Barack Obama Signs STOCK Act

Posted April 4, 2012 at 11:49am

President Barack Obama reiterated his push for additional restrictions on lobbyists and lawmakers today as he signed the STOCK Act banning insider trading by Members of Congress.

“Our work isn’t done. There is obviously more we can do to close the deficit of trust,” he said. “We should limit any elected official from owning stocks in industries they have the power to impact. We should make sure people who bundle campaign contributions can’t lobby Congress.”

Obama also praised the STOCK Act for creating new disclosure requirements for lawmakers and executive branch officials.

“The powerful shouldn’t get to create one set of rules for themselves and another set of rules for everybody else,” Obama said.

Republicans have grumbled of late about a lack of bill signings and have complained that Obama doesn’t want to be seen with them. But today’s signing was a bipartisan affair. Republican Reps. Robert Dold (Ill.), Sean Duffy (Wis.), Mike Fitzpatrick (Pa.) and Sen. Scott Brown (R-Mass.) joined Democratic Reps. David Cicilline (R.I.), John Larson (Conn.), Bobby Scott (Va.) and Tim Walz (Minn.).

Rep. Louise Slaughter (D-N.Y.), who first introduced the bill in 2006, was unable to attend because of a broken leg, but she got a shout-out from the president nonetheless.

House Majority Leader Eric Cantor (R-Va.) also hailed the bipartisan bill in a statement.

“Rather than letting our differences divide us, as so often happens in Washington, this bipartisan bill shows that we can come together and deliver results for the American people,” he said.

The president will sign the JOBS Act on Thursday at the White House in another bipartisan affair.