Congressman Michaud has praised the passage of the House Amendment to the "Stop
Trading on Congressional Knowledge Act," or STOCK Act (S.2038), which
would prohibit members of Congress and their staff from profiting from
the nonpublic information they gain from their official positions.
Michaud cosponsored the House-version of the STOCK Act (H.R.1148).
"These
commonsense rules will help ensure that no member of Congress profits
from the nonpublic information they receive in their official capacity,"
said Michaud. "The voters in our districts sent us here to work hard on
their behalf. It is simply wrong that anyone would consider using
insider information he or she gains while working for his or her
constituents to make investment decisions."
The STOCK Act
prohibits insider trading on non-public information by lawmakers,
officials and senior staff of the legislative, executive and judicial
branches of government. It imposes new disclosure requirements under
which lawmakers must publicly report any stock or securities transaction
within 45 days of when the transaction occurs. Additionally, it expands
the types of crimes for which members of Congress would lose their
congressional pension benefits.
Michaud was unable to cast a vote
on the bill because he had to return to Maine to attend a family
funeral. Had he been present, he would have voted for the bill. He
submitted a statement for the Congressional Record, which is
below.
MR. SPEAKER, I rise today in strong support of the STOCK
Act. I regret having to miss a vote on this significant legislation, but
I had to return to Maine to attend a family funeral. Had I been
present, I would have voted for the House Amendment to S. 2038.
These
commonsense rules will help ensure that no member of Congress profits
from the nonpublic information they receive in their official capacity.
The voters in our districts sent us here to work hard on their behalf.
It is simply wrong that anyone would consider using insider information
he or she gains while working for his or her constituents to make
investment decisions.
Faith in Washington is at an all time low.
Unfortunately, the STOCK Act is only a small step towards restoring the
public's trust in their elected officials. However, it is an important
step that will help hold every one of us more accountable.
I was
proud to join two hundred eighty-four of my colleagues from both sides
of the aisle as a cosponsor of the original House-version of the STOCK
Act. I am hopeful that this strong show of bipartisanship can continue
on the other important issues that face our county.
