I am concerned that House leadership removed some important provisions through this House amendment to the Senate bill," said Owens. "It is my hope that, as the Senate and House bills are reconciled, we see a stronger version of the STOCK Act signed into law than what passed the House today."

The House amendment to S. 2038 eliminated a provision in the Senate bill that requires political intelligence consultants or companies and law firms employing these consultants to register and disclose the clients for whom they did research if they sell that research to hedge funds or others using such information to inform investment decisions. The House amendment also removed a Senate provision that would give prosecutors tools to identify, investigate, and prosecute criminal conduct by public officials.

"What the House passed today is a good start, but I will continue to push for these Senate provisions to be included before it is signed into law by the President," added Owens.