STOCK Act

3:46pm

Tue April 16, 2013
It's All Politics

How Congress Quietly Overhauled Its Insider-Trading Law

Vice President Biden and members of Congress watch as President Obama signs the STOCK Act on April 4, 2012. A year later, Congress moved to undo large portions of the law without fanfare.
Brendan Smialowski AFP/Getty Images

The legislative process on Capitol Hill is often slow and grinding. There are committee hearings, filibuster threats and hours of floor debate. But sometimes, when Congress really wants to get something done, it can move blindingly fast.

That's what happened when Congress moved to undo large parts of a popular law known as the STOCK Act last week.

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2:17pm

Fri April 12, 2013
The Two-Way

Congress Repeals Financial Disclosure Requirements For Senior U.S. Officials

Originally published on Fri April 12, 2013 3:43 pm

A tourist takes cover underneath an umbrella while snapping a photo of the U.S. Capitol on March 6, 2013 in Washington, DC.
Chip Somodevilla Getty Images

Joining the Senate, the House of Representatives approved a measure today that repeals a requirement that top government officials post financial disclosures on the Internet.

The House, like the Senate, acted quietly without a vote. Instead, they sent the measure to the president's desk by unanimous consent.

The provision was part of the Stop Trading on Congressional Knowledge Act (Stock), which became law in March of 2012. The act was intended to stop members of congress from profiting from nonpublic information.

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2:14pm

Thu March 22, 2012
It's All Politics

Insider Trading Ban Passes Congress, But Some See Missed Opportunity

Originally published on Thu March 22, 2012 5:59 pm

Sen. Chuck Grassley, R-Iowa, shown in August 2011, criticized the STOCK Act that passed Thursday, saying it didn't go far enough.
Brian Ray AP

The Senate passed a bill Thursday to explicitly ban insider trading by members of Congress and the executive branch, and that means the Stop Trading on Congressional Knowledge Act is headed to the president's desk.

But this STOCK Act is quite a bit weaker than earlier versions.

The STOCK Act has been on a glide path ever since an explosive 60 Minutes story last fall highlighted the issue of members of Congress apparently profiting on nonpublic information.

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5:55am

Fri February 10, 2012
The Two-Way

Rep. Bachus Is Focus Of Ethics Investigation Into Possible Insider Trading

Rep. Spencer Bachus, R-Ala.
Chip Somodevilla Getty Images

The Washington Post broke this story last evening:

"The Office of Congressional Ethics is investigating the chairman of the House Financial Services Committee over possible violations of insider-trading laws, according to individuals familiar with the case.

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10:35am

Thu February 9, 2012
The Two-Way

Ban On Insider Trading By Lawmakers Passes House, Heads To Obama's Desk

Originally published on Thu February 9, 2012 10:39 am

By a nearly unanimous vote this morning the House passed the STOCK Act, which as NPR's Tamara Keith has reported, "would, among other things, explicitly ban insider trading for members of Congress and their staffs."

The vote was 417-2, with 14 members absent. The two nay votes were from Rep. John Campbell, R-Calif., and Rep. Rob Woodall, R-Ga.

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