U.S. Sen. Kay R. Hagan (D-N.C.) on Thursday, Feb. 2, voted for bipartisan legislation to prohibit members of Congress from using information they gain from their position for personal benefit. The Stop Trading on Congressional Knowledge (STOCK) Act passed the Senate today by a vote of 96 to 3. Last year, Hagan cosponsored similar legislation barring insider trading by Members of Congress.
“Using privileged information to gain an upper hand has no place in the chambers of Congress,” Hagan said. "By passing the bipartisan STOCK Act, the Senate today reaffirmed that members of Congress must play by the same rules as the people of North Carolina. Now we can hopefully move on to action to help middle-class workers and families throughout the country, starting with a year-long extension of the payroll tax cut and unemployment benefits."
The STOCK Act would bar all members of Congress and their staffs from using nonpublic information acquired through their position for personal benefit. Members and staff are also prohibited from sharing this type of privileged information for the purpose of trading. In addition, members would be required to publicly report any major financial transactions within 30 days.
Hagan has long been committed to promoting a government that is as open and accessible as possible. One of the first bills she cosponsored in the Senate was the Senate Campaign Disclosure Disparity Act, which supported greater transparency for Senate financial disclosures.