Obama Quietly Signs STOCK Act Rollback

Last week, the Senate stripped out the enforcement provisions of the Act and today President Obama quietly signed the rollback.


Key provisions stripped from the Act include:

• Creation of searchable, sortable disclosure of the information contained in reports even for Congress, the president, vice president, the president’s cabinet and congressional candidates.
• Required electronic filing for Congress, the president, vice president, the president’s cabinet and congressional candidates, as well as high-level executive and congressional branch employees. Even images of the staffers’ filings will not be available for viewing on the web.

While insider trading by Congressional members is still forbidden the watchdog mechanisms in the bill have been completely removed, rendering the entire thing nearly useless. The STOCK Act basically becomes 39 pages of the “honor system”.

CONTINUED:  http://www.ijreview.com/2013/04/47386-obama-quietly-signs-stock-act-rollback/?utm_source=EmailElect&utm_medium=Email&utm_content=Subscriber%232166&utm_campaign=04-18-2013%20IJ%20Review