WASHINGTON, D.C. - Senator Jay Rockefeller today announced his support for a broadly-backed bill aimed at ensuring that no member of Congress can ever profit off insider trading. The Stop Trading on Congressional Knowledge Act of 2012 (STOCK Act) says U.S. Representatives and Senators may not use information they gain in their role as Members of Congress.
"Elected officials have a duty to our constituents to be above board in every way," said Rockefeller. "I regret that a law is even needed. But questionable actions by a few members have raised doubts that must be addressed. Americans should be able to have total confidence that their elected officials are working in their constituents' best interests, not their own, and this bill will help confirm that."
The STOCK Act prohibits Members of Congress, their staff, and federal employees from insider trading and using non-public information, received as part of their official duties, for personal benefit. It also increases transparency by requiring Members and staff to report any stock transactions over $1,000 within 30 days, and makes financial disclosure reports available to the public online.
Since first becoming Governor of West Virginia and throughout his U.S. Senate service, Senator Rockefeller has placed his assets in a blind trust, where he has no control or knowledge of holdings or transactions.