On Anniversary of Stock Act Law, Walz Says Law More Vital Than Ever
WASHINGTON, DC — Today, as we mark the anniversary of Rep. Tim Walz’s Stock Act becoming law in 2012, Walz issued the below statement:
“When I first came to Congress as a teacher, coach and retired soldier, it just made no sense to me that insider trading was not already illegal for Members of Congress. I was proud when we passed the Stock Act in 2012 and took a step toward restoring folks’ faith in democracy. Reports that former Representative and current Secretary of Health and Human Services Tom Price may have violated the spirit and letter of the Stock Act highlight why this law was necessary in the first place. The American people deserve to know that elected and appointed officials are working on their behalf, not making decisions based on increasing their bottom line.”
Signed into law in 2012 after passing the House and Senate with overwhelming bipartisan majorities, the Walz-authored STOCK Act bans insider trading on Capitol Hill and in the Executive Branch. In addition to prohibiting Members of Congress, their staff, and executive branch employees from using information obtained through their positions to profit on the stock market, the bill also explicitly bans the President and Vice President from doing the same.
Rep. Walz and Congress’ intent of the STOCK Act was reaffirmed by the U.S. Office of Government Ethics (OGE) in a December 15, 2016 legal advisory.