STOCK Act is Passed in House

February 9, 2012

STOCK Act Passes House. Isn’t it a shame that we have to have an act passed to prod our leaders to do the right thing? Not only that, I thought insider trading was already against the law?

In case you were wondering why “stock” was in all caps, it’s an acronym that stands for Stop Trading on Congressional Knowledge.

10 responses to STOCK Act is Passed in House

  1. There’s always real estate and earmarks to improve adjacent properties. Sadly, I think the STOCK act will change little in Congress, and probably won’t be enforced like the existing conflict of interest laws.

  2. I agree, Biz. I think it’s also why it passed 417 – 2 (because no one is going to actually follow it). I hate to be so pessimistic but if Congress really wanted to do what’s right, this wouldn’t have even come up for discussion in the first place.

  3. I too agree this will do little to stop what has been going on forever…American voters really have become numb to all of the corruption.

  4. The problem was the original legislation that exempted congress members from what is illegal (insider trading) for the common man. We need a constitutional amendment to prevent congress from writing laws that exempt themselves from the laws they shove down on everyone else.

  5. I can’t believe anyone actually voted against it in both houses lol…how do they go on the campaign trail and say “yes, I want insider info to trade on”

  6. Congress has to approve the Constitutional Amendments. They will not pass one that restricts their own powers. They only increase their own powers and limit ours.

  7. Actual insider trading is still illegal for Congress, if the CEO of Apple called up John Kerry and said we are broke dump our stock then he could go to jail if he acted. What isnt illegal is Congress acting on information they obtain in the course of their work (ie Bachus shorting the market after the financial meetings leading up to the crisis).

    6 of 1, half dozen of the other but that is the difference.

  8. Bob, the problem is their work often entails inside information.

    I was watching the Daily Show and speaker Boehner apparently, in his line of work, spoke directly with Bernanke before the stock market crashed. Bernanke told him that this could be worse than the great depression if nothing is done.

    What do you know, Boehner went home and bought put options or something.

    Can anyone let me know what they think of my blog? I’m just starting out and looking for some feedback, it’s about the rat race.

  9. To anyone with a brain it is inside information, the problem is our leaders are corrupt and the difference is how it is classified currently. They work for the public so that is why this law is needed, they deem it public even though we cannot view it ourselves until it is too late.

    Its pathetic that we need this but I was just passing along why its not illegal currently.

  10. The anyone with a Brain comment was directed at Congress, not any posts or viewers. Just to clarify.