Congressman Sean Duffy (WI-07) released the following statement today after attending the bipartisan bill signing ceremony today at the White House for the Stop Trading on Congressional Knowledge (STOCK) Act:
"It was truly refreshing to be at White House today to witness the STOCK Act become law. It was particularly exciting for me given that many of the ideas in this law came straight from my bill, the RESTRICT ACT, including the inclusions of the Executive Branch in the insider trading restrictions, the enhanced disclosure requirements and the addition of blind trusts.
"The American people sent us here to improve their lives and the future of this country -- not to enhance our own bottom lines. This bipartisan initiative is an excellent first step toward ending congressional insider trading and restoring Americans' trust in Congress."
Rep. Duffy's RESTRICT Act was introduced because he believed the original version of the STOCK Act had significant flaws.
Specifically, the STOCK Act was influenced by the RESTRICT Act to:
Include blind trusts: Rep. Duffy's legislation would have required Members and Senior Staff to have to disclose ALL trades or they could cede all decisions on trades to a blind trust. The final version of the STOCK act allows for the establishment of a blind trust for their financial dealings;
Improve disclosure requirements: Rep. Duffy's legislation would have required Members and Senior Staff disclose ANY trade within 3 days. The bill being signed into law today calls for a 30 day disclosure period. The initial draft of the STOCK Act called for a 90 day disclosure period;
Include the Executive Branch: Rep. Duffy's legislation called for all branches of government to abide by the same rules. The initial draft of the STOCK Act only covered Congress. Rep. Duffy worked with Republican and Democrat Leadership to extend the bill to cover the Executive Branch as well.
The legislation passed the House 417-2 on Feb. 9, 2012. The law takes effect in 90 days.