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Public Statements

H.R. 1148--STOCK Act

Floor Speech

Location: Washington, DC

Ms. WASSERMAN SCHULTZ. Mr. Speaker, I rise today to urge our House leadership to schedule a vote on the Stop Trading on Congressional Knowledge Act, or ``STOCK Act,'' filed by my friend and colleague Congressman Walz of Minnesota. I am proud to be a cosponsor of this common-sense legislation, which would prohibit Members of Congress from profiting from the nonpublic information to which we are often privy.

It is just plain common sense that we, as Members of Congress, should be held to the same standard as the American people we represent when it comes to insider trading. It is not right when a company executive does it, and it's not right when a Member of Congress does it.

The fact that action has not been taken sooner to clearly prohibit a Member of Congress from acting for personal gain on such information is frankly shocking.

Over the past several months, the American people have been increasingly vocal that enough is enough. It is high time for the Congress to come together to pass this bill and send a strong message that Congress should, and will, play by the same rules as everyone else.

Just as we have passed Wall Street reform in the 111th Congress; we must act now to ensure that the law is crystal clear when it comes to the activities of our own colleagues. Personal financial gain from non-public information cannot be tolerated.

In this very chamber last week, President Obama made special mention of his support for the STOCK Act, calling on Congress to ``send me a bill that bans insider trading by Members of Congress, and I will sign it tomorrow.''
Like many of my colleagues on both sides of the aisle, I have received countless calls and emails from my constituents urging the Congress to answer the President's call and bring debate of the STOCK Act to the House floor for a vote.

Congress must waste no time in coming together to pass this bill in a strong bipartisan fashion, and by doing so, restore the American people's trust in the integrity of the system, the democratic process, and their elected officials.

I urge our leadership in the House to respond to the President's call to action by following the Senate's lead in bringing the STOCK Act to the Floor for debate, and to schedule a vote on this sensible and responsible legislation.

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