(Photos: Getty Images; Illustration: Leslie Garvey / POGO)
Press Release
Senate Strikes Down Watered-Down Stock Trading Ban
The Senate’s rejection of the House Administration Committee’s weak stock-trading bill underscores the need for real, bipartisan reforms that prevent lawmakers from making a profit using inside information.
Washington, D.C. — The Senate’s rejection of the House Administration Committee’s weak stock-trading bill underscores the need for real, bipartisan reforms that prevent lawmakers from making a profit using inside information. Rather than settling for legislation riddled with loopholes, lawmakers should move quickly to pass the Restore Trust in Congress Act and put an end to insider trading and legislative conflicts of interest.
Dylan Hedtler-Gaudette, director of Government Affairs at the Project on Government Oversight (POGO), issued the following statement:
“Today’s vote makes it clear that some lawmakers won’t be fooled by an imposter stock trading ban. Instead of trying to jam through a watered-down bill riddled with loopholes and saddled with a poison-pill provision on voting rights, the bill’s backers should focus on passing a genuine, bipartisan ban that stops members of Congress from using inside knowledge to benefit their personal stock portfolios.
“The bill that failed in the Senate on a procedural vote would have preserved too many opportunities for lawmakers to continue putting their personal financial interests ahead of the public interest. For too long, lawmakers have abused the system by using information and influence that is unavailable to ordinary Americans. This has not only undermined the public’s confidence in the institution lawmakers were elected to serve, but also made the American people question whether decisions are being made in their best interest — or if lawmakers are in it for their own financial gain.
“Lawmakers now have a clear path forward with a genuine reform: Pass the bipartisan Restore Trust in Congress Act. Congress has an opportunity to demonstrate that ethics, transparency, and public service are more than slogans and that fighting corruption is not just an empty election-year talking point. The Senate should act quickly and show the American people that no one elected to serve them should be able to use public office for private gain.”
