STOCK ACT (enacted April 4, 2012)

29 Apr

Perhaps you missed the news this month about the STOCK Act.

Last year, Congress passed the Stop Trading On Congressional Knowledge Act (STOCK) in an attempt to impede (deter?) members of Congress and thousands of high level public officials from trading stocks using inside information.

Fortunately for Congress, the National Academy of Public Administration completed their analysis of the legislation. This organization trusted to make the right decisions, while being totally funded by Congress, determined that the STOCK Act should be repealed. They were also supported by none other than The Senior Executives Association (SEA). The SEA, representing the career executives of the Federal government, was also pushing for repeal.

To be fair, the reporting of these transactions is still required annually in paper form, as before. (Ethics in Government Act of 1978) The STOCK Act simply would make the information more readily available. It would have been available online. The President signed what would delay the implementation of a searchable system for eight months.

Signed into law:

“S. 716, which eliminates the requirement in the STOCK Act to make available on official websites the financial disclosure forms of employees of the executive and legislative branches other than the President, the Vice President, Members of and candidates for Congress, and several specified Presidentially nominated and Senate-confirmed officers; and delays until January 1, 2014, the date by which systems must be developed that enable public access to financial disclosure forms of covered individuals.”

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