A message from Majority Leader Eric Cantor on the STOCK Act

I want to take a moment to update you on a very important piece of legislation that I am bringing to a vote tomorrow.

Last week the Senate passed its version of the Stop Trading on Congressional Knowledge Act, or what is more commonly referred to as the STOCK Act. This legislation will prohibit members of Congress from profiting from insider knowledge that they gain in the course of carrying out their duties. However, I believe we should be doing more.

I will bring the House version of this legislation up for a vote tomorrow and it will be even stronger than the Senate measure. There are several areas where we will accomplish that.

1. The bill will be expanded to also include members of the Executive Branch and their staffs.
2. Any member of Congress convicted of a felony will lose their federal pension.
3. Lawmakers will be restricted from unfair access to Initial Public Offerings.
4. Lawmakers must disclose any trade of $1,000 or more.

I look forward to seeing this important legislation passed tomorrow and trust that the Senate will concur with our more stringent version. Then, with the President’s signature, we will have a Congress that is more accountable to you.

I have always believed it is extremely important that members of Congress are held to the strictest ethical standards possible, and this is a step toward that goal.

Thank you for your support, and as always, I appreciate your opinions and feedback on this or any issue we are facing.

Sincerely,

Eric Cantor
Member of Congress