Louise Line: The Impact of the STOCK Act
I’ve said from the beginning that the STOCK Act, the law that I wrote to crack down on insider trading by federal officials, would be an important tool in stopping corruption in government and increasing transparency in the halls of Congress.
This month, Public Citizen, a non-profit, non-partisan public advocacy group, helped prove that point.
Public Citizen recently released a report that examines the impact the STOCK Act has had on trading activity by U.S. Senators. According to the group, this historic law has had a “dramatic impact on stock trading activity,” helping to reduce the value and number of stock trades by 66 percent.
This is a major improvement, but that doesn’t mean our work is done. Questionable and unethical stock activities by some members of Congress have recently sparked renewed concern about congressional insider training. That’s not all. The political intelligence industry, which is made up of Wall Street operatives who roam the halls of Congress in search of information that could influence stock trades, continues to pose a threat to full transparency in our government.
Public Citizen outlined some steps for finally lifting the veil on this industry, which includes passing my legislation to bring political intelligence firms out of the shadows and into the light of day.
My new bill, the Political Intelligence Transparency Act, would force these firms to register and comply with the same rules that apply to lobbyists. You can read more about it here: https://bit.ly/2r9A8Z8
I’ve never shied away from taking on the institutions of power that rig the game against average Americans. I will not give up this fight, because the American people deserve an open and transparent government that works with their best interests at heart.
Louise M. Slaughter