Hochul, Slaughter Address Congress on STOCK Act

February 9, 2012 Updated Feb 9, 2012 at 4:05 PM EDT

By WKBW News


Hochul, Slaughter Address Congress on STOCK Act

February 9, 2012 Updated Feb 9, 2012 at 4:05 PM EDT

Washington D.C. (WKBW release) -- New York Congresswoman Kathy Hochul on Thursday voted to pass the Stop unscrupulous Trading On Congressional Knowledge (STOCK) Act, after calling on House Leadership to pass a stronger version of the bill earlier Thursday morning.

“While this bill is a step in the right direction, it’s a watered down version of the Senate bill, which aims to stops insider trading in Congress,” Hochul said. “We must stop this insidious practice, which gives Members of this body an unfair advantage over the Americans who sent us here to represent them.”

The House version of the STOCK Act passed with a vote of 417-2.  Last week, the Senate passed their version of the bill with a vote of 96-3. 

Congresswoman Hochul was one of the first co-sponsors of the STOCK Act and was among the first Members of Congress last week to sign a discharge petition forcing the STOCK Act to come to the House Floor for a vote.

Hochul added, “When the House and the Senate come together to work out the differences in these two bills, I call on the House Leadership to strengthen this version so we can begin the process of restoring the faith of the American people in this institution.”

Congresswoman Hochul spoke on the House Floor earlier today, where she urged House Leadership to bring forward a strong version of the STOCK Act. 

New York Congresswoman Louise M. Slaughter also spoke on the House floor. She said:

“At its heart, the STOCK Act is a statement of how we in Congress view ourselves, and our relationship to those we serve. No matter how powerful our position, nor how hallowed the halls we walk, no one should be above the law.  With the passage of the STOCK Act, we can move one step closer to living up to the faith and trust bestowed upon us by the American people- the citizens for whom we serve.

“When it comes to K Street, it appears that Republican Leadership couldn’t stomach the pressure from the political intelligence community.  After working behind closed doors, the Majority removed a major provision that would have held political intelligence operatives to the same standards as lobbyists who come before this Congress.  Fortunately, Democrats and Republicans alike are fighting to keep political intelligence as part of the final bill.”

New York Senator Kirsten Gillibrand also issued a statementon Thursday on the passage of the STOCK act. The statement reads:

“We are entrusted with a profound responsibility by the American people to look out for their best interests, and nothing else, certainly not our own financial interests.

“Today, we have taken another step towards restoring the trust that’s been lost in Washington. While I am pleased to see the House has passed this important legislation to ensure that members of Congress play by the exact same rules as everyday Americans, it is critical the final bill remains a strong bill with teeth. While regrettably this version does not go as far as the Senate version, I am optimistic we will be able to resolve the differences and get a strong bill on the President's desk without delay.”