Congress Quietly Repeals Their Ban On Insider Trading

Say Anything Blog ^ | April 17, 2013 | Robb Port

[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Both parties and both houses of Congress hated the disclosure portion of the law so much that it was repealed last Friday (4/12/13) without debate—the measure was sent to the President by unanimous consent.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.

[bigheadfred]

got it

S.716 -- To modify the requirements under the STOCK Act regarding online access to certain financial disclosure statements and related forms. (Engrossed in Senate [Passed Senate] - ES)

S 716 ES

113th CONGRESS

1st Session

S. 716

---

AN ACT

To modify the requirements under the STOCK Act regarding online access to certain financial disclosure statements and related forms.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. MODIFICATIONS OF ONLINE ACCESS TO CERTAIN FINANCIAL DISCLOSURE STATEMENTS AND RELATED FORMS.

(a) Public, Online Disclosure of Financial Disclosure Forms-

(1) IN GENERAL- Except with respect to financial disclosure forms filed by officers and employees referred to in paragraph (2), section 8(a) and section 11(a) of the STOCK Act (5 U.S.C. App. 105 note) shall not be effective.

(2) EXEMPTED OFFICERS AND EMPLOYEES- The officer and employees referred to in paragraph (1) are the following:

(A) The President.

(B) The Vice President.

(C) Any Member of Congress.

(D) Any candidate for Congress.

(E) Any officer occupying a position listed in section 5312 or section 5313 of title 5, United States Code, having been nominated by the President and confirmed by the Senate to that position.

(3) CONFORMING AMENDMENT- Section 1 of the Act entitled `An Act to change the effective date for the internet publication of certain information to prevent harm to the national security or endangering the military officers and civilian employees to whom the publication requirement applies, and for other purposes' is repealed.

(b) Electronic Filing and Online Availability-

(1) FOR MEMBERS OF CONGRESS AND CANDIDATES- Section 8(b) of the STOCK Act (5 U.S.C. App. 105 note) is amended--

(A) in the heading, by striking `, Officers of the House and Senate, and Congressional Staff';

(B) in paragraph (1)--

(i) by striking `18 months after the date of enactment of this Act' and inserting `January 1, 2014';

(ii) by amending subparagraph (B) to read as follows:

`(B) public access to--

`(i) financial disclosure reports filed by Members of Congress and candidates for Congress,

`(ii) reports filed by Members of Congress and candidates for Congress of a transaction disclosure required by section 103(l) of the Ethics in Government Act of 1978, and

`(iii) notices of extensions, amendments, and blind trusts, with respect to financial disclosure reports described in clauses (i) and (ii),

pursuant to title I of the Ethics in Government Act of 1978 (5 U.S.C. App. 101 et seq.), through databases that are maintained on the official websites of the House of Representatives and the Senate.';

(C) in paragraph (2)--

(i) by striking the first two sentences; and

(ii) in the last sentence, by striking `under this section' and inserting `under paragraph (1)(B)';

(D) in paragraph (3), by striking `under this subsection' and inserting `under paragraph (1)(B)';

(E) in paragraph (4), by inserting `be able to' after `shall'; and

(F) in paragraph (5), by striking `under this subsection' and inserting `under paragraph (1)(B)'.

(2) FOR EXECUTIVE BRANCH OFFICIALS- Section 11(b) of the STOCK Act (5 U.S.C. App. 105 note) is amended--

(A) in the heading, by striking `Employees' and inserting `Officials' ;

(B) in paragraph (1)--

(i) by striking `18 months after the date of enactment of this Act' and inserting `January 1, 2014';

(ii) by amending subparagraph (B) to read as follows:

`(B) public access to--

`(i) financial disclosure reports filed by the President, the Vice President, and any officer occupying a position listed in section 5312 or section 5313 of title 5, United States Code, having been nominated by the President and confirmed by the Senate to that position,

`(ii) reports filed by any individual described in clause (i) of a transaction disclosure required by section 103(l) of the Ethics in Government Act of 1978, and

`(iii) notices of extensions, amendments, and blind trusts, with respect to financial disclosure reports described in clauses (i) and (ii),

pursuant to title I of the Ethics in Government Act of 1978 (5 U.S.C. App. 101 et seq.), through databases that are maintained on the official website of the Office of Government Ethics.';

(C) in paragraph (2)--

(i) by striking the first two sentences; and

(ii) in the last sentence, by striking `under this section' and inserting `under paragraph (1)(B)';

(D) in paragraph (3), by striking `under this subsection' and inserting `under paragraph (1)(B)';

(E) in paragraph (4), by inserting `be able to' after `shall'; and

(F) in paragraph (5), by striking `under this subsection' and inserting `under paragraph (1)(B)'.

Passed the Senate April 11, 2013.

Attest:

Secretary.

113th CONGRESS

1st Session

S. 716

AN ACT

[Cyber Liberty]

you mean when they are in office ,all their assets are not held in trust ?

Sure they are. They trust their fund managers to listen to the little birdies that fly by and offer advice. Really darned GOOD advice.

But you know that... :^)

[mazda77]

Please tell us that you know that unanimous consent is nothing more than a voice vote.

[DustyMoment]

Congress Quietly Repeals Their Ban On Insider Trading

And, this is a surprise to whom . . . . . . . . !!???

[cookcounty]

Peter Schweitzer’s “Throw Them All OUT” is a good book on this subject.

In Colorado, Jared Polis (D-Boulder) is the #1 crony capitalist bum, but Boulder doesn’t believe in honest government. The guy was trading on the Obama care Bill as it was being written in his committee.

[zeugma]

Passed with unanimous consent. Means not one single legislooter stood up and asked for a recorded vote. All it takes is one. That means that whatever your legislooter says about it, he is lying. I’m severely disappointed with Cruz on this one.

[zeugma]

Please tell us that you know that unanimous consent is nothing more than a voice vote.

And any single senator can object to it and force a roll call vote, which is a much more difficult proposition for a deal like this.

[WMarshal]

When the revolution comes I hope it starts with the new government only recognizing federal laws and Supreme Court decisions prior to 1909.

[Ancesthntr]

Gee, is there any wonder most people hate these corrupt, arrogant, elitist, hypocritical phuckers? They shamelessly do this crap, then get all righteous when someone messes up on their taxes. Screw them all.

No, better yet, shoot them all and start over. F’ing holier-than-thou $ hitheels.

[Sequoyah101]

Can you or someone unwravel all this insertion, deletion and substitution mess and tie it all together?

[Sergio]

bkmk

[autumnraine]

Forgot to ping you guys...