Banning Insider Trading by Members of Congress

Washington, DC – Congressman Francisco “Quico” Canseco (TX-23), a strong advocate of fiscal responsibility in the House of Representatives and a member of the House Financial Services Committee, issued the following statement in response to the Senate taking up the STOCK Act for consideration:

 

“Reports of alleged insider trading by Members of Congress are yet another reason that the American public has lost confidence in our nation’s elected representatives. Too often, the American people feel that Members of Congress live by and benefit personally from a different set of rules than those that ordinary Americans live by. To me, this lack of confidence is unacceptable and it is imperative for the future success of our nation that we begin rebuilding the trust of the American people in their elected representatives. 

 

To that end, I introduced legislation back in December (H. Res. 480), which would amend the Rules of the House of Representatives and expressly ban Members from using non-public information obtained through the office or position they hold to trade financial securities. This legislation would only need to pass the House of Representatives and will hold Members of Congress to a higher standard by giving them a choice: either put investments in a blind trust to ensure that there is no appearance of impropriety, or agree to greater disclosure and reporting on a monthly basis the details of their trading activity for the public to see and scrutinize. Should any questions be raised in the trading activity of those members who do not choose a blind trust, the public can refer the matter to the House’s Office of Congressional Ethics for further inquiry. This increased transparency will help to ensure that Members of Congress remain accountable to the American people,” Congressman Canseco concluded.

 

 

 

To schedule an interview please contact Valentina Weis at (202) 225-4511 or Valentina.Weis@mail.house.gov