President Barack Obama has signed legislation barring members of Congress, the president and thousands of federal workers from insider trading and profiting from nonpublic information learned on the job.
Obama signed the Stop Trading On Congressional Knowledge Act, or the STOCK Act, at an event Wednesday morning.
The bipartisan legislation prohibits thousands of individuals —such as the president, vice-president, members of congress, and executive branch workers, and all their family members — from buying and selling securities based on knowledge obtained through their jobs.
The legislation was passed unanimously by the Senate and breezed through the House of Representatives by a margin of 417 to 2. It is the most extensive effort to clamp down on congressional activities in years.
Senator Joseph Lieberman, chief sponsor of the measure, called it “the most significant congressional ethics legislation we’ve adopted in at least five years.”
The act will require lawmakers and executive branch members to file regular reports with financial regulators. The reports will then be made available online and searchable.
The president, vice president or an elected state or local official will also be forbidden from collecting federal retirement benefits if convicted of certain felonies.
1. Why the fuck has it taken this long to create this law?
2. How much will it prevent? (I assume some officials will both try, and possibly succeed, to still do this)
President Barack Obama has signed legislation barring members of Congress, the president and thousands of federal workers from insider trading and profiting from nonpublic information learned on the job.
Obama signed the Stop Trading On Congressional Knowledge Act, or the STOCK Act, at an event Wednesday morning.
The bipartisan legislation prohibits thousands of individuals —such as the president, vice-president, members of congress, and executive branch workers, and all their family members — from buying and selling securities based on knowledge obtained through their jobs.
The legislation was passed unanimously by the Senate and breezed through the House of Representatives by a margin of 417 to 2. It is the most extensive effort to clamp down on congressional activities in years.
Senator Joseph Lieberman, chief sponsor of the measure, called it “the most significant congressional ethics legislation we’ve adopted in at least five years.”
The act will require lawmakers and executive branch members to file regular reports with financial regulators. The reports will then be made available online and searchable.
The president, vice president or an elected state or local official will also be forbidden from collecting federal retirement benefits if convicted of certain felonies.
1. Why the fuck has it taken this long to create this law?
2. How much will it prevent? (I assume some officials will both try, and possibly succeed, to still do this)
It's a feel good law, basically bullshit. "Look! We have ethics!" might make some people feel warm and fuzzy. The rest of us know that the majority of lifer politicians are scumbags in some way.
Did anyone watch the 60 minutes story that prompted this? You should.
They were running such a racket. It was rather funny watching both Pelosi and Boehner getting exposed for it. A lot of money was made through this system.
So I think it's a good law. I also remember hearing that this is a watered down version, because of course they had to preserve some benefit to holding office. But I'm not doing that research at 5AM.
How can conservative be so reflexive to something that would benefit the whole political transparency of the whole country...Oh yeah i forgot lobbyist...
Last time I check insider trading was illegal...unless your a member of congress then its just swept under the rug...I hope this take hold and changes lobbying but I will not hold my breathe...The GOP pretty much depend on this to fund their election years if they don't do for the big corporations then they don't get dollars to stop the liberals from winning elections...plain and simple....I am an Independent voter and can't even see partisanship in this...if its illegal for the many it shouldn't be a misnomer for the few especially elected officials right or left who SERVE ...and i say serve the people of this country
XXJCBlackheartXX this bill got bi-partisan (i.e. the Republicans and Democrats both voted yes for it) support and while it's not perfect it is at least a step in the right direction. As for lobbyists donating to campaigns the same can be said about unions donating to campaigns but that would be a discussion for campaign financing not about banning insider trading for elected officials.
Canadian_Coat
Brockville, ON
September 2008
APR 04, 2012 03:18 PM