[Congressional Record Volume 158, Number 14 (Monday, January 30, 2012)]
[Senate]
[Page S140]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               STOCK ACT

  Mr. REID. Mr. President, as to the STOCK Act, I am glad to see that 
spirit of cooperation is alive as we move forward. At least I hope so. 
It is bipartisan legislation. Members of Congress and their staff have 
a duty to the American people. They may not use privileged information 
they get on the job to personally profit. But the perception 
remains that a few Members of Congress are using their positions as 
public servants to serve themselves instead.

  Insider trading laws were created to level the playing field and stop 
Wall Street excesses. And Members of Congress are not above the law. We 
must play by the same rules by which every other American plays. The 
STOCK Act will clear up any perception that it is acceptable for 
Members of Congress to profit from insider training. It will end any 
confusion over whether Members of Congress can be prosecuted for their 
serious crime. They can be.
  I am really disappointed that I had to file cloture to stop a 
Republican filibuster on this worthy legislation, but I did. Rather 
than let us move to this, we had to file cloture to stop this 
filibuster. So when we get on this bill--and we will get on this bill--
we are going to have an open amendment process. It is my wish that 
Republicans will not abuse the comity that should be here in the 
Senate, and I hope these amendments that are offered will not be 
nongermane, nonrelevant. I hope we can legislate on issues that are in 
the context of this legislation. I repeat, it is sure too bad we had to 
file cloture.

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