Rep. Katie Porter, Sen. Kirsten Gillibrand Reintroduce Stock Act 2.0
Bicameral legislation would prevent government officials from lining their pockets with taxpayer dollars, including by banning individual stock trading
Washington, February 9, 2022
WASHINGTON—Congresswoman Katie Porter (D-CA), founder and co-chair of the End Corruption caucus, and U.S. Senator Kirsten Gillibrand (D-NY), lead sponsor and author of the original STOCK Act, today reintroduced the bicameral STOCK Act 2.0. This legislation would build on the STOCK Act to strengthen disclosure rules and prevent individuals in trusted positions of power—including the President, Vice President, members of Congress, their families, and their senior staff—from abusing their access for self-enrichment.
“Few Americans trust that our government is working for them, and that's a real problem for our democracy," said Rep. Porter. “By strengthening disclosure requirements and banning top officials from trading stocks, we can help restore faith in our government. The American people deserve to have confidence that those in power are working in the public's interest, not in their own self-interests.”
“The American people need to know that their elected leaders are putting their constituents’ interests—not their own financial interests—first. That is the job we were sent to Washington to do,” said Sen. Gillibrand. “The improved STOCK Act 2.0 bars trusted public servants from trading individual stocks and would require elected officials and high-level staff to disclose when they apply for or receive a benefit of value from the government—the same way they would report a stock transaction—and penalize them for failing to comply. I’m proud to work with Congresswoman Porter on this legislation to help end these abuses and give Americans confidence that Congress is acting solely in the national interest.”
The original STOCK Act barred members of Congress, the President, the Vice President, and high-level staff from engaging in insider trading or otherwise using nonpublic information for their own benefit. It also included important updates to financial transparency by requiring these high-ranking government officials to expeditiously disclose financial transactions to the public. The STOCK Act 2.0 would impose additional disclosure requirements and restrictions for high-level officials to prevent members of Congress and other public servants from lining their pockets with taxpayer dollars.
Specifically, the STOCK Act 2.0 would:
This legislation is supported by American Family Voices, End Citizens United/Let America Vote Action Fund, Environmental Working Group, NETWORK Lobby for Catholic Social Justice, Oxfam America, Patriotic Millionaires, and Public Citizen.
Congresswoman Katie Porter has been a staunch advocate for government accountability and transparency throughout her time in office. She founded and co-chairs the End Corruption caucus, an initiative to get Washington back to serving the people, not special interests. At the start of this term, she led a successful effort to implement a new rule to shed light on conflicts of interest in Congressional hearings. She’s also introduced legislation that would close loopholes that enable Administration officials to skirt the constitutionally-mandated Senate confirmation process.
A one-page summary of the STOCK Act 2.0 can be found HERE.