Coalition Letter on STOCK Act to House of Representatives

February 6, 2012

U.S. House of Representatives

Washington, D.C. 20515

Enact "Stop Trading on Congressional Knowledge Act,"

Bill Sponsored by 281 Members or Nearly Two-Thirds of House

Dear Representative:

Last week, the Senate passed the bipartisan "Stop Trading on Congressional Knowledge"

(STOCK) Act by an overwhelming vote of 96 to 3. Reform groups strongly supported this


The Senate-passed bill, S. 2038, makes clear that the laws against insider trading apply to

Congress and those who do business with Congress. The legislation also establishes real-time

disclosure requirements for trading activity by members of Congress and the Executive Branch

and closes major loopholes in the crucial honest services fraud statute and the gratuities statute

so that important anti-corruption laws can again be effectively enforced.

Our organizations strongly urge the House to vote on and pass the Senate-passed bill and

send it immediately to President Obama for his signature. President Obama has made clear that

he will sign the STOCK Act as soon as it reaches him.

The organizations include Campaign Legal Center, Citizens for Responsibility and Ethics

in Washington, Common Cause, Democracy 21, League of Women Voters, OMB Watch, Project

On Government Oversight, Public Citizen, Sunlight Foundation and U.S. PIRG.

In the event the House Republican leadership is not willing to schedule the Senate-passed

bill for a vote, we strongly support the bipartisan House version of the STOCK Act, H.R. 1148,

sponsored by Reps. Timothy Walz (D-MN) and Louise Slaughter (D-NY) and co-sponsored by

279 House members, or nearly two-thirds of the House. Absent the ability to vote on the Senatepassed

bill, it is essential that the House Republican leadership provide the opportunity for a vote

on H.R. 1148 on the House floor. As The New York Times noted in an editorial (February 4,

2012), "House leaders would be foolish to weaken or delay the reform effort."

Important provisions added on the Senate floor to strengthen the legislation should also

be in order as amendments to H.R. 1148, including the legislation fixing the honest services and

gratuities statutes, sponsored in the House by Representatives James Sensenbrenner (R-WI) and

Mike Quigley (D-IL) and unanimously reported out by the House Judiciary Committee.

The Senate has passed important ethics and anti-corruption legislation at a time when the

country is deeply skeptical about Congress and the way it is conducting its business. The House

of Representatives should do no less and should move quickly to pass strong new ethics rules

and anti-corruption provisions.

Vote 'YES' on the STOCK Act and send the legislation to President Obama


Campaign Legal Center

Citizens for Responsibility and Ethics in Washington

Common Cause

Democracy 21

League of Women Voters

OMB Watch

Project On Government Oversight

Public Citizen

Sunlight Foundation


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