Statement by the Press Secretary on Legislation to Ban Insider Trading by Members of Congress
Today, Leader Reid announced the Senate will take-up legislation making it clear that Members of Congress may not engage in insider trading, an important component of the President’s blueprint for an America built to last. As the President said in his State of the Union message, this bipartisan legislation will help limit the corrosive influence of money in politics and restoring the American people’s trust in Washington. Members of Congress should not be able to trade stocks based on nonpublic information gleaned on Capitol Hill nor should they be able to own stocks in industries they impact. We believe this is an important first step to prevent members of Congress from profiting from their positions and call for swift passage.