The House of Representatives passed the Stop Trading on Congressional Knowledge Act Thursday in a move to ban move members of Congress and their employees from using nonpublic information for their personal gain.
The bill, which http://clerk.house.gov/evs/2012/roll047.xml" target= "_blank">passed the House 417-2, does have some differences from the Senate version of the bill that http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=112&session=2&vote=00014" target="_blank">passed last week. But U.S. Sen. Kirsten Gillibrand, D-N.Y., hopes that the House and Senate can work out those differences.
"We are entrusted with a profound responsibility by the American people to look out for their best interests, and nothing else, certainly not our own financial interests," Gillibrand said in a news release. "Today, we have taken another step towards restoring the trust that's been lost in Washington. While I am pleased to see the House has passed this important legislation to ensure that members of Congress play by the exact same rules as everyday Americans, it is critical the final bill remains a strong bill with teeth. While regrettably this version does not go as far as the Senate version, I am optimistic we will be able to resolve the differences and get a strong bill on the President's desk without delay."
U.S. Rep. Richard Hanna, R-Barneveld, voted for the House bill. He said in a news release that he hopes the STOCK Act "helps restore the public's confidence that public servants are in government for the right reason - to serve the people and not themselves."
"The STOCK Act will help ensure that federal public officials, including Congress and the executive branch, are held to a rightfully high ethical standard," he said.
U.S. Rep. Ann Marie Buerkle, R-Onondaga Hill, also voted for the bill. She co-sponsored the STOCK Act legislation introduced by U.S. Rep. Tim Walz.
The House bill had a couple of notable differences.
From http://www.cbsnews.com/8301-503544_162-57373937-503544/stock-act-passes-in-house/" target="_blank">CBSNews.com:
House Majority Leader Eric Cantor stripped a provision requiring those that collect financial information and sell it to Wall Street to register the same way lobbyists do. The House legislation does include a provision that would extend the new regulations to include the executive branch as well.
President Barack Obama has said he will sign the STOCK Act into law. But first, the House and Senate must agree to a bill they can send him for final approval.
UPDATE: Rep. Ann Marie Buerkle, R-Onondaga Hill, also weighed in Thursday afternoon, calling passage of the STOCK Act in the House "right step in returning the American people's confidence that those serving in all branches of government cannot profit from their office."
"The House version expands upon the Senate's bill by ensuring that Members of Congress who commit a crime do not receive taxpayer funded pensions," Buerkle said in a statement. "Further, that Members, executive branch officials, and staff members cannot receive special access to initial public offerings because of their position. The STOCK Act holds public officials and their staff accountable and increases public disclosure and transparency."