February 02, 2012

Manchin Votes for Final Passage of Stock Act to Ban Insider Trading in Congress

Washington, D.C. – U.S. Senator Joe Manchin (D-W.Va.) today voted for final passage of the STOCK (Stop Trading On Congressional Knowledge) Act, a measure that would prohibit members of Congress and their staff from using inside knowledge to profit by trading on Wall Street. The bill passed the Senate 96-3.  

“I am pleased that a large, bipartisan group of Senators have come together to support this commonsense measure that will hold members of Congress accountable to those we represent,” Senator Manchin said. “It is absolutely intolerable for members of Congress to profit based off of knowledge they’ve gained in the course of public service. I consider it an honor to serve West Virginians each and every day, and I believe we must treat the privilege of service with the respect it deserves.” 


Senators voted on 18 amendments to the STOCK Act today. Some of the highlights include: 

  • Coburn amendment #1473, which would prevent the creation of duplicative and overlapping federal programs. The amendment would require the Congressional Research Service (CRS) to conduct a full evaluation of any pending bill for potential duplication with existing government programs. Manchin voted in favor of the amendment, which failed 60-39. 

  • McCain amendment #1471, which would prohibit executives at Fannie Mae and Freddie Mac from receiving bonuses while in conservatorship. Manchin cosponsored the amendment, which was agreed to by voice vote. 

  • Blumenthal amendment #1498, which would strip members of Congress, the President, the Vice President, and other state and federal elected officials of their retirement benefits if they are convicted of certain felonies such as bribery, gratuity, perjury and other related offenses. Manchin supported the amendment, which was agreed to by voice vote.