Two of the four DFL candidates running for the 8th District congressional seat temporarily held by Tea Party Rep. Chip Cravaack (MN/NH) weighed in this week on the STOCK Act, which would prohibit Members of Congress from engaging in activities that would be considered insider trading elsewhere. While both presumably support its passage, the Democrats took markedly different lines of attack. One campaign called on Chip Cravaack to simply co-sponsor the STOCK Act, while the other candidate strongly condemned the behavior as unethical and personally urged citizens to join him in signing a petition to pressure Cravaack and Congress to pass the legislation. Their complete and unedited calls to action are printed below.
The Friends of Tarryl Clark issued this release:
Today the Tarryl Clark Campaign called on Congressman Cravaack to co-sponsor Congressman Walz's STOCK Act. The bill would make it illegal for members of congress to use inside information to buy stocks. As 60 Minutes recently reported Members of Congress have created an exception for itself on this common sense law that the rest of America has to follow. Congressmen and women like Cravaack are allowed to use their inside information to purchase stocks and increase their portfolio. Its been reported that members of congress have made profits betting the economy would fail or to buy realestate near roads that they are creating ear marks for. Congressman Cravaack is refusing to sponsor legislation that would prevent this.
"Congressman Cravaack is already taking advantage of the tax cuts for the wealthy that he has supported in Congress, we don't see why he needs this extra advantage to add to his largesse." Said Tarryl Clark Campaign Manager Brandon Pinette. He went on to say, " Congressman Cravaack clearly is out to profit off the backs of tax payers. He already is leasing a car for $1,000 a month, has an excessive travel budget and now he is using his position in Congress to protect his ability to cheat middle class taxpayers out of their hard earned money."
Insider trading is illegal to every American except for 535 select men and women in Congress and it is only right that it is illegal to them too. Congressman Cravaack should co-sponsor this important piece of legislation or come back to Minnesota and explain why he thinks he is deserves special treatment as a millionaire congressman that none of his constituents have.
Former 6th District Congressman Rick Nolan issued this statement:
Members of Congress should not have the benefit of using insider knowledge to profit on investments while they hold a sacred public trust. Period. There is no gray zone here.
Serving in Congress is one of the great honors I have been entrusted with in my life. Both then and now, I have never taken lightly the tremendous responsibility of fighting for the people of Minnesota and a more prosperous America.
It is very concerning to me to hear stories of members of Congress using information that only they have access to in order to make a quick dollar on the stock market. Not only is it unfair to small business owners, farmers, nurses, teachers, retirees, and other hard-working Americans who do not have this right, but it creates a sense of entitlement and elite status. It is wrong. It is unethical. It is bad for our democracy.
CLICK HERE to sign our petition today to tell Chip Cravaack and Congress to pass the STOCK ACT Now! This isn’t a Republican issue or Democratic issue…. It’s common sense!
It seems pretty simple to me - members of Congress should live under the same laws as everyone else.
The STOCK Act (H.R. 1148) will make it illegal for Congressional members to turn information learned in closed-door meetings into personal profit on the stock market. If they use inside knowledge to make a quick buck, they would be punished the same way others would be. Serving the public is a privilege and honor, not an opportunity for personal gain.
Please join me in signing this petition and please forward it to five of your friends! Together we can send a message to Congress that we should all play by the same rules!