Baird’s insider trading bill [STOCK Act] finally gets noticed
Baird’s insider trading bill finally gets noticed
November 15, 2011
U.S. Rep. Jaime Herrera Beutler announced Tuesday that she’ll cosponsor a bill to ban insider trading by members of Congress — two days after efforts by her predecessor, former U.S. Rep. Brian Baird, to pass a similar bill were featured on CBS’s “60 Minutes.”
‘Brian Baird deserves a lot of credit for highlighting this needed reform — both as a member of Congress, and recently as a regular citizen,’ Herrera Beutler, R-Camas, said in a statement. ‘There’s no place for insider trading in this country — not on Wall Street, and most certainly not in Congress. We’ve all seen the fallout when folks in privileged positions put their own profit above ethics. I hope we pass this bill to ensure Congress keeps its focus on serving the public good.’
‘I’m glad it’s gotten some attention at last and I think it would behoove leadership to just bring it up and pass it,’ Baird said in a phone interview. ‘It’s already had a hearing several years ago. We’re not asking anything in the bill that we don’t ask of the general public.”
The current version of the STOCK Act (Stop Trading on Congressional Knowledge) was introduced March 17 by Rep. Timothy Walz, D-Minn., referred to a series of House committees, and reintroduced June 1. To date, it has not received a hearing.
As of Tuesday the bill had 19 sponsors from both parties, not including Herrera Beutler. Of those, 11 signed on as cosponsors Monday after the 60 Minutes piece aired.
The STOCK Act would prohibit members of Congress, their employees, and Executive Branch staff members from profiting from nonpublic information they obtain through their positions. They would be prohibited from buying or selling securities, swaps, or commodity futures based on nonpublic information they obtain through their jobs; prohibited from sharing non-public information about legislative action for purposes of investing or profiting from investment; and required to report investment transactions valued in excess of $1,000.
The bill also requires agencies specializing in political intelligence that get information directly from Congress to register with the House and Senate, similar to lobbying organizations.
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