Posted by Sen. Reid's Staff on 2/1/2012 - 9:18 AM
This week, the Senate is considering an important piece of legislation called the Stop Trading on Congressional Knowledge, or the STOCK Act. This bill would increase transparency and accountability for members of Congress by making it clear that they are subject to prosecution for using inside information to profit in the stock market.
Members of Congress and their staff have a duty to the American people not to use their position of trust and responsibility for personal gain. The public should not have to worry that members of Congress are using their positions as public servants to serve themselves instead of their constituents.
Insider trading laws were created to ensure fairness and level the playing field, and elected officials in Congress are not above those laws. The STOCK Act will ensure that legislators play by the same rules as every other Nevadan and every other American.
The STOCK Act will clear up any perception that it is acceptable for Senators and Congressmen to profit from insider trading. And it will make clear that elected officials can and will be prosecuted for this serious crime. I look forward to the swift passage of the STOCK Act in the Senate.