U.S. Rep. Tim Walz stood behind President Barack Obama’s left shoulder Wednesday as Obama signed a bill banning federal employees and lawmakers from engaging in insider trading.
The Stop Trading on Congressional Knowledge (STOCK) Act was introduced in March 2011 by Walz and Rep. Louise Slaughter, D-New York. After it was featured on “60 Minutes,” the act gained momentum and support in the House and Senate; both bodies overwhelmingly approved the bill in several votes in February and March.
“Moving forward, Congress should embrace the bipartisan spirit embodied by the STOCK Act and come together to create jobs, grow our economy and invest in American-made energy,” Walz said in a statement.
House Majority Leader Eric Cantor praised Walz’s persistence with the bill.
“I particularly want to recognize his willingness to reach across the aisle and keep the lines of communication open as we work to make clear that elected officials abide by the same rules as the American people,” Cantor said in a statement.
The act prohibits federal employees and legislators from profiting from information their work gives them access to.