In Midst of Boston Bombing, Obama Quietly Repeals Major Part of Congressional Insider Trading Law

Monday while the media was busy covering the terrorist bombing in Boston Obama quietly was striping anti-corruption provisions from the STOCK Act. After a CBS "60 Minutes" report the original STOCK Act was signed by Obama last year in a highly publicized ceremony

“It’s a good first step, And in the months ahead, Congress should do even more to help fight the destructive influence of money in politics and rebuild the trust between Washington and the American people.”

The Hill : President Obama quietly signed legislation Monday that rolled back a provision of the STOCK Act that required high-ranking federal employees to disclose their financial information online. The White House announced Monday that the president had signed S. 716, which repealed a requirement of the Stop Trading on Congressional Knowledge (STOCK) Act requiring the disclosure, which had previously been delayed several times by Congress. That provision, added to the bipartisan bill aimed at halting insider trading by members of Congress, would have required roughly 28,000 senior government officials to post their financial information online, and had come under harsh criticism from federal government employee unions. Both chambers of Congress quickly — and near silently — approved the repeal legislation at the end of last week by unanimous consent, just before heading home to their districts.


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