1st District DFL Rep. Tim Walz's bill to ban insider trading passed the House today with overwhelming support.
The Stop Trading on Congressional Knoweledge (STOCK) Act passed 417 to 2.
"I believe this bill represents a good first step towards restoring faith in
government and the work of democracy. This has always been about making sure public
officials play by the same rules as everyone else. At a time when Americans are
understandably frustrated, this legislation is long overdue." Walz said in a written statement. "Government reform is a journey, not a destination, and I will continue to fight to make government more transparent and accountable."
A news release from the congressman's office notes that Walz won kudos on the House floor from Republican Majority Leader Eric Cantor for his work on the bill. It quotes Cantor as saying, "I particularly want to recognize his willingness to reach across the aisle and keep the lines of communications open as we work to make clear
that elected officials abide by the same rules as the American people."
For several years, Walz struggled to win support for the bill. That all changed last year when 60 Minutes aired a report questioning well-timed stock trades by lawmakers and their staffers who had access to nonpublic information.