Today, Congressman Joe Donnelly applauded the signing into law of the Stop Trading on Congressional Knowledge (STOCK) Act, S. 2038, which will prohibit insider trading by Members of Congress, Congressional employees, or other federal employees.
"I'm pleased that the STOCK Act is now law because Members of Congress and their staffs shouldn't be able to use any nonpublic information received in the course of their work for financial gain," said Donnelly. "This law will ensure that this sort of behavior is made illegal and classified as unethical in Congressional rules, so that Hoosiers, and all Americans, can be better represented by their Members of Congress."
The STOCK Act will do the following:
Prohibit Members of Congress, their staff and some other federal employees from profiting from non-public information obtained through their employment;
Ban Members of Congress and employees of Congress from sharing non-public information about pending legislation that could be used for investment purposes;
Impose stricter disclosure rules that require Members and congressional employees to publicly report stock, bond or futures transactions in excess of $1,000 within 90 days.
Donnelly signed on as a co-sponsor of this legislation late last year and joined colleagues in writing a letter to Republican leadership urging them to allow the House of Representatives to vote on it in February. It passed the Senate by a vote of 96 to 3 in February. A few days later, Donnelly voted for this legislation when it passed in the House of Representatives by a vote of 417 to 2. Today, President Obama signed the bill into law.