Accessibility menu
State Representative Joe Atkins
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4192
For more information contact: Ted Modrich 651-296-5809
Press/News Releases
ATKINS BILL WOULD PROHIBIT INSIDER TRADING BY STATE LEGISLATORS
Rep. Atkins taking a more deliberate approach than in Washington DC
(ST. PAUL) — While members of Congress in Washington, D.C. scramble to deal with insider trading allegations following a “60 Minutes" expose on November 13, a state lawmaker is taking a decidedly quieter approach to prohibit insider trading by state legislators here in Minnesota.
“I just always assumed we had a law against insider trading by a member of the Minnesota legislature, but we don’t,” said State Rep. Joe Atkins (DFL – Inver Grove Heights).
Rep. Atkins, a member of the House Ethics Committee, said he looked through the statute books as well as House and Senate Ethics Rules after the “60 Minutes” story aired, but found no prohibition on insider trading. He next followed up with House Research staff, who confirmed to Atkins that there is no Minnesota rule or law expressly prohibiting insider trading by a state legislator.
“I think our constituents would be shocked to find out we can take confidential information gained at the Capitol and use it to make money in the stock market or on land deals if we want to,” said Atkins. “Right now, it is perfectly legal under Minnesota law, and there is nothing in our Ethics Rules to prevent it either.”
To avoid the sort of maelstrom surrounding the issue in Washington, D.C., Atkins has taken a more deliberate approach to address the issue here. Thus far, he has contacted both Democratic and Republican members of the House Ethics Committee and the House Commerce Committee to elicit concerns and input on how best to address the insider trading issue when the legislature goes back into session in January of 2012.
“Fortunately, we have no allegations of insider trading by Minnesota legislators at this point, and we have a couple months before session starts again in 2012, which allows us to take a thoughtful, deliberate approach,” said Atkins. “I’m not trying to prohibit legislators from legally buying stock or purchasing land, but our constituents should be assured we aren’t able to use inside information to get special deals that no one else can.”
News Items
- Rep. Atkins, Sen. Lourey Introduce Health Insurance Exchange Legislation - (Posted: Jan 9 2013 3:44PM)
- Rep. Atkins – Statement on Deal to End NHL Lockout - (Posted: Jan 7 2013 2:05PM)
- Rep. Atkins to Hold Minnesota House Hearing on Economic Impact of Hockey Lockout - (Posted: Jan 2 2013 3:20PM)
- Archived News Items
- Subscribe to RSS News Feeds
- Read more about RSS.