Sen. Kirsten Gillibrand appeared this morning on the CBS Early Show to discuss the STOCK Act legislation to prohibit members of Congress from engaging in insider trading.
The bill redefines insider trading to include “knowledge gained from Congressional work and service, creates rules and reporting requirements, and requires “political intelligence consultants” to register as lobbyists.” Insider trading by members of Congress and their staffs is currently not prohibited by the Securities Exchange Act or Congressional rules, Gillbrand said.
“The American people don’t have a lot of trust in Congress. They look to Congress and they know it’s broken. And so a measure like this can begin to restore that trust,” Gillibrand said in the interview. “And I think all of us, it is incumbent upon us to make the kind of changes that the American people would expect we would make so we live by the same exact rules that everyone else does.”
Gillibrand was also asked about the recovery of her friend, Arizona Rep. Gabby Giffords.
“She’s just determined, she’s focused, she wants to make a difference,” Gillibrand said. “And she knows right now her biggest challenge is healing herself. And she’s so committed to it.”