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U.S.PIRG urges Senate to ban insider trading
In his State of the Union address, President Obama asked congress to help him clean up the government by sending him a bill that bans the practice of insider trading based on congressional knowledge. Today, U.S. PIRG and other reform groups sent a letter to members of the U.S. Senate urging them to pass the Stop Trading on Congressional Knowledge act when it comes to the floor next week.
U.S. Senate January 27, 2012
Washington, D.C. 20510
Pass the “Stop Trading on Congressional Knowledge Act”
Dear Senator:
Our organizations – Campaign Legal Center, Citizens for Responsibility and Ethics in Washington, Common Cause, Democracy 21, Public Citizen, Sunlight Foundation, U.S. PIRG – strongly support passage of the “Stop Trading on Congressional Knowledge Act” (STOCK Act) designed to prevent congressional insider trading.
We strongly urge you to vote for this important reform legislation when it is brought to the Senate floor next week and to oppose any amendments to weaken the legislation.
The STOCK Act being submitted to the Senate next week clarifies for the first time that Members of Congress and their staff are subject to the same laws against insider trading that apply to the rest of America.
In addition to specifying that it is against the law for Congress to trade on non-public information gleaned through the course of official business, the STOCK Act also creates an important system of real-time transparency of stock trading activity by members and staff. These transparency provisions are an integral and very important part of the legislation.
President Barack Obama has said he will sign the legislation as soon as it gets to his desk.
We urge you to move expeditiously to enact the legislation without any undermining amendments.
Vote ‘YES’ on the STOCK Act.
Sincerely,
Campaign Legal Center
Citizens for Responsibility and Ethics in Washington
Common Cause
Democracy 21
Public Citizen
Sunlight Foundation
U.S. PIRG
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