Kathy Hochul on Government Reform

	Kathy Hochul on Government Reform

Enact two-term limits for statewide elected officials

We are submitting a proposal to the legislature to enact two term limits for Statewide officials. For government to work, those of us in power cannot continue to cling to it. We need to continually pass the baton to new leaders with different perspectives and fresh ideas. Our reforms include a ban on outside income for Statewide officials because our only job should be to serve the people of New York. Source: 2022 State of the State Address to the New York legislature , Jan 5, 2022

Ban stock trading based on Congressional insider knowledge.

Hochul co-sponsored STOCK Act

Congressional Summary:Stop Trading on Congressional Knowledge Act (STOCK Act): Amends the Securities Exchange Act and the Commodity Exchange Act to prohibit purchase or sale of either securities or commodities by a person in possession of material nonpublic information regarding pending or prospective legislative action.

Amends the Ethics in Government Act to require formal disclosure of certain securities and commodities futures transactions.
Amends the Lobbying Disclosure Act to subject to its registration, reporting, and disclosure requirements all political intelligence activities, contacts, firms, and consultants.

Bill explanation (ProCon.org, `Insider Trading by Congress`, Feb. 3, 2012):

On Mar. 17, 2011, Tim Walz (D-MN) introduced the STOCK Act where it gained nine co-sponsors by Nov. 4, 2011.
On Nov. 13, 2011, the TV show `60 Minutes` reported that several members of Congress allegedly used insider information for personal gain. The STOCK Act received 84 additional House co-sponsors in the five days following the report, and Scott Brown (R-MA) filed the STOCK Act in the Senate on Nov. 15, 2011. Kirsten Gillibrand (D-NY) also filed a variation of the STOCK Act in the Senate on Nov. 17, 2011.
On Jan. 24, 2012, in his State of the Union Address, President Obama said `Send me a bill that bans insider trading by members of Congress, and I will sign it tomorrow.`
Immediately after the speech, Senate Majority Leader Harry Reid (D-NV) told reporters, `I think people should have enough sense not to do it [insider trading] without legislation, but I will support legislation.`
On Feb. 2, 2012, a revised version of the STOCK Act passed in the Senate by a vote of 96-3 with Senators Richard Burr (R-NC), Tom Coburn (R-OK), and Jeff Bingaman (D-NM) dissenting.

Source: H1148/S1871 11-S1871 on Nov 15, 2011

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