Congressman Dave Loebsack released the following statement today after the Senate passed legislation that will prevent Congressional insider trading. In May of last year, Loebsack was the first person from Iowa and the fourth in the House of Representatives to cosponsor The Stop Trading on Congressional Knowledge (STOCK) Act. It now heads to the President's desk, and he has indicated he will sign it.
"This legislation is a no-brainer and it should have been sent to the President's desk a long time ago. I have been pushing Congress for months to get it done. The American people expect, and deserve, a government that will work for them, not make a profit of the information they get as part of their work. Though this legislation does not go as far as I had wished, it is a big first step and I am pleased it will be signed in to law."
In addition to the STOCK Act, Loebsack has called for taking further action to prevent insider trading. The Restoring Ethical Standards, Transparency, and Responsibility in Congressional Trading (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.