Congress Quietly Repeals Congressional Insider Trading Ban

[ClosedCaption]

Congress Quietly Repeals Congressional Insider Trading Ban · NYU Local

While Congress might be stuck in a deadlock on just about every issue imaginable, there’s one piece of legislation that both Democrats and Republicans hate unanimously: the Stop Trading on Congressional Knowledge (STOCK) Act, a law passed last year designed to prevent insider trading among lawmakers and government officials by requiring them to post disclosures of their financial transactions online.

Both parties and both houses of Congress hated the disclosure portion of the law so much that it was repealed on Friday without debate—the measure was sent to the president by unanimous consent. The ordeal took about 10 seconds in the Senate and 14 seconds in the House, according to official records.
The STOCK Act would have required members of Congress, their aides, and other federal employees making more than $119,554 a year to disclose their financial dealings in an online database. It was supposed to prevent government officials from using insider knowledge about policy-making to profit from stock trades and other investments.


Read more: Congress Quietly Repeals Congressional Insider Trading Ban · NYU Local Congress Quietly Repeals Congressional Insider Trading Ban · NYU Local
Under Creative Commons License: Attribution

Cool huh...Stop insider trading but not the insiders or the trading

 

[Trajan]

effing thieves (and no obamacare for them either)....they can all go as far as I am concerned...seriously...

 

[Claudette]

Color me surprised. NOT.

Those clowns in DC do a real good job of taking care of themselves and fuck the taxpayer who pays their way.

The whole lot of em ain't worth spit.

 

[BlindBoo]

Time for term limits on these critters, and a Constitutional Amendment that plainly states that Congressional office holders have to follow the same laws every citizen has too. No exception.

Vote them all out in the primaries.

 

[JakeStarkey]

And the hacks from the far right and the far left think they can change anything without the mainstream.

The TPM, for instance, caught the mainstream's attention and many were elected, but when certain of their members went over to the dark side once they were elected, many of them were defeated the next time.

We need a wide mainstream movement to sweep these people out of office.

 

[Claudette]

Wonder how come the LSM ain't all over this??

 

[JakeStarkey]

Wonder how come the LSM ain't all over this??

Or the RSM!

Good point, Claudette.

Oh, the Chicago Tribune has it. http://www.chicagotribune.com/topic/bs-ed-congress-inside-trading-20130424,0,3867825.story

 

[OKTexas]

From your link.

Despite the repeal, government officials will still have to file disclosures of securities trades over $1,000 within 45 days, but they no longer have to file them in a searchable database that was to be easily accessible to the public.

Congress and the President had delayed the online posting portion of the act from going into effect 3 times already, but the ultimate repeal came after the National Academy of Public Administration, a nonprofit group, found that publishing the information would create an “unwarranted risk to national security and law enforcement, as well as threaten agency missions, individual safety and privacy,” in a report delivered last month. The group suggested that the online posting requirements should be suspended indefinitely.

So if you are honest you would recognize this did not change the ban on insider trading, it only altered the online reporting aspect for some government officials. The online reporting still applies to the President, Vice President and all members of Congress. This has already been beat to death a week or two ago.