Congressional Insider Trading
Passing the Stop Trading on Congressional Knowledge (STOCK) Act was one of the few good acts of the 112th Congress. The legislation applies the law against insider trading to Congress itself and mandates an online disclosure system so that compliance could be monitored. Just one year later, Congress slashed critical provisions, leaving enforcement of the law seriously in question.
Make no mistake: The STOCK Act is still in effect and congressional insider trading still is banned. But it has become extraordinarily difficult to ensure compliance with the law.
One way to put teeth back into the law is to mandate disclosure of the lobbyists and Wall Street operatives who roam the halls of Congress for stock trading information. In the wake of Congress’ repeal of the disclosure enforcement mechanism of the STOCK Act, it is more important than ever to open the books on the political intelligence industry.
More Resources on Congressional Insider Trading
- Public Citizen to FEC: Close Loophole to Curb Foreign Campaign Spending, September 14, 2016
- Statement: Insider Traders in Congress May Soon Be Revealed by the Bipartisan ‘Political Intelligence Transparency Act,’ September 14, 2014
- Op-Ed in Roll Call by Public Citizen's Craig Holman: Congressional Insider Trading Revisited (But Don't Tell Anyone), May 9, 2013
- Statement: Senate Bill to Ban Congressional Insider Trading Is Useful, But Timid, March 22, 2012
- Letter: OMB Agency Information Collection Activities, Nov. 6, 2012
- Senate Acts on Useful but Timid Bill to Ban Congressional Insider Trading, March 25, 2012
- Letter to Sen. Harry Reid: Restore Critical Anti-Corruption Provisions to STOCK Act, March 6, 2012
- Letter: Enact the “Stop Trading on Congressional Knowledge Act”, February 6, 2012
- Letter: Pass the “Stop Trading on Congressional Knowledge Act”, January 31, 2012
- Letter: Legislation Banning Congressional Insider Trading Must Neither Be Weakened Nor Delayed any Further, December 21, 2011
- Letter: Move the STOCK Act Forward, December 9, 2011
- House Statement on the STOCK Act, December 5, 2011
- Senate Statement on the STOCK Act, December 1, 2011
- Coalition Letter: Support the “Stop Trading on Congressional Knowledge Act”, December 1, 2011
- Letter to Senate: Support the “Stop Trading on Congressional Knowledge Act”, November 18, 2011
- Letter to House: Support the “Stop Trading on Congressional Knowledge Act”, November 18, 2011
- Action: Tell Congress to End Insider Trading in Washington
- Blog Post: "Insider Trading: How Congress Can Make Big Bucks at Our Expense", March 23, 2009
- Coalition letter on the Stop Trading on Congressional Knowledge Act, March 4, 2009