WASHINGTON – DFL Rep. Tim Walz’s STOCK Act that bars members of Congress from buying and selling stocks based on inside information they glean from their work is rapidly gaining traction in the Capitol after a report about the practice last weekend on 60 Minutes.
As of Friday afternoon, it had 65 cosponsors compared to half a dozen a week ago. The signers span the ideological spectrum from Rep. Dennis Kuchinich (D-OH) on the left to Rep. Allen West (R-FL), a tea party icon on the right.
Minnesota’s other three DFL House members signed onto the measure this week. DFL Sen. Amy Klobuchar is cosponsoring a similar bill in the Senate, describing it as “common sense legislation.”
Sen. Al Franken is the lone DFLer who hasn’t signed onto the Senate bill. Spokeswoman Alexandra Fetisoff said he is still review the legislation.
None of Minnesota’s four Republican House members have signed on to Walz’s legislation. Rep. Chip Cravaack’s office said he was still studying the issue.
Referring to hearings scheduled in the House to look into the issue, Rep. Erik Paulsen’s spokesman Tom Erickson wrote, “To operate effectively, Congress must have the trust of the American people. Erik supports disclosure and is looking forward to hearing what the bipartisan Financial Services Committee thinks.”