Huffington Post reports that President Barack Obama signed the STOCK act on Wednesday during a reunion in the South Court Auditorium at the Eisenhower Executive Building (EEOB) of the White House. The Stop Trading on Congressional Knowledge act is meant to prevent congressmen from using the information they learn on the job in their personal use.
After carefully considering his choice, Obama has finally decided that it would not be fair for the members of the Congress and the federal workers to use nonpublic information for their own profit. This principle of fair play will be applied from now on, according to the President’s speech, with the help of the STOCK act, that is, the Stop Trading on Congressional Knowledge.
The reason behind the adoption of this act was the fact that the first man of the state realized it was wrong for the powerful to create different sets of rules for them. Elected officials should be just as fair as the successful American corporations and citizens.
Thanks to this new law, the public will have access to all the pieces of information related to the financial dealings that the government officials make. Despite this, some members of the Congress think the law is not comprehensive enough to be applied in all situations. In their opinion, lawmakers shouldn’t have abandoned an earlier proposal involving the gathering of public reports from people who obtained information from Congress and sold it to investors.
The legal initiative was sustained by many other lawmakers including Massachusetts Sen. Scott Brown. Obama and the rest of the congressmen adopted the STOCK act because they wanted to increase the percentage of people who approve the Congress’ work. So far, figures show that only 12 and 19 percent people in America agree with their decisions and laws.
According to the Stop Trading on Congressional Knowledge act, lawmakers will have to publish online public reports for transactions that exceed $1,000. The report will be published within 35 days since the individual was notified about the transaction or 45 days after the transaction was performed.