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April 16, 2013

Obama Signs Bill Gutting Transparency Provisions in Insider Trading Law 
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President Obama has signed into law a measure critics say guts key
transparency provisions from a law designed to combat insider trading by
members of Congress. The new bill repeals a requirement in the Stop
Trading on Congressional Knowledge Act that high-level federal officials
disclose financial information online. But, according to the Center for
Responsive Politics, its also removes requirements for the searchable
and electronic filing of information related to potential conflicts of
interest by the president, vice president, Congress and other officials.
On its website Open Secrets.org, the Center wrote: "Without the
provisions, the STOCK act is made toothless. Insider trading by members
of Congress and federal employees is still prohibited, but the ability
of watchdog groups to verify that Congress is following its own rules is
severely limited because these records could still be filed on paper
— an unacceptably outdated practice that limits the public's
access."

 

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