Congress Quietly Repeals Their Ban On Insider Trading

congress

The Stop Trading on Congressional Knowledge Act, or STOCK Act, was 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.

I use the past tense, because the current Congress has very quietly killed it:

Both parties and both houses of Congress hated the disclosure portion of the law so much that it was repealed last Friday (4/12/13) without debate—the measure was sent to the President by unanimous consent.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. …

Upon the signing of the bill into law last year (pictured above), President Barack Obama said, “The idea that everybody plays by the same rules is one of our most cherished American values. It’s the notion that the powerful shouldn’t get to create one set of rules for themselves and another set of rules for everybody else, and if we expect that to apply to our biggest corporations and to our most successful citizens, it certainly should apply to our elected officials—especially at a time when there is a deficit of trust between this city and the rest of the country.” The White House has not said whether the President will sign the repeal.

Despite the repeal, government officials will still have to file disclosures of securities trades over $1,000 within 45 days, but they no longer have to file them in a searchable database that was to be easily accessible to the public.

No word yet on whether or not President Obama will sign the repeal, but what a shameful maneuver. And a strongly bi-partisan one at that.

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

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  • whowon
  • sigurdur

    Rob: This surprises you how?

  • WOOF

    An embarrassment of riches.

  • The Fighting Czech

    Well I suppose on the positive side, They at least knew this was a stupid thing to do, as they did sneak it through faster then obamacare. and as quietly as possible….
    But apparently it wasnt stupid enough to Not do it…
    Once again Rob, explain why we dont need term limits…..

  • borborygmi

    sigh

    • Onslaught1066

      Why sigh, guy.

      liberal elitism on parade, it’s a brand new day.

      • borborygmi

        lets see the vote and see how they voted?

        • JoeMN
          • borborygmi

            I am miffed that the President signed it. Unanimous ascent in both houses. Tea Partiers bought off? or assimilated into the Washington Culture

          • JoeMN

            And I see this as the latest step toward a big Oligarchical style government and away from free market capitalism.

          • $8194357

            Has been for decades already.
            Started with the Federal Reserve in 1913.

        • Onslaught1066

          Well they voted to repeal, if your morally superior liberals voted against it, how did it pass.

          Oh bobo, you’re so stupid.

          • borborygmi

            Both sides voted for it but since you brought up liberal elitism to be fair and balanced I brought up your darling tea party/libertarians which you seem to forgot to mention. You should be ticked at them and I am ticked at the Dems and the President. This is one we can agree on.

          • Onslaught1066

            I am wondering when you were a kid did you always use the “well others
            are acting like idiots so I did to” defense…. just wondering

            bobo “the feces flinging chimp”

            How about it bobo, you gonna’ man up and vote against lying liberal elites?

            Or will you retreat to your warm fuzzy fantasy land of “They do it too.”?

          • borborygmi

            I happened to be ticked at the liberal elites how about you and your darlling tea party conservatives.

          • Onslaught1066

            But you will vote for them again all the same, won’t you?

            bobo, I am not as stupid as you are, I see through your lies.

            You seem to be leaning a great deal on the “They do it too” crutch.

            wassa’ matter bobo, no principles or just normal liberal principles? (redundant, I know)

          • Onslaught1066

            Also I do not have to agree with you on anything.

            You expect nothing less from Republicans and they did not want to call you out as a liar, your liberal elites however have no qualms on that score. Do they?

      • borborygmi

        It sounds as if it was unanimous although I haven’t read the actual roll call. My oh my I hope no tea party types are in on this liberal elitism.

        “But the broader point is how can Congress go from passing something with unanimous consent one year and repealing it through unanimous consent the following year – without any mea culpa? Yet they refuse to learn their lesson from passing bad bills outside of regular order.

        Don’t get me wrong, it’s a good thing they repealed this. They should do things like this more often” David Horowitz Red State. Looks as if the conservatives approve.

        • Onslaught1066

          Well, if it sounds like it was unanimous I guess that means your oh so morally superior liberal elites voted to give themselves special privileges not reserved for the poor.

          Why do you suppose that is bobo?

          Now, why don’t you reach deep into your diaper and pull out a hot steaming pile of Oops! you gibbering baboon?

        • $8194357

          have to agree with ya gurgle.
          DC is a bi-partisian corrupt mess.

  • NoDakNative

    Someone always gets the information first. Banning insider trading is like trying to ban non-procreative sex, how the heck do you actually enforce it effectively? Answer, you don’t. You just enforce it selectively.

  • SigFan

    Heaven forbid that our elite rulers be held to the same standards we plebes are.

    Imagine how different things would be if members of the government and their bureaucracies were subject to the same laws they inflict on us. Something tells me SS, Medicare/Medicaid. Obamascam and many more would never have seen the light of day.

    • Onslaught1066

      I have heard it said that democrats are for the little people.

      I guess that’s why they need this, so they can tell who the little people are.

  • Patrick R. Pfeiffer

    Do we know how Rep. Cramer voted on this?

    • Roy_Bean

      I think that “unanimous consent” is another way of saying “anonymous consent”. It happened but nobody has to put their name on it, they just blame it on the mob. Questions need to be asked.

      • borborygmi

        to true

        • Onslaught1066

          Questions need to be asked

          OK, I’ll throw out the first one:

          Bobo, did your liberal elites trick you, or are you just stupid.

          • borborygmi

            I have been tricked how about you and your real american tea partiers?

          • Onslaught1066

            So you are too stupid to see through your liberal elites lies.

            Says much about you don’t it?

  • $8194357

    Article 28
    A$$hats.

  • Waski_the_Squirrel

    Although some are trying to make it partisan, I am happy to see that our liberal commenters and our conservative commenters all condemn this. Imagine: we agree on something!

  • Ratbite

    Rob, & how did Kevin Cramer vote on this despicable legislation??

    • Onslaught1066

      I imagine he voted present and as such will make an excellent presmadent.

  • mickey_moussaoui

    Greedy motherfu%ers

  • Clairvoyant

    This is exactly why I refuse to endorse a political party and cheer when folks go against their own parties. If you see an (D) or a (R) next to their name, move on. We need to take the government back from these crooks and put in folks who are not owned by special interests, are not self absorbed and instead, send in genuine independent thinkers. The polls show that something like 10% of the country approves of the folks in our legislative branches and the White House. Yet like lemmings, we keep sending Democrats and Republicans back in. C’mon folks- do you really think those same people will do better the next time around?

    Turn off Fox. Turn off MSNBC. Turn off Glenn Beck. Turn off Ed Schultz.

    Folks, as much as you’d like to will it to be, there is not a clean side to the turd.

  • The Fighting Czech

    Just another example of “you have to pass the law, before you can see whats in the Law!!!”
    Obviously someone screwed up when this was written…Iron clad penalties for violating it.were written into it, with no escape loopholes…. Damn those incompetent staffers!!!!!

  • http://ndgoon.blogspot.com Goon

    What a bunch of crooks.

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