(Washington, DC) – [On February 9, 2012], Congressman Joe Heck voted in support of S. 2038, the Stop Trading on Congressional Knowledge (STOCK) Act to prohibit insider trading by members of Congress.
Congressman Heck said, “We must ensure public officials are held to the same standards as Nevada families. The STOCK Act is a positive step towards fixing a broken Washington that has played by its own rules for too long. This common-sense reform is long overdue, and I urge the Senate to work with the House to adopt these important reforms so the President can sign it into law.”
Background
Introduced on March 17, 2011 by Congressman Tim Walz, the STOCK Act passed by the House will ensure that Members of Congress and staff are covered by insider trading prohibitions; adds a new requirement for Members to report stock purchases or sales; adds a new requirement for Member to report mortgages on personal residences on their annual disclosure; and prevents Members from getting special treatment to participate in an IPO. The bill applies to members of the Executive Branch and their staff as well, and would eliminate the pension of any Member of Congress convicted of a felony.
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