Congressman Francisco "Quico" Canseco (TX-23), a strong advocate for fiscal responsibility in the United States House of Representatives and a member of the House Financial Services Committee, released the following statement on President Obama signing the STOCK Act into law:
"The issue of insider trading by Members of Congress has been very important to me from day one, and from the very beginning I knew something needed to be done fast. That is why I introduced the TRUST Act back in December upon first hearing of the insider trading allegations that, similarly to the STOCK Act, would amend the Rules of the House of Representatives and expressly ban Members of Congress from using non-public information obtained through the office or position they hold to trade financial securities. Today, President Obama signed into law the STOCK Act that will help assure the American public that Members of Congress cannot use insider information to profit personally. I took a very serious role in this issue from the very beginning and I was proud to see it through to the very end by sending my Legislative Director to represent the 23rd District of Texas at the bill signing today.
The American people live under the impression that Members of Congress live by and benefit personally from a different set of rules than those that ordinary Americans live by, and it is imperative for the future success of our nation that we begin rebuilding the trust of the American people in their elected representatives. This law is a big step forward in restoring that confidence. The STOCK Act prohibits Members of Congress and their staff from using insider information to profit personally and ensures Members of Congress are living under the same rules as every other American. The American people expect that those who serve in government to do so with integrity, and the STOCK Act will help ensure that ALL in the federal government meet this expectation, not just those in Congress. I look forward to continue working with my colleagues in the House of Representatives on passing legislation that increases transparency in elected officials and ensures that we remain accountable to you." Congressman Canseco concluded.