Mackenzie Applauds House Passage of Stop Insider Trading Act
Washington, D.C. — Congressman Ryan Mackenzie (PA-07), representing the Lehigh Valley and the Poconos, applauded the passage in the U.S. House this week of bipartisan legislation to crack down on stock trading by members of Congress.
The Stop Insider Trading Act, of which the Congressman was an original cosponsor, prohibits members of Congress, their spouses, and dependent children from purchasing individual stocks while serving in office. Additionally, the legislation requires advance public disclosure before any sales of covered securities and establishes significant financial penalties for violations.
“Members of Congress are sent to Washington to serve their constituents, not themselves,” said Congressman Mackenzie. “The American people deserve confidence that their elected officials are making decisions based on what’s best for their country — not their own financial interests. The epidemic of lawmakers leveraging insider information for personal profits has degraded trust and accountability, which is why I’ve co-sponsored several pieces of legislation aimed at cracking down on this practice. Much more work remains in the fight to reform Washington, but passage of the Stop Insider Trading Act marks an important step toward providing a government which prioritizes the needs of the American people.”
Since taking office, Congressman Mackenzie has consistently supported efforts to strengthen ethics and increase transparency in Congress. In addition to co-sponsoring the Stop Insider Trading Act, he has also co-sponsored two similar pieces of bipartisan legislation. The Transparent Representation Upholding Service and Trust (TRUST) in Congress Act requires members of Congress, their spouses, and dependent children to place certain financial assets into qualified blind trusts. The Restore Trust in Congress Act prohibits Members, their spouses, and dependent children from owning or trading individual stocks and other covered financial assets while serving in office.
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