Loebsack Applauds Passage of Legislation to Ban Insider Trading

By Theresa Rose, KILJ Radio.

STOCK Act passes House 417-2
Washington, D.C. –Congressman Dave Loebsack today voted in favor of legislation banning Members of Congress from making a profit on non-public information. Loebsack has been a longtime proponent of the STOCK Act. He was the fourth person in Congress and the first Iowan to cosponsor the House version of the bill. The Senate passed similar legislation last week and now the differences between the two versions must be worked out.

“The STOCK Act should have been brought up for a vote a long time ago, but I am pleased leadership finally agreed to bring it to a vote. The American people’s faith in government has been badly damaged. This legislation is needed to begin restoring trust in Congress,” said Loebsack. “Though this legislation does not go as far as I had wished, this is a big first step and it is my hope that the bill can be strengthened even further.”

Loebsack has also called for taking additional steps to further prevent insider trading. The Restoring Ethical Standards, Transparency, and Responsibility in Congressional Trading (RESTRICT) Act, would require Members of Congress to place all of their stocks and other securities in a blind trust, giving a third party the responsibility for managing assets and prohibiting Members of Congress from having any influence over buying, trading, and selling decisions.