Louise Slaughter's Landmark STOCK Act Signed into Law
Congresswoman Louise Slaughter first introduced the STOCK (Stop Trading on Congressional Knowledge) Act in 2006, and when President Obama signed it into law this year, he praised Louise’s legislation for its “idea that everybody plays by the same rules.”
The STOCK Act includes key ethical reforms : it bans members of Congress from insider trading, and it also requires elected officials to give public notice of major stock transactions. Such seemingly common-sense rules were met with resistance for years, but Louise Slaughter persevered nonetheless.
Upon the signing of her bill, Louise said : “I am so proud that after six years of hard work and effort, we can finally assure the American people that we are not profiting from information we learn in our pursuit to represent them. Today with the STOCK Act becoming law, we made clear that we are not above the law.”
When Louise read a report in The Wall Street Journal about members of Congress taking advantage of their insider knowledge for profit, she sprung to action and authored a bill banning such activity. Reflecting on her legislation finally becoming law, Louise said : “This was certainly a long and turbulent debate, but it becomes more and more clear to me that these are the fights worth taking on, even when no one else will.”
Louise Slaughter is exactly the kind of fighter and reformer we need in Congress -- and she’s shown it in her 25 year House career. She’s been a champion for women’s rights and consumers, and now she’s been drawn into a competitive district. Louise needs our support right away, or else we risk losing one of the leading women in Congress.