[Congressional Record Volume 158, Number 15 (Tuesday, January 31, 2012)]
[Senate]
[Page S180]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                             THE STOCK ACT

  Mr. HELLER. Mr. President, later today the debate will center on the 
fundamental question of whether Members of Congress should be 
responsible for upholding the same laws as the American people. The 
unified answer from this Congress must be an unequivocal yes. It is no 
secret that Congress has a track record of exempting itself from the 
very laws it writes.
  Former Senator John Glenn said such exemptions are ``the rankest form 
of hypocrisy. Laws that are good enough for everyone else ought to be 
good enough for us.''
  Former Congressman Henry Hyde once quipped that ``Congress would 
exempt itself from the laws of gravity if it could.''
  I have long supported efforts to ensure that Congress refuses to give 
into any temptation to exempt itself. When I was serving in the House 
of Representatives, I was proud to be a leader in the effort to require 
Members of Congress and their staffs be subject to the same 
requirements that the Obama health care bill put on all citizens.
  While the bad old days of Congress exempting itself from major 
occupational safety and health and fair labor standard laws were done 
away with to some extent after passage of the Congressional 
Accountability Act, and other reforms of the mid-1990s, Congress should 
not miss this opportunity to show the American people that it is 
willing to live by the very rules that are imposed on the American 
people. The people of this Nation are tired of business as usual in 
Washington. They are tired of the congressional exemptions or carve-
outs that create a chasm between the working class and the political 
class.
  My home State of Nevada is currently enduring the highest 
unemployment rate in the country. In fact, Nevada has led the Nation in 
unemployment for more than 2 years. As I travel the State, I hear from 
individuals who are frustrated because the public servants who are 
supposed to be representing them don't feel their pain. While our 
economy limps on, the Nation's Capital remains untouched by the 
difficulties Nevadans experience every day. In light of these facts, is 
it any mystery why Congress is currently experiencing its worst 
approval ratings in history?
  I am a cosponsor of the STOCK Act because I believe confidential 
information acquired as a result of holding public office should not be 
used for private gain. The STOCK Act would prohibit Members or 
employees of Congress and executive branch employees from profiting 
from nonpublic information obtained because of their status and 
requires greater oversight of the growing political 
intelligence industry. Members and employees should also be required to 
report the purchases, sales, and exchange of any stock, bond, or 
commodity transaction greater than $1,000 within 30 days.

  As a strong supporter of transparency in Congress and the Federal 
Government, I believe the STOCK Act is an important step for Congress 
to take and start earning back the trust and faith of the American 
people. Restoring that confidence will surely be a long journey because 
public servants have in too many cases not taken their job seriously. 
But through legislation such as the STOCK Act, we send an important 
message to the citizens of this Nation that we understand our position 
requires us to uphold the highest ethical and moral standards, and we 
are willing to undergo the scrutiny required to regain that trust.
  Members of Congress should follow the same rules as every other 
American. No American can trade on insider information without the risk 
of prosecution, and Congress should be held to the same standard. 
Elected officials should take every precaution to ensure that they do 
not use public information for personal gain.
  I hope both Chambers will take the time to thoughtfully consider this 
legislation and send it to the President for his signature. My hope is 
that the American people will view passage of this legislation as an 
earnest bipartisan effort to change the way Washington does business.
  I appreciate the opportunity to discuss this important bill.
  I yield the floor and suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the role.
  Mr. LEE. Mr. President, I ask unanimous consent that the quorum call 
be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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