WASHINGTON — Rep. Tim Walz will be at the White House on Wednesday when President Obama signs the STOCK Act into law.
Walz is a lead sponsor of a version of the congressional insider trading ban legislation, which Congress passed last month. The bill bans lawmakers, staffers and administration officials from trading on the stock market using non-public information they receive on the job and requires greater disclosure of stock trades.
“After years of fighting for this commonsense and important reform, I am honored and humbled to be present when the President signs it into law,” Walz said in a statement. “It’s my sincere hope that this moment of bipartisan cooperation will begin to restore the American people’s faith in the work of democracy. Moving forward, Congress should renew this bipartisan spirit and reach across the aisle and work together to solve the most pressing problems facing our country.”
Some version of the STOCK Act has been introduced since 2006. The current version of the bill had only about a half-dozen co-sponsors before a fall “60 Minutes” report shed light on the trading habits of members of Congress. Support for the bill ballooned, President Obama endorsed it in his State of the Union address and Congress passed the bill (albeit a watered-down version, supporters said) last month.
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