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
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
League of Women Voters
Project On Government Oversight