04.16.13, 03:42 PM #1
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2012 Stock Act; How Congress Quietly Overhauled Its Insider-Trading Law
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.
One year later...
What could make the House pass something in 30 seconds that the Senate also passed? What would motivate them to put aside their alleged “differences” and act in the best interest of the people? The answer is when they are not acting in the best interest of the people, but rather, in their own best interests.
To that end, late last week, your congress quickly approved a measure that modified (aka, killed) a part of the STOCK Act (Stop Trading on Congressional Knowledge Act ), which was only enacted a year ago. The STOCK Act was supposed to address shady stock trades based on insider information."Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton
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