Fitzpatrick: Congressional Seat Shouldn’t Bring to Personal Wealth

Congressman Mike Fitzpatrick (R-8th) issued the following statement on the passage of the Stop Trading on Congressional Knowledge Act:

"The STOCK Act is an important measure designed to hold Members of Congress and members of the administration to the highest of standards.  Confidence in Congress is at an all time low and restoring trust with the American people is paramount.  My goal with this legislation is to restore the idea that serving in Congress is a privilege and should be a sacrifice -- not a springboard to personal wealth."

"While affirming the ban on insider trading, the STOCK Act also significantly broadens prohibited activity and establishes a new reporting system that will allow for unprecedented transparency."

"By shining the brightest light possible on the financial transactions of Members of Congress and the administration, we can help ensure that no one is taking advantage of their position of public trust.  The American people have elected us to be their representatives and that means conducting ourselves with the highest of ethical standards. Anything less is a disservice to this office and to those who sent us here."

A report by CBS News noted that the House bill differed from one passed by the Senate.

The House version does not include a provision regulating those in the financial information business.

According to CBS, Majority Leader Eric Cantor removed a provision requiring those that collect information and sell it to Wall Street to register the same way lobbyists do.

A post at deathandtaxesmag.com noted that Cantor’s House colleague Chuck Grassley said, “It’s astonishing and extremely disappointing that the House would fulfill Wall Street’s wishes by killing this provision.”

The STOCK Act passed the House of Representatives 417-2.