This law will work to hold Washington accountable and restore the American people's faith in democracy." --Tim Walz
The STOCK (Stop Trading on Congressional Knowledge) Act is a bill that prohibits Members from using nonpublic information available through their positions in Congress to achieve personal financial gain.
Specifically, the STOCK Act holds Members of Congress and their senior staff, as well as the President, Vice President and executive branch senior staff accountable for reporting, within 30-45 days, the purchase, sale, or exchange of any stock, bond, or commodity future transaction in excess of $1,000.
The act also designates that all financial disclosure reports for Members of Congress, senior congressional staff, and congressional candidates will be compiled into an online, searchable database.
In addition, the STOCK Act prohibits bonuses for executives at Fannie Mae and Freddie Mac.
In March 2011, Tim introduced the STOCK Act and successfully championed the bill, which passed with overwhelming bipartisan support in both chambers of Congress. The act was signed into law by President Obama in April 2012.