Congressman Canseco Introduces Legislation In Response to Allegations of Insider Trading by Members of Congress

FOR IMMEDIATE RELEASE
December 2nd, 2011

Contact:  Valentina Weis
(202) 225-4511 or Valentina.Weis@mail.house.gov

Congressman Canseco Introduces Legislation In Response to Allegations of 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 after introducing legislation (H. Res. 480) that would provide greater transparency regarding securities trading activity by Members of Congress:

“Recently there have been several reports of alleged insider trading by Members of Congress. I’ve heard from a number of my constituents in the 23rd District of Texas that these reports are yet another reason that they have 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 have introduced legislation (H. Res. 480), which I believe will help begin rebuilding any trust that has been lost due to the allegations of insider trading by Members of Congress. H. Res. 480 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 also 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. As Supreme Court Justice Louis Brandeis once said, ‘Sunlight is the best disinfectant’.

As elected officials, we should be held to a higher standard to ensure that the public’s trust is not violated – either in perception or reality. The American people put trust in their elected members of Congress to represent them without taking advantage of public office.”

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

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