Murkowski Backs Insider Trading Ban
Senator: Bill “Raises the Bar” on Enforcement, Transparency
WASHINGTON, D.C. – Senator Murkowski today voted to begin Senate debate on the Stop Trading on Congressional Knowledge Act of 2012, or the STOCK Act. The legislation would expressly prohibit elected officials and staffers from using nonpublic information they come across in their work for their own benefit – and Senator Murkowski plans on co-sponsoring it as it moves forward.
“This bill raises the bar when it comes to financial behavior, and adds additional teeth to our ethics standards,” said Murkowski. “But above all, it is a step towards improving public trust in the elected officials on Capitol Hill – and that should be a top goal for all 535 of us.”
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Debate on the motion to proceed passed on a 93-2 cloture vote, beginning Senate debate on the measure. (60 votes are needed for cloture in the Senate) If passed, the bill:
- Holds members of Congress and Congressional employees accountable to regulatory agencies such as the Securities and Exchanges Commission (SEC) or the Commodities Futures Trading Commission (CFTC).
- Requires the disclosure of any securities or commodities future transaction within 30 days of the transaction to ensure compliance.
- Makes it easier for the public to find Congressional financial disclosure information on the web, increasing transparency.