JONES SPEAKS OUT AGAINST INSIDER TRADING IN CONGRESS

WASHINGTON, D.C. – Yesterday Congressman Walter B. Jones (NC-3) testified at a House Financial Services Committee hearing in favor of H.R. 1148, the Stop Trading on Congressional Knowledge Act (STOCK Act).  The STOCK Act, which Jones cosponsored in October, would prohibit Members and employees of Congress, Executive branch employees, and any other person from buying or selling securities, swaps, or commodity futures based on congressional and executive branch information that is not available to the public.  The Financial Services Committee, of which Jones is a senior member, will mark up the bill next week.    

“We are living in a time when the American people do not trust Congress,” said Jones during his testimony.  “As members of Congress, it is our job to follow a strong honor code and to hold those accountable who are profiting from positions of power.  The American people should never have to worry that members of Congress are using the office to pad their our own pockets.”

The STOCK Act would:

·         Prohibit Members of Congress, their staff, Executive branch employees, and any other person from buying or selling securities, swaps, or commodity futures based on congressional and executive branch nonpublic information.  It would also require more timely disclosure of financial transactions above $1,000 for those Members and staff that are already required to file annual financial disclosures;

·         Amend House ethics rules to prohibit Members and their employees from disclosing any non-public information about any pending or prospective legislative action for investment purposes; and,

·         Require firms that specialize in “political intelligence” who use information obtained from Congress to make financial transactions to register with the House and Senate – just like lobbying firms are now required to do.