Coburn dismisses STOCK Act as a political stunt

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.