OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Stop Trading on Congressional Knowledge Act of 2012

Floor Speech

Date: Feb. 2, 2012
Location: Washington, DC
Issues: Trade

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Mrs. GILLIBRAND. Madam President, we here in the Senate are so close to doing something so basic, so common sense to begin restoring the faith and trust the American people have with this institution. I am encouraged that we have found more to agree on today than that which we disagree on, so we can bring this bill on the floor to a vote.

I thank Leader Reid for his extraordinary perseverance and leadership on this issue. I also thank Chairman Lieberman and Ranking Member Collins for their vision and their hard work in bringing this strong piece of legislation to the floor. I also thank Senator Scott Brown and our other cosponsors who have worked so hard to do what is right for the American people. And, of course, I thank my colleagues on the other side of the aisle who have worked with us in good faith to bring this legislation to fruition.

We have tried to focus on the specific task at hand, and that is closing loopholes to ensure that Members of Congress play by the exact same rules as every other American. While there are some amendments today that will not meet that test, there are others that will make this bill stronger, and I believe the final product will have teeth.

This sorely needed bill would establish for the first time a clear fiduciary responsibility to the people we serve--removing any doubt that both the SEC and the CFTC are empowered to investigate and prosecute cases involving insider trading of securities from nonpublic information that we have access to when we do our jobs.

We are entrusted with a profound responsibility to the American people: to look out for their best interests, not to do what is in our financial interest. Let's show the people who have sent us here that we as a body can come together and do the right thing.

Today, we are taking a step forward to show them we are worthy of their trust. I encourage all of my colleagues to take this step with us today.

I suggest the absence of a quorum.

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