The 2012 Stop Trading on Congressional Knowledge (STOCK) law was supposed to combat insider trading by members of Congress and their staff. However, critics claim this bill has failed to prevent the appearance of corruption and has fallen short of ensuring that Congress is prioritizing the public over their own interests. The recent Covid pandemic highlighted the shortcomings of the STOCK Act. Dozens of members of Congress from both sides of the aisle made stock transactions totaling over $150 million. Some bought stocks in companies expected to increase in value such as remote work technologies, telemedicine companies and car manufacturers that were shifting their production to ventilators. Others sold stocks in the restaurant and hospitality industries which were expected to struggle during a pandemic. Several of these members were investigated for insider trading by our Justice Department but no charges were ever brought against them.

Surveys show the vast majority of Americans believe that many of our federal elected officials have greatly profited from trading stocks by using insider information that is unavailable to the public. They point to the wealth accumulated by these officials during their time in office despite their relatively modest government salaries. Critics say elected officials should not be allowed to own or trade -stocks even in blind trusts, and should be penalized if found to break the rules –particularly those who reaped substantial monetary gains.

Proposed Legislation: Reintroduction of S.2463 Ban Stock Trading for Government Officials Act (118th Congress 2023-2024)
Prospective Sponsor: Sen. Kirsten Gillibrand (N.Y.)

• I oppose reforming current officeholder stock trading policy and wish to donate resources to the campaign committee of Leader John Thune (SD).
• I support prohibiting Washington officials from owning or trading stocks, even those held in blind trusts by:
  
  1.) Creating stringent stock trading bans and disclosure requirements for Congress, senior executive branch officials, and their spouses and dependents.
  
  2.) Imposing penalties of varying degrees against those found to break the rules, and be subject to additional civil penalties in “extraordinary” cases or those that involve “substantial monetary value.”
  
  3.) Requiring the reporting of federal benefits, creating additional transparency in financial disclosure reports, and increasing transaction report penalties under the original STOCK Act.
  
  And wish to donate resources to the campaign committee of Sen. Kirsten Gillibrand (N.Y.) and/or to an advocate group currently working with this issue.