Rep. Royce cosponsored H.R. 3550, the RESTRICT Act , and supported the STOCK Act (H.R. 1148). Both are measures meant to strengthen the laws regarding insider trading by Congressional members, as well as senior officials in the Executive and Judiciary branches of the government.
These acts are in response to recent disclosures that Congress, and other government officials were not subject to the same restrictions on stock trading on information that is not public (i.e. insider information). Under the present law, the transgressions of a Martha Stewart warranted jail time but Congress and other government officials were not similarly restricted and it has been disclosed that some have made considerable money by using the information that they are privy to, to trade stocks for substantial gains.
Rep. Royce was quoted as saying, “I want to see us strengthen the law as it applies to insider trading. I think that many people look at the government today and see that it’s entered into every facet of the economy. We have massive federal spending now. We have taxation policy that’s not uniform. We have the government intervening on behalf of some firms and not others. With that increased size and increased influence there is a heightened sense that political pull and insider knowledge are enriching a select few. It is that perception of crony capitalism which threatens our free enterprise system and our republic and it is that perception which we have to address here in Congress.”
In late January, 2012 the Senate passed a version which differs from the one passed by the House and it is now in joint conference to resolve the differences. When asked which version Rep. Royce favored and why, his office commented, “ Mr. Royce voted for the House-passed STOCK Act and he supports House and Senate efforts to pass a bill that strengthens the laws regarding insider trading; one that bolsters transparency among Members of Congress and ensures that the public’s trust isn’t being violated. As he said during a recent Financial Services Committee hearing on the issue, “Washington must be held to a higher standard.””
Local Tea Party Patriot activist Barbara Geerlings in response to the above said, “The response from his office is too general. It would have been more helpful if Rep Royce’s office had clearly indicated which version he prefers and why, so we can better understand his position and better formulate our own stand on the legislation.”
Contact Congressman Royce at www.royce.house.gov
Richard C. Ginnaty, Tea Party Patriot Citizen Journalist. Contact: Richard.firstname.lastname@example.org