Young Supports Bill to Stop Insider Trading in Congress as it Passes House

Press Release

Rep. Todd Young (R-IN9) voted in favor of S.2038, the Stop Trading On Congressional Knowledge (STOCK) Act, as it passed the House on a 417-2 vote Thursday morning. Young was a co-sponsor of the House version of the STOCK Act, H.R. 1148.

"This bill is aimed at two things," said Young. "First, this job is about service first and foremost. No one should come to Congress as a way to line their pockets. Second, it's about rebuilding trust between the American people and their elected officials. Given the problems our country faces, that trust is needed now more than ever."

S.2038 would clarify existing law which some consider ambiguous to clearly ban Members of Congress and Congressional staff from using non-public information for financial gain in the stock market; require Members of Congress and their staff, and some judicial and executive branch employees, to report any stock transaction over $1,000 within 30 days instead of at the end of the year; require Members of Congress to disclose the terms of their mortgages; and would ban Members of Congress from having preferential access to initial public offerings (IPO's). Because there were amendments made to the strengthen the Senate bill in the House, it will now go back to the Senate.

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