Body cam stocks are soaring after Obama urges greater use by police

December 2, 2014, 7:54 PM UTC
Cameras on Cops
LONE TREE, CO. - OCTOBER 23: Lone Tree Patrol Sergeant John Crowley showed the Denver Post the Taser Axon camera that will be issued to all officers to record interactions with the public. The photo was made Wednesday afternoon, October 23, 2013. Photo By Karl Gehring/The Denver Post via Getty Images
Photograph by Karl Gehring Denver Post — Getty Images

Yesterday, President Barack Obama said he’s asking Congress for money to help fund body cameras for local police agencies. Today, some of the leading manufacturers of these cameras saw a stock market bounce.

Taser (TASR) —best known for its stun guns — manufactures body cameras and has a cloud computing system to store the videos taken by officers. Digital Ally (DGLY) is another company that makes cameras that can be worn on a police officer’s shirt and record evidence of interactions between the police and civilians.

Obama has asked for $263 million in funding to help local police agencies buy the body-mounted cameras, which can record events from the point of view of a police officer. The money would come over three years and would match state funding up to 50%, according to a release from the White House.

Earlier this year, Taser announced a deal with the Los Angeles County Police Department. Although that contract isn’t completed yet, it’s thought the LAPD could be the first top five police agency to put a Taser body camera on every officer.