Congressional Insider Trading Bill Gains Amendments, Support
February 2, 2012 by Sam Rolley
Senator Rand Paul (R.-Ky.) introduced on Tuesday amendments to the Stop Trading on Congressional Knowledge (STOCK) Act that the lawmaker says would bring an end to the revolving door between Federal employees and companies seeking Federal loans.
“These amendments are recognizing what the authors of these bills have been discussing, that people should not profit off of their involvement in government. They shouldn’t profit off of special relationships. They shouldn’t profit off of special knowledge they gain in the function of serving the people,” Paul said on the Senate floor.
Paul said that the bill should apply to the current Presidential Administration, “…I don’t believe people who are multimillionaires and billionaires should use the apparatus of government as was used in the loans that were given to Solyndra by someone who is profiting off of their relationship and ties to the President, profiting off of people who used to work for these companies now, who are now employed in the administration and using these connections to get taxpayer money to go to private individuals.”
The bill, which would put provisions in place to end Congressional insider trading, has had healthy support in the Senate; and House Majority Leader Eric Cantor (R-Va.) plans to bring a version of STOCK to his chamber later this month.