Blue Dogs Urge Leader Cantor to Move on STOCK Act
February 1, 2012
Coalition Says It’s Time to Restore America’s Trust in Congress
The fiscally conservative Democratic Blue Dog Coalition in the U.S. House of Representatives today urged House Majority Leader Eric Cantor to bring H.R. 1148, the Stop Trading on Congressional Knowledge Act, or STOCK Act, to the House floor for a vote.
With the President urging Congress to pass the STOCK Act in his State of the Union address and with the Senate overwhelming voting 93-2 on Tuesday to move forward on debate with a companion bill, Cantor has delayed a mark-up on the bill in the House.
In a letter signed by every member of the Blue Dog Coalition, all of which are also cosponsors of the STOCK Act, the group said insider trading by Members of Congress is "unacceptable, and it should be illegal." They also said the legislation was needed to "restore the American people's faith in our government" and urged Cantor to bring the bill to the floor for a vote "without delay."
Following is the full text of the letter:
Dear Majority Leader Cantor:
As members of the Blue Dog Coalition, we write to urge you to bring H.R. 1148, the Stop Trading on Congressional Knowledge Act, or STOCK Act, to the House floor for a vote.
The American public was outraged when the CBS News program "60 Minutes" reported that some members of Congress may have bought stock in companies based on information they gained from their position of power that was not known to the general public.
Members of Congress, their staff, and other federal employees who use special, nonpublic information to make a profit are in complete violation of the public's trust. This type of insider trading is unacceptable, and it should be illegal.
As Members of Congress we are in the business of public service, not personal profit. We are called to do what is right and to serve the American people. When a few betray that trust, the entire country suffers. Congress must now work to restore the American people's faith in our government. Swift passage of this bipartisan STOCK Act is one way we, as an institution, can confirm our commitment to our constituents and our country.
This week, the United States Senate voted 93 to 2 to move forward with debate on a companion version of the bill. In his State of the Union Address, President Obama called on Congress to pass a bill that bans insider trading by members of Congress. It is past time for the House of Representatives to begin action.
We urge you to bring the STOCK Act to the floor without delay.
Sincerely,
Rep. Heath Shuler (NC-11)
Co-Chair, Administration
Rep. John Barrow (GA-12)
Co-Chair, Policy
Rep. Mike Ross (AR-04)
Co-Chair, Communications
Rep. Dan Boren (OK-02)
Co-Chair, Whip
Rep. Dennis Cardoza (CA-18)
Rep. Jim Matheson (UT-02)
Rep. Jason Altmire (PA-04)
Rep. Joe Baca (CA-43)
Rep. Sanford Bishop (GA-02)
Rep. Leonard Boswell (IA-03)
Rep. Ben Chandler (KY-06)
Rep. Jim Cooper (TN-05)
Rep. Jim Costa (CA-20)
Rep. Henry Cuellar (TX-28)
Rep. Joe Donnelly (IN-02)
Rep. Tim Holden (PA-17)
Rep. Mike McIntyre (NC-07)
Rep. Mike Michaud (ME-02)
Rep. Collin Peterson (MN-07)
Rep. Loretta Sanchez (CA-47)
Rep. Adam Schiff (CA-29)
Rep. Kurt Schrader (OR-05)
Rep. David Scott (GA-13)
Rep. Mike Thompson (CA-01)
Click here to download a PDF of the actual letter.
The fiscally conservative Democratic Blue Dog Coalition was formed in 1995 with the goal of representing the center of the House of Representatives and appealing to the mainstream values of the American public. The Blue Dogs are dedicated to a core set of beliefs that transcend partisan politics, including a deep commitment to the financial stability and national security of the United States. Visit the Blue Dog website at https://ross.house.gov/BlueDog to learn more. You can also get up-to-the-minute news updates on Twitter at https://www.twitter.com/BlueDogPress.
With the President urging Congress to pass the STOCK Act in his State of the Union address and with the Senate overwhelming voting 93-2 on Tuesday to move forward on debate with a companion bill, Cantor has delayed a mark-up on the bill in the House.
In a letter signed by every member of the Blue Dog Coalition, all of which are also cosponsors of the STOCK Act, the group said insider trading by Members of Congress is "unacceptable, and it should be illegal." They also said the legislation was needed to "restore the American people's faith in our government" and urged Cantor to bring the bill to the floor for a vote "without delay."
Following is the full text of the letter:
Dear Majority Leader Cantor:
As members of the Blue Dog Coalition, we write to urge you to bring H.R. 1148, the Stop Trading on Congressional Knowledge Act, or STOCK Act, to the House floor for a vote.
The American public was outraged when the CBS News program "60 Minutes" reported that some members of Congress may have bought stock in companies based on information they gained from their position of power that was not known to the general public.
Members of Congress, their staff, and other federal employees who use special, nonpublic information to make a profit are in complete violation of the public's trust. This type of insider trading is unacceptable, and it should be illegal.
As Members of Congress we are in the business of public service, not personal profit. We are called to do what is right and to serve the American people. When a few betray that trust, the entire country suffers. Congress must now work to restore the American people's faith in our government. Swift passage of this bipartisan STOCK Act is one way we, as an institution, can confirm our commitment to our constituents and our country.
This week, the United States Senate voted 93 to 2 to move forward with debate on a companion version of the bill. In his State of the Union Address, President Obama called on Congress to pass a bill that bans insider trading by members of Congress. It is past time for the House of Representatives to begin action.
We urge you to bring the STOCK Act to the floor without delay.
Sincerely,
Rep. Heath Shuler (NC-11)
Co-Chair, Administration
Rep. John Barrow (GA-12)
Co-Chair, Policy
Rep. Mike Ross (AR-04)
Co-Chair, Communications
Rep. Dan Boren (OK-02)
Co-Chair, Whip
Rep. Dennis Cardoza (CA-18)
Rep. Jim Matheson (UT-02)
Rep. Jason Altmire (PA-04)
Rep. Joe Baca (CA-43)
Rep. Sanford Bishop (GA-02)
Rep. Leonard Boswell (IA-03)
Rep. Ben Chandler (KY-06)
Rep. Jim Cooper (TN-05)
Rep. Jim Costa (CA-20)
Rep. Henry Cuellar (TX-28)
Rep. Joe Donnelly (IN-02)
Rep. Tim Holden (PA-17)
Rep. Mike McIntyre (NC-07)
Rep. Mike Michaud (ME-02)
Rep. Collin Peterson (MN-07)
Rep. Loretta Sanchez (CA-47)
Rep. Adam Schiff (CA-29)
Rep. Kurt Schrader (OR-05)
Rep. David Scott (GA-13)
Rep. Mike Thompson (CA-01)
Click here to download a PDF of the actual letter.
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The fiscally conservative Democratic Blue Dog Coalition was formed in 1995 with the goal of representing the center of the House of Representatives and appealing to the mainstream values of the American public. The Blue Dogs are dedicated to a core set of beliefs that transcend partisan politics, including a deep commitment to the financial stability and national security of the United States. Visit the Blue Dog website at https://ross.house.gov/BlueDog to learn more. You can also get up-to-the-minute news updates on Twitter at https://www.twitter.com/BlueDogPress.