Saturday, July 11, 2009

Stop Insider Trading on Capitol Hill!! Support the S.T.O.C.K. Act!

We need you to take action today to close an absurd legal loophole that allows "insider trading" by government officials.

"Stop Trading On Congressional Knowledge"

Believe it or not, members of Congress, high-ranking appointees in the executive branch, and other federal employees who have access to non-public information about publicly traded companies can use that information to buy or sell securities or commodities for personal gain.

Lobbyists--and "political intelligence consultants" paid specifically to haunt the halls of Congress for insider tips--can also get away with this crooked and potentially corrupt practice.

This kind of insider trading is already illegal for corporate executives, Wall Street brokers, and ordinary citizens. This kind of insider trading should be illegal for people who work in and around the government, too.

The Stop Trading on Congressional Knowledge (STOCK) Act, introduced by Representatives Brian Baird (D-Wash.), Louise McIntosh Slaughter (D-N.Y.), and Tim Walz (D-Minn.), would close this loophole and prohibit insider trading by federal employees and others who try to cash in on non-public knowledge gleaned from public officials.

This is a no-brainer. The people entrusted to monitor the financial services industry on our behalf must not be tempted to exploit their privileged status for personal gain.

An important hearing on this bill is taking place next week. Click on title above to use our simple online form and urge your representative to support the STOCK Act today!

Thank you for all you do!

Angela, Eric, Glenn & Maureen
Your Action Team at Public Citizen's Congress Watch Division

To learn more about real financial accountability and security, visit http://www.citizen.org/pressroom/release.cfm?ID=2834.

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