Smith Votes In Favor Of Bipartisan STOCK Act

Washington, DC – Congressman Adrian Smith (R-NE) released the following statement after voting for the Stop Trading on Congressional Knowledge (STOCK) Act, which passed 417 to 2:

“Public officials – including Members of Congress, the Executive Branch, and their staff – should not be able to personally benefit from their office.” said Smith. “This bipartisan legislation recodifies and strengthens existing laws.”

Background:

• The House-passed bill strengthens the Senate legislation so the ban on insider trading applies to all Legislative, Executive, and Judicial Branch officials and their staff;
• Limits bonuses paid to Fannie Mae and Freddie Mac executives;
• Includes House-passed language which Smith supported to ensure Members of Congress who commit a crime do not receive taxpayer-funded pensions;
• Ensures Members of Congress, Executive Branch officials, and their staffs cannot receive special access to initial public offerings because of their position.

###