America's independent, non-partisan advocate for overburdened taxpayers.

Vote Alert

NTU urges "YES" votes on the following S. 2038, "Stop Trading on Congressional Knowledge" Amendments:
1498, 1488, 1492.

February 2, 2012

In the debate over S. 2038, the “Stop Trading on Congressional Knowledge” (STOCK) Act, numerous amendments will be offered, many of which involve fiscal matters.  At this point in the process we commend your attention to the following items; other Vote Alerts on S. 2038 may follow:

  • Vote “YES” on Amendment 1498. Sponsored by Sens. Blumenthal (D-CT this amendment would greatly expand the circumstances under which Members of Congress may lose their pensions for committing offenses of the law (including violations outlined in the underlying bill). According to our calculations, former Members of Congress convicted of serious charges are eligible for pensions whose combined yearly value is roughly $800,000. The amendment (which builds upon S. 1261, the NTU-endorsed proposal from Sen. Kirk) would make a substantial step toward protecting taxpayers from the insulting notion of being forced to subsidize the retirements of disgraced Representatives and Senators.  
  • Vote “YES” on Amendment 1488. Introduced by Sen. DeMint (R-SC), this amendment would express support for a constitutional amendment to implement term limits for all Members of Congress. Term limits would contribute to a consistent infusion of new ideas for addressing many of our fiscal challenges, while also loosening the grasp of special interests over the decision-making process.
  • Vote “YES” on Amendment 1492. Introduced by Sen. Tester (D-MT), this amendment would make it easier for small businesses to go public by increasing the offering threshold for companies exempted from Securities and Exchange Commission registration under Regulation A of the Securities Act of 1933. The current threshold of $5 million was set in 1992 and has not been updated to reflect inflation or the changing needs of small businesses. Sen. Tester’s proposal, modeled after others NTU has supported, would raise the ceiling to $50 million to provide startups and other small-cap companies another avenue to raise capital.  

Roll call votes on the aforementioned amendments will be significantly weighted in our annual Rating of Congress.

If you have any questions, please contact NTU Federal Government Affairs Manager Brandon Greife at (703) 683-5700