Today, the United States House of Representatives voted on the bipartisan STOCK Act aimed to prevent Congressional Insider Trading. Representative Sean Duffy has previously introduced the Restoring Ethical Standards, Transparency and Responsibility In Congressional Trading (RESTRICT Act), which would require Members of Congress and Senior Staff to place all their assets in a blind trust or disclose all trades within three days. Following passage of the STOCK Act, Representative Duffy issued the following statement:
"I have said all along that I think the RESTRICT Act with its blind trust provision is the best way to end any real or perceived Congressional Insider Trading, but I am pleased to see that Congress is taking action to address this very important issue. People have a right to know what their member of Congress is doing with the information he or she receives. The STOCK Act has been improved in the last couple of weeks, and Congress took an important first step today with its passage.
"I have been working closely with House leadership to incorporate some ideas from my bill in order to strengthen this legislation. For instance, the bill now includes all branches of government, just as the RESTRICT Act called for. This new version will now require a 30-day reporting requirement, which is much stronger than the original 90-day requirement. I believe the STOCK Act is an important first step in our fight to ban Congressional Insider Trading, and shed light on Congress' actions. The fight should not stop today though -- we must continue to work to strengthen this law so that we may regain America's trust."