Perry Votes to Stop Congressional Insider Trading

Perry Votes to Stop Congressional Insider Trading

WASHINGTON, DC - Today, Congressman Scott Perry (R-PA) voted to stop congressional insider trading of stocks. Perry, an original cosponsor of the "Stop Insider Trading Act," has been a longtime advocate for holding Members of Congress accountable for their personal financial transactions, and for the past decade has repeatedly cosponsored bipartisan legislation to stop this unethical practice.

"Members of Congress need to make decisions for the public good, not their own financial gain. For far too long, too many Members have profited from having inside information," said Congressman Perry. "Think about it: one vote can impact government contracts worth billions, and a Member of Congress may know how that contract is impacted days before a bill is even drafted. It's unfair and unethical to use that information to make personal financial decisions. Let's call it what it is: insider trading."

The Stop Insider Trading Act:

• bans Members of Congress and their immediate families from purchasing securities issued by a publicly traded company;
• requires Members to file a public notice with the House Clerk / Senate Secretary in advance for any intended stock sale; and
• fines violators $2,000 or 10% of the value of the transaction (whichever is greater), and any net gain realized from the transaction.

"Over the past several congresses, I've crossed the aisle to partner on bipartisan bills to end the abuse that enables Members of Congress to buy and sell individual stocks. Has that made me popular amongst my colleagues? No. But I feel strongly that servant leaders shouldn't have a special pathway to wealth," said Perry.

Scott Perry has never owned stocks. He's adamant about not having even the slightest perception of impropriety or conflict of interest in how he represents Pennsylvania's 10^th Congressional District.

"Congressional stock trading with insider information isn't only a bad look, it's just wrong. Worse yet, it leads to an erosion of trust in our government. Today's vote is a step toward regaining the public trust - which is critical to the foundation of our Republic," concluded Perry.