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Thompson Statement on House Passage of STOCK Act

Press Release

Date: Feb. 9, 2012
Location: Washington, DC
Issues: National Security Technology and Communication

U.S. Congressman Glenn "GT' Thompson today voted to support S 2039, the Stop Trading on Congressional Knowledge (STOCK) Act, which passed the U.S. House by a vote of 417-2. On February 2nd, the Senate passed a similar version of the measure by a vote of 96-3.

"The American people should have full certainty that officials at all levels of the federal government are living under the same rules that govern insider trading as individuals and entities in the private sector," said Rep. Thompson. "Reaffirming that Members of Congress, federal officials and staff will be prosecuted for using non-public information for financial gain, along with instituting these added financial disclosures, will help restore trust in our institutions of government."

"Even the slightest appearance of impropriety must be prevented, and the STOCK Act is a positive step in bringing about greater transparency in Washington," added Thompson. "The Senate has also acted on this bill and I am confident both chambers will reach a compromise that meets these objectives."

The following provisions are included in the House version of the STOCK Act:

Specifically prohibit Executive and Legislative Branch officials from gaining preferential access to initial public offerings.

Extend the new transaction reporting requirements to all Executive Branch officials who are required to file annual financial disclosures.

Extend the proposed Legislative Branch public disclosure requirements (including making all financial disclosures available online by September 1, 2012) to the Executive Branch.

Extend the current restriction on employment negotiations by senior government officials to the Executive Branch.

Extend the current prohibition on attempting to influence private hiring decisions on the basis of political affiliations to the Executive Branch.

Ensuring the prohibitions on using nonpublic information for private profit extends to all Executive, Legislative, and Judicial Branch officers and employees.


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