The Stock Act
Brian Baird introduced the STOCK Act which would prohibit members of Congress, their employees, and Executive Branch staff members from profiting from nonpublic information they obtain through their positions. They would be prohibited from buying or selling securities, swaps, or commodity futures based on nonpublic information they obtain through their jobs; prohibited from sharing non-public information about legislative action for purposes of investing or profiting from investment; and required to report investment transactions valued in excess of $1,000.
“It is not explicitly stated in Congress’ ethics code,” said Baird. “And we exempted ourselves from reporting requirements that apply to hedge fund managers and corporate CEOs. They have to report within 48 hours if they make a significant trade. We have to report once a year, retroactively. In fact if you make a trade in January, it doesn’t have to be reported until the following May.”
Baird changed his bill to allow for reporting to be delayed for 90 days. "Really, it should be 48 hours," he said.
Read more about this topic: Brian Baird
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