Legislation to ban insider trading by Members of Congress clears key Senate committee
Dec 14 2011
WASHINGTON – Today, Sen. Tom Carper (D-Del.), Chairman of the Subcommittee on Federal Financial Management, released a statement after the Homeland Security and Governmental Affairs Committee approved the STOCK Act. His statement follows:
"Over the years, Congress has enacted a number of robust ethics reforms – which I have supported – to ensure that Members of Congress and their staff act appropriately on behalf of the taxpayers that they serve and do so in a transparent matter. Members of Congress and their staffs should not benefit financially from information that is unavailable to the general public. Senators Lieberman and Collins, working in a bipartisan fashion, have crafted legislation that would further clarify that it is illegal for Members of Congress to profit from insider information. I thank my colleagues on the Homeland Security and Governmental Affairs Committee for joining me in approving this important bill. I look forward to working with my colleagues in the House and Senate to advance this legislation that ensures that Members of Congress play by the same rules that all Americans must follow regarding financial investments."