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Congressional insider trading ban might not apply to families

Posted on July 20th, 2012 at 14:49 by John Sinteur in category: News -- Write a comment

[Quote]:

It was a rare show of bipartisanship — President Barack Obama, flanked by Democrats and Republicans in April, signing into law a bill that would ban insider trading on Capitol Hill. The measure, known as the STOCK Act, had passed the House and Senate at warp speed.

“The powerful shouldn’t get to create one set of rules for themselves and another set of rules for everybody else,” the president said at the time.

Lawmakers proclaimed that the bill, officially called the Stop Trading on Congressional Knowledge Act, would restore trust in government. It also applied new rules to some employees of the executive branch.

[..]

Its 14-page memo notifies House members and aides covered by the law that their spouses and children aren’t covered. The Office of Government Ethics, which oversees all federal executive branch employees, sided with the House, informing its employees that their spouses and children don’t need to file these periodic reports.

So, no change whatsoever.

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