On Friday, April 12, after most members of the House of Representatives had reasonably assumed the day was done, Eric Cantor presented and passed — without a vote- a Senate bill eliminating key provisions of the STOCK Act.

The President immediately signed it into law. On April 4, , a signing ceremony was held in honor of the STOCK Act , an already weak bill designed to prevent insider trading and to create more transparency into the financials of government representatives, officials, and employees. C-SPAN video of the STOCK Act signing ceremony. The exact opposite happened last week when they eliminated some key provisions of their much publicized self-policing act.

On Thursday, April 11th, Senator Harry Reid introduced and passed S. The next day, after all scheduled business had already been finished, Rep. Eric Cantor introduced and passed the same bill, also with no debate and no recorded vote.

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President Obama signed this hastily-passed and under-examined bill into law on Monday, April 15th. It turns out that reporting requirements included in the STOCK Act would have gone into effect on Monday, April 15th unless there was a change to the law. Here are the changes that were made under such suspicious circumstances:.

Now Public Law How Congress Quietly Overhauled Its Insider Trading Law. White House statement regarding the signing of S. Obama signs STOCK Act modification. It is unbelievable to me that you our elected officials would pass and sign this bill, after all the issues it had previously…. Checks and balances are needed for corporations, so they cannot take advantage of the people… Now you have taken this away..

We trust you to protect us — how can we trust you when you do this??? Congressional Dish Congressional Dish is a weekly podcast highlighting corporate influence in the bills passed by Congress. Menu Skip to content Home About Contact Help the Show How to Subscribe Latest Episode Store Support the Show.

Gut the STOCK Act On Friday, April 12, after most members of the House of Representatives had reasonably assumed the day was done, Eric Cantor presented and passed — without a vote- a Senate bill eliminating key provisions of the STOCK Act.

C-SPAN video of the STOCK Act signing ceremony The exact opposite happened last week when they eliminated some key provisions of their much publicized self-policing act. This is lighting speed for a bill to become a law. Here are the changes that were made under such suspicious circumstances: Now Public Law Section 1: Changes public access to online financial information a: Who needs to file financial information Congressional staff and most executive branch employees will now be exempt from financial reporting.

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The people who will still have to comply are the President, the Vice President, members of Congress, candidates for Congress, and officers of the executive branch that need to be confirmed by the Senate. This bill eliminates this sentence. The STOCK Act required the financial information to be posted online; this bill now makes that optional.

For executive branch officials The same changes in online reporting for Congress see subsection b above will be in effect in regards to executive branch officials who are still required to submit their financial information.

How Congress Quietly Overhauled Its Insider Trading Law White House statement regarding the signing of S. How you can help the show Email Print Twitter Facebook Reddit Google Tumblr. Proudly powered by WordPress.

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