Obama signs STOCK Act to address 'deficit of trust' in Washington (insider trading bill)
Last edited Wed Apr 4, 2012, 04:44 PM - Edit history (1)
Source: CNN
-President Barack Obama signed legislation on Wednesday aimed at restoring Americans' faith in the nation's public institutions at a time they rank at record lows in opinion polls. The act bans insider trading by members of Congress and many executive branch employees.
In a ceremony at the White House, the president referred to the need to address public skepticism about an uneven system.
"The powerful shouldn't get to create one set of rules for themselves and another set of rules for everybody else," Obama said. "If we expect that to apply to our biggest corporations and to our most successful citizens, it certainly applies 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 STOCK Act --the Stop Trading on Congressional Knowledge Act --is a rare bipartisan measure coming out of a deeply divided Congress. It makes it clear that members of Congress, their aides and many members of the executive branch cannot use inside information they learn on the job to trade stocks or other securities. The law makes such practices criminal and requires public disclosure of any trades within 45 days. It also requires those reports to be made available online in a database that members of the public can search.
Read more: http://www.cnn.com/2012/04/04/politics/stock-act-signing/
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