Amodei votes for STOCK Act
IMMEDIATE RELEASE Contact: Brian Baluta (202) 225-6155
February 9, 2011
WASHINGTON, D.C. --Congressman Mark Amodei (NV-2) today voted in favor of the Stop Trading on Congressional Knowledge (STOCK) Act, which passed the House 417 to 2. The bill would affirm that members of Congress and employees are not exempt from the insider trading prohibitions of the Securities Exchange Act of 1934.
Congressman Amodei: "According to Thomas Jefferson, 'When governments fear the people, there is liberty. When the people fear the government, there is tyranny.' The American people are very skeptical of their government and rightly so.
"I think it's vital that the federal government takes steps to be more transparent and accountable to the American people. We are not above the law, everyone must play by the same rules, and that is our moral and Constitutional obligation to uphold."
The legislation would require disclosure and reporting requirements for members of Congress and employees of the House for investment transactions of more than $1,000. It would deny government pensions to those convicted of a felony, adds a new requirement for members to report mortgages on personal residences on their annual disclosures, and prevents members and senior staff from getting special treatment to participate in initial public offerings (IPOs).
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