House passes STOCK Act with overwhelming bipartisan support
WASHINGTON – Congressman Charles F. Bass (NH-02) voted in the House of Representatives this morning to prohibit Members of Congress, Congressional staff, and Executive Branch employees from buying or selling securities, swaps, or commodity futures based on nonpublic information related to Congressional business. The bill would also reaffirm that Members and employees have always been subject to and are not exempt from the insider trading prohibitions or regulations derived under the Securities Exchange Act of 1934.
The Senate passed the Stop Trading on Congressional Knowledge (STOCK) Act (S. 2038) last week. Today, the House passed an amended version of the Senate bill, which now extends the prohibition on using nonpublic information gained from their employment for financial gain, as well as establishing new disclosure requirements, to all Congressional staff and Executive Branch employees.
Bass, who has been a cosponsor of the House version of the STOCK Act (H.R. 1148) since November, said:
“Public servants, including Members of Congress, their staffs, and other federal employees, must be held to the highest ethical standards. The STOCK Act helps enhance that public trust through even more transparency and disclosure and to ensure that no Member of Congress, their staff or employees of the Executive Branch uses nonpublic information derived from their official duties for personal gain.”
The Senate must now approve the House’s changes to the bill before it can be signed into law.