WASHINGTON -- The House Ethics Committee doesn't want any members of Congress or key staffers listening to any birdies when it comes to stock tips -- specifically on the upcoming initial public offering of Twitter.
In a preemptive "pink sheet," the committee advised anyone interested in getting in on the hot IPO to run it by the committee first, to make sure rules are not broken.
Here's the statement, released Tuesday afternoon:
Recent press stories have noted an increase in initial public offerings (IPOs) in 2013. There has also been substantial attention about upcoming IPOs, including that of Twitter, Inc., which is scheduled to occur on Thursday, November 7, 2013. The Committee takes this opportunity to remind the House community that section 12 of the Stop Trading on Congressional Knowledge Act (STOCK Act) prohibits Members, officers, and employees who file FD statements from participating in IPOs in a manner "other than is available to members of the public generally." IPO participation, however, is normally not available to the general public. The Committee recommends that any Member, officer, or employee who has questions about participating in any IPO contact the Committee in advance of your purchase to determine whether or not the purchase would be permissible under the Act.
For more information about this or other aspects of the STOCK Act, please also consult the Committee's previously-issued pink sheets, all of which are available on the Committee's Web site, at ethics.house.gov.
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