Meehan Applauds House Passage of STOCK Act

Press Release

U.S. Representative Patrick Meehan (PA-07) today applauded House passage of S. 2038, the Stop Trading on Congressional Knowledge (STOCK) Act. The bill passed 417-2.

"Serving in Congress is a privilege, not an opportunity for personal gain," Meehan said. "This bipartisan legislation takes strong action to ensure that no elected or appointed official can profit from nonpublic information gained through their work in government. This is another step forward in our efforts to increase transparency and accountability, and restore the trust of the American people in their government."

The following provisions are included in the STOCK Act:

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

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

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

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

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

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

The House strengthened and expanded the Senate-passed version of S. 2038 this week. The bill will now go to a conference committee to work out the differences between the two bills.

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