WASHINGTON, D.C. (WETM)- On Wednesday, Feb. 9, 2022, United States Senator Kirsten Gillibrand (D-N.Y.) and Representative Katie Porter (D-CA) announced the reintroduction of The STOCK Act 2.0.
The STOCK Act 2.0 would build on the STOCK Act to strengthen disclosure rules and prevent individuals in trusted positions of public service from using their access for self-enrichment, according to Gillibrand.
“The improved STOCK Act 2.0 bars trusted public servants from trading individual stocks and would require elected officials and high-level staff to disclose when they apply for or receive a benefit of value from the government — the same way they would report a stock transaction – and penalize them for failing to comply. I’m proud to work with Congresswoman Porter on this legislation to help end these abuses and give Americans confidence that Congress is acting solely in the national interest.”Senator Gillibrand
According to Gillibrand, the original STOCK Act barred members of Congress, the president, the vice president, and high-level staff from engaging in insider trading or otherwise using nonpublic information for their own benefit. It also included important updates to financial transparency by requiring the officials to disclose financial transactions to the public. The STOCK Act 2.0 would impose additional disclosure requirements and restrictions for high-level officials to ensure that members of Congress and other public officials aren’t using the information for personal gain.