Press Releases
Huizenga Supports Full Financial Transparency for Members
Washington, D.C.,
December 8, 2011
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Lauren Phillips
((202) 225-4401)
Rep. Bill Huizenga this week co-sponsored H.R. 3550, the RESTRICT Act, and participated in a hearing on increasing transparency and accountability for Members of Congress in their personal financial transactions. These rules exceed the current requirements placed on Wall Street traders and others involved in the financial services industry.
"Existing law clearly states no Members of Congress are allowed to participate in insider trading, as applies to all citizens. I support today's hearing to clarify any questions and confirm there is no loophole for Members. I support blind trust requirements that would further strengthen these rules for Congress. We must continue to support increased transparency and help restore the people's trust in their government,” Huizenga said. The RESTRICT Act gives all Members of Congress and their senior staff the chance to place all securities and financial investments into a blind trust. However, if they choose not to, they will be subject to an immediate and exhaustive disclosure of all securities trades, which must be reported within 3 days.
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