President Obama Signs STOCK Act Modification, Repealing Financial Disclosure By Federal Officials

by Colonel on April 16, 2013

“The White House announced Monday that the president had signed S. 716, which repealed a requirement of the Stop Trading on Congressional Knowledge (STOCK) Act requiring the disclosure. …

That provision [was] aimed at halting insider trading by members of Congress.

The STOCK Act was signed by the president a little over one year ago in a highly visible signing ceremony, where he said the legislation would tackle the “deficit of trust” that exists between Washington and the rest of the nation.

The new law scraps a provision that had been hotly contested by federal employees, as well as found to be problematic and even dangerous for high-ranking government workers. Congress twice had passed legislation to delay its implementation. Under that provision, high-ranking government workers would have been required to post their financial information on a publicly available online database.

” — Peter Schroeder, Copyright 2013 Capitol Hill Publishing Corp.

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