SANTA MONICA, Calif., March 28, 2012 /PRNewswire-USNewswire/ -- Today the White House placed the Stop Trading on Congressional Knowledge (STOCK) Act of 2012 (S. 2038) as "pending legislation" for President Obama to sign.
ProCon.org launched its comprehensive website on congressional insider trading and the STOCK Act, http://insidertrading.procon.org, on May 30, 2008, and it continues to serve as a nonpartisan hub of research, analysis, and perspective on the issue.
When http://insidertrading.procon.org was first made publicly available, the STOCK Act had already been introduced twice in the US House of Representatives, attracted a handful of sponsors, and died in committee.
Over the years ProCon.org has worked with the Congressional offices of Representative Louise Slaughter (D-NY), Representative Tim Walz (D-MN), former Representative Brian Baird (D-WA), and Senator Scott Brown (R-MA) as well as numerous SEC officials, legal scholars, journalists, and others to better understand the pros, cons, and background information regarding insider trading by members of Congress.
ProCon.org's insider trading website presents research and position statements on insider trading and related issues of political intelligence and required financial disclosures from over 110 prominent experts – each with their own biography. The site also features a "Did You Know?" section which provides little known facts, a history of insider trading (1611 – 2012) with an emphasis on congressional insider trading, the 10 richest US Senators and their stock trades, insider trading laws, congressional ethics rules, and numerous research projects to help people understand the issues with no spin. All information at ProCon.org is provided as a public service at no charge and with no advertising or registration requirements.
Former SEC attorney Bruce Carton described http://insidertrading.procon.org as the "most comprehensive source of information on the issue of insider trading by Congress in the world."
On Nov. 13, 2011, 60 Minutes reported that several members of Congress allegedly used insider information for personal gain. Within five days of the report, the STOCK Act had attracted 84 additional sponsors. The 60 Minutes expose relied primarily on research from Peter Schweizer, the William J. Casey Research Fellow at the Hoover Institution, who had used and referenced ProCon.org in his research.
The bill passed the US House of Representatives (417-2) on Feb. 9, 2012. It unanimously cleared the US Senate on Mar. 22, 2012, and was sent to President Obama for his signature.
ProCon.org, online at www.procon.org, is a 501(c)(3) nonprofit public charity that provides free and nonpartisan research on controversial issues.
For more information about the STOCK Act and whether or not insider trading by members of Congress should be allowed, please visit http://insidertrading.procon.org.
ProCon.org (online at www.procon.org) is a 501(c)(3) nonprofit public charity whose mission is promoting critical thinking, education, and informed citizenship. Information is presented on 42 different ProCon.org issue websites in subjects ranging from the 2012 presidential election, alternative energy, and medical marijuana to the death penalty, illegal immigration, and health care reform.
ProCon.org websites are free of charge and require no registration. The websites have been referenced by over 490 media entities, cited 36 times by the governments of 11 countries (including 18 US states and seven US federal agencies), and used in over 2,500 schools in all 50 US states and 45 countries.
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