[Congressional Record Volume 158, Number 25 (Wednesday, February 15, 2012)]
[Extensions of Remarks]
[Page E201]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          STOP TRADING ON CONGRESSIONAL KNOWLEDGE ACT OF 2012

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                               speech of

                           HON. RUSH D. HOLT

                             of new jersey

                    in the house of representatives

                       Thursday, February 9, 2012

  Mr. HOLT. Madam Speaker, I am one of 285 proud cosponsors of H.R. 
1148, the original House version of the STOCK Act, which was introduced 
by my colleague from Minnesota, Mr. Walz. It is a simple, common-sense 
bill that would reaffirm the restriction on insider trading by Members 
of Congress and our staffs, as well as officials within the executive 
branch. I also heard from dozens of my constituents from across Central 
New Jersey who support this bill as a necessary first step to restoring 
the American public's trust in its legislature and in our democracy as 
a whole.
  Unfortunately, despite the overwhelming bipartisan support for this 
legislation, the majority has brought before us today a watered-down 
version of the bill that received nearly unanimous support in the 
United States Senate. While the basic premise of the bill remains 
intact, I regret that important provisions such as increased disclosure 
requirements for so-called ``political intelligence consultants'' are 
not included in the bill before us today.
  Though unrelated to insider trading, I do support the provision in 
this measure to prohibit the payment of bonuses to executives at Fannie 
Mae and Freddie Mac. Like many Americans, I was alarmed to learn last 
year that ten Fannie and Freddie executives were set to receive more 
than $12 million in bonuses. It is inconceivable that the leadership of 
these organizations, who profited at the expense of millions of middle 
class Americans who lost their homes, be further rewarded.
  While I support this measure, I remain hopeful that the stronger 
provisions included in the original House version, as well as the 
version that passed the Senate last week, can be incorporated as this 
bill continues to move forward.

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