http://nyulocal.com/national/2013/04...r-trading-ban/
And just FYI.... The President DID sign the repeal of this act...
Congress Quietly Repeals Congressional Insider Trading Ban
By Sakib Ahmed on April 15th, 2013
While Congress might be stuck in a deadlock on just about every issue imaginable, there?s one piece of legislation that both Democrats and Republicans hate unanimously: the Stop Trading on Congressional Knowledge (STOCK) Act, a law passed last year designed to prevent insider trading among lawmakers and government officials by requiring them to post disclosures of their financial transactions online.
Both parties and both houses of Congress hated the disclosure portion of the law so much that it was repealed on Friday without debate?the measure was sent to the president by unanimous consent. The ordeal took about 10 seconds in the Senate and 14 seconds in the House, according to official records.
The STOCK Act would have required members of Congress, their aides, and other federal employees making more than $119,554 a year to disclose their financial dealings in an online database. It was supposed to prevent government officials from using insider knowledge about policy-making to profit from stock trades and other investments....."
Interestingly, here was the way it was justified:
"...the ultimate repeal came after the National Academy of Public Administration, a nonprofit group, found that publishing the information would create an ?unwarranted risk to national security and law enforcement, as well as threaten agency missions, individual safety and privacy,? in a report delivered last month. The group suggested that the online posting requirements should be suspended indefinitely."
.So can someone please tell me how you defend this? I would be fascinated.
Just a note. The insider trading that congress does on a daily basis, using their government insider knowledge to line their own pockets, would put any of the rest of us in Jail for many years.
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