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"U.S. Rep. Pete Sessions (R-Texas) - sponsor of a federal bill that would prohibit cities and towns from delivering high-speed Internet service to their citizens - owns more than $500,000 worth of stock options in telephone giant SBC. If passed, the legislation (HR 2726) would be a windfall for SBC and other major telephone and cable companies, allowing them to veto locally supported efforts to provide affordable broadband services. Sessions spent 16 years as an executive at SBC (and its predecessor, Southwestern Bell) before joining Congress. The Texas-based company also ranks as Sessions' second-biggest career patron, pouring more than $75,000 into his campaigns. The legislation, titled the "Preserving Innovation in Telecom Act," would "prohibit municipal governments from offering telecommunications, information or cable services" if a corporation or private company offers a "substantially similar service" in the area.Free Press discovered Sessions' stock options on his House financial disclosure form for 2003, the most recent year available (see http://www.opensecrets.org/pfds/pfd2003/N00005681_2003.pdf). Sessions also reports owning considerable stock in other companies that would benefit from HR 2726, including Verizon and Bell South. (2004 disclosures will not be available until June 15.)"