Sen. Tom Coburn (R-Okla.) decried the Stop Trading on Congressional
Knowledge (STOCK) Act on Tuesday as a political stunt staged by
Democrats and Republicans, and offered a substitute amendment that would
make members and staff certify that they are complying with existing
insider-trading laws.
The STOCK Act "has everything to do with politics today rather than the long-term interests of the country," said Coburn from the Senate floor on Tuesday. "I stand in opposition of this bill not because I think we should have insider trading but because I'm trying to fix the real problem and you are fixing symptoms."
The STOCK Act is a bipartisan bill that would reaffirm that it is illegal for members of Congress and their staff to make investments and trades based on non-public information and tighten reporting requirements.
Read more on The Hill's Floor Action blog.
