Politics
Anti-Insider Trading Bills for Congress Gaining Florida Sponsors
Around the State
U.S. Rep. Tom RooneyCongressman Tom Rooney, R-Tequesta, has become the sixth House member from the Florida delegation to sign on to the Stop Trading on Congressional Knowledge Act.
Sens. Bill Nelson, D-Orlando, and Marco Rubio, R-Miami, have also joined similar efforts.
The House bill prohibits members of Congress, their staff and federal employees from trading in the stock market on information obtain in closed-door meetings.
“We need to make it abundantly clear that it is illegal for members of Congress to profit based on information that is not available to the public,” Rooney stated in a release. “We have an obligation to work on behalf of the American people, and any form of insider trading would be a violation of that trust."
The STOCK Act, HR 1148, is the latest version of a bill originally filed in 2006 by Brian Baird, D-Wash., and Louise Slaughter, D-N.Y. The current incarnation was filed by Tim Walz, D-Minn., on March 17, attracting a handful of co-sponsors.
After a 60 Minutes report on Nov. 13 highlighted several members of Congress allegedly using insider knowledge in the stock market -- Democratic leader Nancy Pelosi of California, Rep. Spencer Bachus, R-Ala., and House Speaker John Boehner, R-Ohio -- the number of co-sponsors leaped to 117 before Rooney signed on.
“With the congressional approval rating below 10 percent, we have significant work ahead of us to restore the American people’s faith in their government, and this bill is an important step in that direction,” Rooney stated.
Others from Florida co-sponsoring HR 1148: Rep. Vern Buchanan, R-Sarasota; Kathy Castor, D-Tampa; Alcee Hastings, D-Miramar; Dennis Ross, R-Lakeland; and Allen West, R-Plantation.
Each signed on after Nov. 16.
Two versions of the STOCK Act have since been filed in the Senate. U.S. Sen. Marco Rubio, R-Miami, has signed on to both versions: S 1871, filed by Sen. Scott Brown, R-Mass., and S 1903, the Stop Trading on Congressional Knowledge Act, introduced by Sen. Kirsten Gillibrand, D-N.Y.
Rubio co-sponsored Brown's bill on Nov. 15 and Gillibrand's on Nov. 17.
Sen. Bill Nelson, D-Orlando, signed on to Gillibrand's bill on Nov. 18.
Reach Jim Turner at jturner@sunshinestatenews.com or at (850) 727-0859 or (772) 215-9889.
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