Obama to America: No Insider Trading Regs for Congress
Last week President Obama signed a law which will severely limit the STOCK Act (Stop Trading on Congressional Knowledge). Thereby telling America that Congress, as in matters of budget and benefits, should not be hampered by silly constraints which most of America adheres to.
The Stop Trading on Congressional Knowledge (STOCK) Act, which Congress passed last spring, was designed to deter insider trading by members of Congress and some 28,000 senior federal employees. Under the bill, these feds were be required to file reports of new transactions in stocks, bonds, commodities or other securities that exceed $1,000 to the Office of Government Ethics — information that would eventually wind up on a publicly searchable database.
Along with SES members, the new measure also exempts congressional staff.
As DSWright wrote at Firedoglake ”…President Obama and Congress decided that congressional staffers should be able to escape transparency.”
President Obama quietly signed legislation Monday that rolled back a provision of the STOCK Act that required high-ranking federal employees to disclose their financial information online.
The White House announced Monday that the president had signed S. 716, which repealed a requirement of the Stop Trading on Congressional Knowledge (STOCK) Act requiring the disclosure, which had previously been delayed several times by Congress.
So, chalk another blemish up for Obama’s promised “most transparent administration in history.” I’m sure in his biography he will expound on the true definition of “transparent”…I have obviously misunderstood the meaning my entire life.