National
House Passage of STOCK Act
By Office of Rep Michaud
Feb 10, 2012 - 4:57:29 AM

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.