Question of the Week: STOCK Act

These questions are culled from phone calls, letters, faxes and e-mails sent to Rep. Gallegly's Camarillo, Solvang, and Washington offices. Each week Rep. Gallegly adds another question and answer. Please add your comments.

February 10, 2012

Question: Did you support S. 2038, the STOCK Act?

Answer: Yes, I voted for S. 2038 when it passed the House of Representatives by a vote of 417 to 2 on February 9, 2012.

I am also a cosponsor of the House of Representative version of the bill, H.R. 1148. Both bills would prohibit Members of Congress and employees of Congress, along with employees of the Executive Branch, from using nonpublic information for private profit.

In addition, S. 2038 would:

• Specifically prohibit Executive and Legislative Branch officials from gaining preferential access to initial public offerings;
• Definitively extend the new transaction reporting requirements to all Executive Branch officials who are required to file annual financial disclosures;
• Extend the proposed Legislative Branch public disclosure requirements (including making all financial disclosures available online by September 1, 2012) to the Executive Branch;
• Extend the current restriction on employment negotiations by senior government officials to the Executive Branch;
• Extend the current prohibition on attempting to influence private hiring decisions on the basis of political affiliations to the Executive Branch; and,
• Ensure the prohibitions on using nonpublic information for private profit extends to all Executive, Legislative, and Judicial Branch officers and employees.

For previous Questions of the Week chronologically and by topic, please see my Questions of the Week page.