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Unwilling to impose rules on themselves that they have on others in government, 130 congressional lawmakers have invested in company stocks while making legislative decisions impacting the very same corporate interests.
Federal laws adopted by Congress forbid officials in the Executive Branch from trading stocks in industries overseen by their agencies. But the same restrictions don’t apply to lawmakers.
As a result, during a three-year span, representatives and senators, 68 Democrats and 62 Republicans, traded stocks valued between $85 million and $218 million in 323 companies registered to lobby on legislation that appeared before them, according to The Washington Post.
For Immediate Release
April 04, 2012
FACT SHEET: The STOCK Act: Bans Members of Congress from Insider Trading
“Send me a bill that bans insider trading by members of Congress; I will sign it tomorrow.” -- President Obama, State of the Union, January 24, 2012
In the State of the Union Address, the President laid out a blueprint for an economy where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same set of rules, including those who have been elected to serve the American people.
Today, the President signed into law the STOCK Act, a bipartisan bill that prevents Members of Congress from trading stocks based on nonpublic information they gleaned on Capitol Hill. While this is a good first step, the President will continue to work with Congress to do even more to help fight the destructive influence of money in politics and rebuild the trust between Washington and the American people.