April 4, 2012
REMARKS BY THE PRESIDENT
AT STOCK ACT BILL SIGNING
South Court Auditorium
Eisenhower Executive Office Building
11:56 A.M. EDT
THE PRESIDENT: Thank you. (Applause.) Thank you very much. Thank
you, everybody. Please, have a seat. Have a seat. Well, good morning,
and welcome to the White House. I want to thank my outstanding Vice
President, Joe Biden, for being here. (Applause.) And we are joined by
members of both parties in Congress who helped to get this bill to my
desk. So I’m very grateful to them.
I
want to recognize Congresswoman Louise Slaughter, and wish her a speedy
recovery. She broke her leg yesterday, so she can’t
be here in person. I think she’ll be okay. But she first introduced
the STOCK Act in 2006, and I know how proud she is to see this bill that
she championed finally become law.
Lately,
I’ve been talking a lot about the choices facing this country. We can
settle for a country that -- and an economy where
a shrinking number of people do exceedingly well, while a growing
number struggle to get by, or where we can build an economy where
everybody gets a fair shot, everybody is doing their fair share, and
everybody plays by the same set of rules.
That
last part -- the idea that everybody plays by the same rules -- is one
of our most cherished American values. It goes hand
in hand with our fundamental belief that hard work should pay off and
responsibility should be rewarded. It’s the notion that the powerful
shouldn’t get to create one set of rules for themselves and another set
of rules for everybody else.
And if we expect that to apply to our biggest corporations and to our most successful citizens, it certainly should apply to
our elected officials -- especially at a time when there is a deficit of trust between this city and the rest of the country.
And
that’s why, in my State of the Union, I asked members of the House and
the Senate to send me a bill that bans insider trading
by members of Congress, and I said that I would sign it right away.
Well,
today, I am happy to say that legislators from both parties have come
together to do just that. The STOCK Act makes it
clear that if members of Congress use nonpublic information to gain an
unfair advantage in the market, then they are breaking the law. It
creates new disclosure requirements and new measures of accountability
and transparency for thousands of federal employees.
That is a good and necessary thing. We were sent here to serve the
American people and look out for their interests -- not to look out for
our own interests.
So
I’m very proud to sign this bill into law. I should say that our work
isn’t done. There’s obviously more that we can do
to close the deficit of trust and limit the corrosive influence of
money in politics. We should limit any elected official from owning
stocks in industries that they have the power to impact. We should make
sure people who bundle campaign contributions for
Congress can’t lobby Congress, and vice versa. These are ideas that
should garner bipartisan support. They certainly have wide support
outside of Washington. And it’s my hope that we can build off today’s
bipartisan effort to get them done.
In
the months to come, we’re going to have plenty of debates over
competing visions for this country that we all love: Whether
or not we invest in the things that we need to keep our country safe
and to grow our economy so that’s it’s sustained and lasting. Whether
or not we’ll ask some of our wealthiest Americans to pay their fair
share. How we’re going to make sure that America
remains the land of opportunity and upward mobility for all people who
are willing to work. Those are all debates that I’m looking forward to
having.
But
today, I want to thank all the members of Congress who came together
and worked to get this done. It shows that when an
idea is right that we can still accomplish something on behalf of the
American people and to make our government and our country stronger.
So to the ladies and gentlemen who helped make this happen, thank you very much for your outstanding work. And with that, let
me sign this bill. (Applause.)