Congressman Canseco's Statement on Senate acting on STOCK Act

Feb 3, 2012


Washington, DC – Congressman Francisco “Quico” Canseco (TX-23), a strong advocate of fiscal responsibility in the House of Representatives and a member of the House Financial Services Committee, issued the following statement regarding the Senate procedural vote on the STOCK Act:

“I am pleased that the United States Senate has acted to assure the American public that members of Congress cannot use insider information to profit personally. Too often, the American people feel that Members of Congress live by and benefit personally from a different set of rules than those that ordinary Americans live by. To me, this lack of confidence is unacceptable and it is imperative for the future success of our nation that we begin rebuilding the trust of the American people in their elected representatives. 

However, the House did not have to wait on the United States Senate to pass and President Obama to sign into law legislation accomplishing the overall goal of the STOCK Act. I introduced legislation back in December (H.Res. 480), which would amend the Rules of the House of Representatives and expressly ban Members from using non-public information obtained through the office or position they hold to trade financial securities. H.Res. 480 would hold Members of Congress to a higher standard by giving them a choice: either put investments in a blind trust to ensure that there is no appearance of impropriety, or agree to greater disclosure and reporting on a monthly basis the details of their trading activity for the public to see and scrutinize. Should any questions be raised in the trading activity of those members who do not choose a blind trust, the public can refer the matter to the House’s Office of Congressional Ethics for further inquiry. 
I look forward to working with my colleagues in the House of Representatives on passing legislation achieving the underlying goals of the STOCK Act. These underlying goals, increased transparency and accountability, will help to ensure that Members of Congress remain accountable to the American people,” Congressman Canseco concluded.
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