Congresspersons are Prohibited From Insider Trading
Reader comment on: Laughter
in response to reader comment: Congress can't cut it
Submitted by David Weinkrantz (United States), Oct 6, 2016 22:15
The Stop Trading on Congressional Knowledge Act ("STOCK" Act, Pub.L. 112–105, "S. 2038"., 126 Stat. 291, enacted April 4, 2012), is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The bill prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees. It confirms changes to the Commodity Exchange Act, specifies reporting intervals for financial transactions.
The bill was introduced by United States Senator Joseph Lieberman (I-CT) on January 26, 2012, and passed in the Senate by a 96-3 vote. Later the House of Representatives passed it by a 417-2 vote. The bill was supported heavily by vulnerable incumbents and signed into law by President Obama.
According to the current United States Senate Select Committee on Ethics, "A member, officer, or employee of the Senate shall not receive any compensation, nor shall he permit any compensation to accrue to his beneficial interest from any source, the receipt or accrual of which would occur by virtue of influence improperly exerted from his position as a member, officer, or employee."
Note: Comments are moderated by the editor and are subject to editing.
Other reader comments on this item
Comment on this item