U.S. Congressman Mike Pence voted today for the House Amendment to S. 2038, the STOCK Act, which prohibits Members of Congress and employees of Congress from using nonpublic information derived from their official positions for personal benefit. The bill passed the House 417-2. His statement follows:
"Members of Congress should live under the same laws as every American. The STOCK Act ensures that Members of Congress and congressional staff do not personally profit from nonpublic information received in the course of their official duties, and I wholeheartedly support it."
Background on the House Amendments to S. 2038, the Stop Trading on Congressional Knowledge (STOCK) Act:
* Amends the Congressional Accountability Act of 1995 and the Ethics in Government Act to make clear that Members of Congress and congressional employees are prohibited from using nonpublic information for private gain. It would also require the Congressional Committees on Ethics to implement rules to that effect.
* Affirms that Members of Congress and congressional employees are not exempt from insider trading prohibitions of regulations derived under the Securities Exchange Act of 1934 and Rule 10b-5.
* Specifically prohibits Members of Congress from receiving preferential treatment in any initial public offering (IPO).
* Creates a searchable online database of all financial disclosure reports filed by executive branch employees, Members of Congress, and congressional staff.