Stop Insider Trading Act

Floor Speech

BREAK IN TRANSCRIPT

Mr. POCAN. As a Member of Congress, I don't own any individual stocks because, as a byproduct of my job, I get inside information on many publicly traded companies.

We don't let people with insider information buy stock because it impacts markets and threatens public trust in a system that so many of our retirement dollars are in.

However, this bill before us puts Members of Congress above the law. It is not a real congressional stock trading ban like other bipartisan measures. This is a weak alternative. It is like Velveeta to real Wisconsin cheese.

It has been said that this bill has loopholes so big a Qatari jet could go through them. It still allows Members to hold stock. It still allows Members to buy stocks with dividends. It still allows family members to buy stocks for others for any reason. It is basically the opposite of a real stock trading ban for Members of Congress, a wolf in sheep's clothing.

This bill continues the corruption of what marks too much of what is done in Washington. Mr. Speaker, please don't support this Velveeta and weak bill.

BREAK IN TRANSCRIPT

Source