Schilling Leads by Example, Supports the STOCK Act PDF Print E-mail
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Written by Andie Pivarunas   
Thursday, 09 February 2012 14:43

Votes to Hold the Administration and Congress to the Same Standards as Other Americans

Washington, DC – Congressman Bobby Schilling (IL-17) today joined many of his colleagues from both sides of the aisle in supporting the Stop Trading on Congressional Knowledge (STOCK) Act, legislation to ensure that those serving in the federal government cannot profit from participating in and profiting from the nonpublic information they gain from their positions.  Schilling was the first House Republican freshman to cosponsor H.R. 1148, the original House version of the STOCK Act. 

“This bill helps to make clear to folks across the country that my colleagues and I are working to create a new Washington – one where we are cutting our own office budgets, one where we have cut discretionary spending two years in a row for the first time in modern history, one where our benefits are brought in line with those of our constituents, and one in which we are held to the same standards as our constituents,” Schilling said.  “Serving in Congress and abiding by the public trust should be an honor, not an opportunity to manipulate the system and prosper.  This common-sense bill increases public disclosure, and will make certain that those who lead our government are abiding by the trust of the folks that sent us here.”

The version of the STOCK Act that passed the House today includes text referred to as the ‘Pelosi Provision’ – language to ensure that Legislative and Executive branch officials and their staff are unable to receive special access to initial public offerings because of their position.  A recent report on “60 Minutes” said that former Speaker of the House Nancy Pelosi (CA-08) and her husband participated in a credit card initial public offering while credit card legislation was pending in Congress.  It also includes H.R. 2162, the Congressional Integrity and Pension Forfeiture Act also known as ‘No Pensions for Felons,’ written by Congressman Robert Dold (IL-10) and cosponsored by Schilling.  This language would ensure that former Members of Congress – like former Illinois Governor Rod Blagojevich – who are convicted of public corruption crimes are not eligible to receive a taxpayer-funded pension down the line.  Former Congressman and Governor Blagojevich remains eligible to draw a roughly $15,000 annual retirement payment under current law given that his crimes were committed after serving in Congress.  ‘No Pensions for Felons’ would guarantee that criminals like Blagojevich would forfeit their right to collect the taxpayer-funded retirement payments accrued during their tenure in Congress.

“The people who have placed their trust in us to serve in Washington sent us here to represent their interests – not our own,” Schilling said.  “I am pleased that these provisions were included.  This is the right thing for us to do to hold those who serve in Congress – both past and present – to the same standards as other Americans.”

The STOCK Act passed the House in a vote of 417-2, and now heads to a formal conference committee to work out differences between the Senate-passed and House-passed versions of the bill.

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