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Smith Applauds Senate Approval of STOCK Act

Washington, D.C. — The U.S. Senate today approved S. 2038, the House-passed version of the Stop Trading on Congressional Knowledge (STOCK) Act, which clarifies that members of Congress and other government insiders must abide by the same rules against insider trading that have applied to the private sector for nearly 80 years. Under the bill, no federal government official of any branch may use non-public information that they learn by virtue of their office for the purpose of making a profit in the commodities or stock markets.

House Judiciary Committee Chairman Lamar Smith (R-Texas) managed the STOCK Act floor debate in the House where it passed by a vote of 417-2. Chairman Smith released the following statement praising the Senate vote.  

Chairman Smith: “I applaud the Senate for passing the Stop Trading on Congressional Knowledge Act (STOCK) Act to ensure that government officials do not profit from insider information. I am pleased that the Senate decided to take up the House-version, which makes clear that the ban on insider trading not only applies to Legislative and Judicial officials and employees, but also to Executive branch and Obama administration officials and staff.

“Every member of Congress has sworn a solemn oath to support and defend the Constitution and to faithfully execute the office to which they have been entrusted by their constituents. The STOCK Act goes to the heart of what it means to faithfully execute public office. The decisions made by big government can have big money consequences. And as the Obama administration continues to expand the size of government, it is more important than ever to ensure that Congress and the Administration are not enriching themselves by investing based on knowledge of government policies that is not yet public. 

“The American people deserve to know that no one in any branch of government can profit from their office.  All three branches should be held to the same standard, because all three branches must be worthy of the public’s trust. I urge the President to sign the STOCK Act into law at the earliest possible date.”