David Rivera on Government Reform

No Pork Pledge: decrease earmarking; increase transparency.

Despite congressional reforms over the past several years to reduce pork barreling and increase earmark accountability and transparency, earmarks continue to figure prominently as the "currency of corruption" on Capitol Hill, undermining the federal budgetary process and our democratic system of government. In an effort to encourage more members of Congress and candidates for office to kick the earmarking habit, CCAGW has launched a new no-gimmicks, anti-pork pledge.

By signing CCAGW’s No Pork Pledge, incumbents and candidates vow not to request any pork-barrel earmark, which is defined as meeting one of the following criteria:
• Requested by only one chamber of Congress
• Not specifically authorized
• Not competitively awarded
• Not requested by the President
• Greatly exceeds the President’s budget request or the previous year’s funding
• Not the subject of congressional hearings
• Serves only a local or special interest

Ban stock trading based on Congressional insider knowledge.

Congressional Summary:Stop Trading on Congressional Knowledge Act (STOCK Act): Amends the Securities Exchange Act and the Commodity Exchange Act to prohibit purchase or sale of either securities or commodities by a person in possession of material nonpublic information regarding pending or prospective legislative action.

• Amends the Ethics in Government Act to require formal disclosure of certain securities and commodities futures transactions.
• Amends the Lobbying Disclosure Act to subject to its registration, reporting, and disclosure requirements all political intelligence activities, contacts, firms, and consultants.

Bill explanation (ProCon.org, "Insider Trading by Congress", Feb. 3, 2012):

• On Mar. 17, 2011, Tim Walz (D-MN) introduced the STOCK Act where it gained nine co-sponsors by Nov. 4, 2011.
• On Nov. 13, 2011, the TV show "60 Minutes" reported that several members of Congress allegedly used insider information for personal gain. The STOCK Act received 84 additional House co-sponsors in the five days following the report, and Scott Brown (R-MA) filed the STOCK Act in the Senate on Nov. 15, 2011. Kirsten Gillibrand (D-NY) also filed a variation of the STOCK Act in the Senate on Nov. 17, 2011.
• On Jan. 24, 2012, in his State of the Union Address, President Obama said "Send me a bill that bans insider trading by members of Congress, and I will sign it tomorrow."
• Immediately after the speech, Senate Majority Leader Harry Reid (D-NV) told reporters, "I think people should have enough sense not to do it [insider trading] without legislation, but I will support legislation."
• On Feb. 2, 2012, a revised version of the STOCK Act passed in the Senate by a vote of 96-3 with Senators Richard Burr (R-NC), Tom Coburn (R-OK), and Jeff Bingaman (D-NM) dissenting.