On the recordJanuary 30, 2012
I was going to reserve the right to object to Mr. Brown's motion on behalf of Mr. Hoopes because I was about to that say the above-mentioned Mr. Hoopes got his start in my office and I was looking for an opportunity to say that. We have about 20 minutes until the vote on the motion occurs. Obviously, we are all here together--Senator Collins, Senator Brown, Senator Gillibrand, Senator Tester, and I--to urge Members to vote for cloture, to take up this measure. It would be a ray of light--warm light--if we pass this measure, this cloture vote, overwhelmingly. Then we could go on to debate it. Some people may have amendments--obviously, I presume they will--they want to offer. I hope that in considering amendments, our colleagues will focus on the problem that stimulated this legislation, that led Senator Brown and Senator Gillibrand to introduce it and led our committee to pass it out on a bipartisan vote, which was the concern that Members of the Congress and our staffs are not covered by insider trading laws. This legislation makes clear that we are covered by insider trading laws and therefore can be investigated and prosecuted for violation of those laws, both by the SEC and the Justice Department, but we have also asked the ethics committees of both Houses of Congress to issue interpretive guidance, making clear that insider trading is also a violation of the ethics rules of both Chambers.…





