Posted on 04/25/2013 5:14:17 PM PDT by autumnraine
he Stop Trading on Congressional Knowledge Act, or STOCK Act, was 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.
I use the past tense, because the current Congress has very quietly killed it:
Both parties and both houses of Congress hated the disclosure portion of the law so much that it was repealed last Friday (4/12/13) without debate—the measure was sent to the President by unanimous consent.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. …
Upon the signing of the bill into law last year (pictured above), President Barack Obama said, “The idea that everybody plays by the same rules is one of our most cherished American values. It’s the notion that the powerful shouldn’t get to create one set of rules for themselves and another set of rules for everybody else, and if we expect that to apply to our biggest corporations and to our most successful citizens, it certainly should apply to our elected officials—especially at a time when there is a deficit of trust between this city and the rest of the country.” The White House has not said whether the President will sign the repeal.
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.
No word yet on whether or not President Obama will sign the repeal, but what a shameful maneuver. And a strongly bi-partisan one at that.
This is why people making $190,000 a year are worth 100's of millions.
Can we start shooting them yet?
Well as a CNBC (surprisingly) study showed, members of Congress typically make “market crushing” returns.
you mean when they are in office ,all their assets are not held in trust ?
$60 million net worth isn’t enough for Nancy Pelosi?
Rules are for the little people.
this is really nice cause here i thought there was one thing they got right but now i am happy because they are all so effed up i can totally dislike them without a doubt
It’s a tough economy. The American Politburo is trying to stretch every dollar THEY have and get while the gettin’ is good.
I’d like to see who voted for and against.
Ping to 353FMG and thanks to them for the heads up on the link.
the bathroom
Exempt from 0bamacare (theirs is a gift from the little people), their own Cadillac pension (not SS), insider trading (you & I go to jail, they make millions), perks even a king would be embarrassed to be caught taking.
Yeah, shooting sounds right. But only after a few days in the stocks, and I’m not talking Wall Street, so we could pelt them with rotten vegetables.
“$60 million net worth isn’t enough for Nancy Pelosi?”
Try Fineswine’s hubby “Tricky Dicky Blum,” getting all the business of selling off “surplus” USPS buildings. He’s getting both sides of the commission on each sale so he gets the full 6%. As Mel Brooks once said, “it’s nice to be the king.”
well.. to be fair... last year was an election year. you have to expect them te recind any such measures once votes are no longer on the line
The poor darlings had to suffer like the little people for an entire year.
Right after we've tarred and feathered the bastards?
but the majority are too stupid to know what is happening to them or too cowardly to act!
What ban? There was never a ban! Pelosi and her husband are filthy rich from insider trading. This is insanity.
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