President Obama today signed the STOCK Act. STOCK stands for "Stop Trading on Congressional Knowledge." On March 23, after both houses of Congresses had passed the legislation, the New York Times explained the gist of the Act:
The bill prohibits members of Congress from trading stocks and other securities on the basis of confidential information they receive as lawmakers. It makes clear that the insider trading ban in federal law applies to members of Congress and their aides and to officials in the executive and judicial branches of the federal government. In addition, the bill requires lawmakers to disclose the purchase or sale of stocks, bonds, commodities futures and other securities within 45 days of transactions, rather than once a year as they now do. The information will be posted on the Web.
The bill was prompted by a devastating 60-minutes report on congressional insider trading.
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Posted by: stock market today | Friday, April 13, 2012 at 03:18 AM