Congressman Pete Olson

Representing the 22nd District of Texas


February 9, 2012
Press Release

Washington, DC- Rep. Pete Olson (R-Sugar Land) today voted to strengthen existing rules that prohibit Members of Congress from benefiting from insider information. The House strengthened a Senate-passed bill, the STOCK Act, by requiring more financial disclosures by government employees and expanding the legislation to apply the ban to all legislative, executive, and judicial branch officials and their staff(s). The bill passed the House by a vote of 417-2.

"It's unacceptable for any Member of Congress, federal official or their staff to use non-public information for their own financial gain," Rep. Olson said.  “We have a sacred obligation to be held to the same standards as the people we serve. There should be no misunderstanding that people in Washington must earn the public’s trust.”

Details of the STOCK Act include:

?  Makes clear that Members of Congress and congressional employees are prohibited from using non-public information for private profit, and affirms that Members and employees are not exempt from the insider trading prohibitions under the Securities Exchange Act of 1934

?  Adds a new requirement for Members to report mortgages on personal residences on their annual disclosure report

?  Prevents congressional and executive branch officials from gaining preferential access to initial public offerings

?  Members of Congress who are convicted of a crime do not receive a taxpayer-funded pension after the fact


Media Contact: Melissa Kelly