WASHINGTON – The U.S. Senate passed the STOCK Act Thursday evening with 96 votes for, including those of Minnesota’s two senators and just three votes opposed. The legislation bars members of Congress and high-level members of the executive branch from profiting in the stock market with information gleaned on the job and tightens financial reporting requirements for elected officials.
“No one is above the law in this country – least of all the lawmakers,” said DFL Sen. Amy Klobuchar in a written statement.
Action now moves to the House where DFL Rep.Tim Walz was an original sponsor of the bill, which now has wide bipartisan support. Shortly after the Senate vote, the Republican House Majority Leader, Eric Cantor, promised a swift vote on the bill next week after initially resisting efforts to advance the measure in December.
“I’m pleased that Majority Leader Cantor has ended his obstruction of the STOCK Act,” said Walz in a statement issued by his office. Yesterday, Walz and Rep. Louise Slaughter (D-NY), his main ally on the STOCK Act, had challenged Cantor by beginning a legislative procedure known as a discharge procedure to force a floor vote on the bill.
Once the bill passes, President Obama has promised to sign it immediately.