U.S. Senators Richard Blumenthal (D-CT) and Mark Kirk (R-Ill.) today applauded the Senate's final passage of the Stop Trading on Congressional Knowledge Act (STOCK Act). The STOCK Act strengthens federal ethics laws by prohibiting Members of Congress and federal employees from engaging in insider trading.
Included in the final version of the STOCK Act is vital language that Senators Blumenthal and Kirk introduced to expand current law that eliminates federal pension payouts for elected officials convicted of public corruption crimes. This bipartisan, bicameral language protects the American public from yet another wasteful allocation of their taxpayer dollars by covering an additional 22 crimes, including insider trading, and ensuring that members forfeit their federal pensions if they go on to commit one of these public corruption felonies in any other elected office.
"This act will block pensions for public officials who illegally exploit their office for personal gain," Blumenthal said. "Senator Kirk and I led the fight in the Senate for provisions to strip corrupt officials of all congressional pension benefits ensuring that not one dime of taxpayer money will go to unethical Members of Congress. With the passage of the STOCK Act, anyone betraying the public trust will be held accountable."
"American taxpayers should not be paying federal pension benefits of convicted felons, regardless of when the crime was committed," a spokesperson for Senator Kirk said. "Passage of the STOCK Act is a commonsense way to save taxpayers money and help restore honor and faith in our democracy."