Congressional Progressive Caucus (CPC) Co-Chairs Reps. Raúl M. Grijalva (D-AZ) and Keith Ellison (D-MN) today released the following statement after the House passed the Stop Trading on Congressional Knowledge (STOCK) Act:
“Today we voted for the STOCK Act to end an abuse of public trust and begin to restore confidence in Congress. Most Americans know that insider trading is unfair and wrong, but many politicians have done it for years. Members of Congress should never profit from confidential information they receive as part of their public service.
“While we strongly support the Democratic version of the STOCK Act as authored by our colleagues, Reps. Louise Slaughter (D-NY) and Tim Walz (D-MN), Republican leadership insisted on offering a version with yet another carve-out for Wall Street lobbyists. We are appalled at Washington Republicans’ refusal to produce a clean bill that would require Wall Street to play by the same rules as working Americans. It is scandalous that the GOP is forcing Americans to let Wall Street insiders and hedge fund managers continue playing an unfair game.
“Wall Street’s lobbyists have been playing by their own rules long enough. We need to work to close this remaining loophole as quickly as possible. It’s a matter of integrity.”