NEW: Cicilline Joins President Obama for Signing of STOCK Act
Wednesday, April 04, 2012
With the House of Representatives on a two-week recess, Congressman David Cicilline (D-RI) returned to Washington, D.C. today as part of a bipartisan group of eight lawmakers who joined President Obama on stage as he signed the Stop Trading on Congressional Knowledge (STOCK) Act, S. 2038. Later today, Cicilline will attend a hearing on the link between excessive oil speculation on Wall Street and rising gas prices with members of the Democratic Policy and Steering Committee on which he serves.
“No one is above the law, and Congress should have to play by the same rules as everyone else,” said Cicilline. “I was pleased to join President Obama as he signed this much-needed reform into law, and I look forward to building on the work we have started and enacting even stronger provisions to restore faith in our federal government.”
Last November, Cicilline co-sponsored the original draft of the STOCK Act, H.R. 1148. The legislation was eventually co-sponsored by 286 Members of the House of Representatives, with 169 signing a discharge petition to force the Republican leadership to put the bill to a vote. Although House Republicans were able to remove several provisions from the final bill, the legislation signed into law today still takes a step in the right direction by formally banning insider trading for Members of Congress.
Wall Street speculation on the cost of oil futures has been identified as a major factor in the rapid increase in gas prices for American consumers. The Democratic Steering and Policy Committee arranged today’s hearing, which will be led by House Democratic Leader Nancy Pelosi (D-CA) and Democratic Steering and Policy Committee Co-Chair Rosa DeLauro (D-CT), in order to address ways that Democrats in Congress can work to stem the tide of rising gas prices.
“Rhode Islanders deserve a strong advocate who understands how policies set in Washington can affect consumers back home,” added Cicilline. “I will continue fighting to rein in excessive speculation on Wall Street that enriches a select few while burdening the rest of us with high gas prices.”
Gene Guilford, President and CEO of the Independent Connecticut Petroleum Marketers Association (ICPA) and Michael Greenberger, Professor at the University of Maryland Frances King Carey School of Law and former Director of the Division of Trading and Markets at the Commodity Futures Trading Commission (CFTC), will be testifying before the Committee.
