The provisions to the Stop Trading on Congressional Knowledge (STOCK) Act were quietly approved by both chambers of Congress at the end of last week before being passed onto the president’s desk. The bill had previously been delayed several times before the White House announced on Monday that Obama had approved the changes.
The original STOCK Act was signed by the Obama administration last year in a highly publicized ceremony, during which he said the new law would restore the American public’s faith in the Washington elite. Congressional lawmakers have long been accused of profiting from stock information derived as a result of their position. A civilian moving money based on information gained in a similar fashion would be breaking the law.
“It’s a good first step,” Obama said after the passage last year. “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.”
Last week, both chambers unanimously voted in favor of the amendments that will shield them from having to make such disclosures. In addition to the obvious implications of politicians giving themselves the option to omit financial information, the decision is notable in that it came among Congress' least-productive session on record.
In a delay earlier this year, Congress approved a study by the National Academy of Public Administration, which determined an online database would threaten the safety of public officials and make running for office less appealing for people working in the private sector.
Roughly 28,000 government officials would have been forced to make their financial records publicly available, according to The Hill, although that stipulation has drawn the ire of federal government employee unions.
Other, albeit less visible, reporting methods will still pertain to the president, vice president, members of Congress and candidates for Congress starting in 2014.
Perhaps most damaging to the STOCK Act, according to government transparency watchdog Open Secrets, was the removal of the following two provisions:
“Creation of the searchable, sortable, disclosure of the information contained in reports even for Congress, the president, vice president, the president’s cabinet and congressional candidates,” in addition to “Required electronic filing for Congress, the president, vice president, the president’s cabinet and congressional candidates, as well as high-level executive and congressional branch employees."
http://www.informationclearinghouse.info/article34636.htm?utm_source=ICH%3A+Boston%2C+Cowardice+%26+America+the+Blind&utm_campaign=FIRST&utm_medium=email
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ALL THIS BEHAVIOR ON THE PART OF THE GOVERNMENT & THEIR FINANCIAL GROUPIES
ReplyDeleteSAYS TO ME THAT THE ECONOMIC SYSTEM HAS FALLEN LIKE, THE HOUSE OF CARDS, THAT IT ALWAYS WAS.
THAT EVERYONE LOST IT ALL & IT CANNOT BE FOUND OUT/MADE PUBLIC AT ANY COSTS.
NO ONE WANTS TO BE POOR.
DENY
DENY
DENY
MONEY IS PRINTED & HANDED OUT.
CREDIT IS EXTENDED & THE CLOAK OF SECRECY COVERS EVERYTHING LIKE A DEATH SHROUD.
IT HAS ALL GONE
THEIR WEALTH
THEIR MASSIVE BUSINESS HOLDINGS
You see the population of the world is only a fraction of what they tell us.
THEY TALKED IT UP AS THEY TALKED UP THEIR PROFITS = FICTION
Therefore it stands to reason that -
THE CUSTOMERS WHO BUY THEIR PRODUCTS DO NOT EXIST.
IN REALITY,
THEIR BUSINESSES ARE ONLY SMALL & SO ARE THEIR PROFIT MARGINS = FAKE.
THE HABIT OF COOKING THE BOOKS & OVER STATING THE ASSETS SO AS TO BE ELIGIBLE TO BORROW MONEY IS NOT NEW -
THEN WHEN IT COMES TIME TO PAY BACK - YOU DECLARE BANKRUPTCY -
AND THAT IS WHAT EVERYONE HAS BEEN DOING
FROM THE LARGEST GLOBAL CORPORATION TO THE SMALLEST.
IT IS CONSIDERED TO BE PRUDENT BUSINESS PRACTICE.
CREATING LAWS TO COVER UP & OR EXEMPT; MUST TELL YOU THAT THEY ARE BROKE
THAT THE SYSTEM HAS FALLEN APART & THAT THEY ARE COVERING IT UP.
IN THE DESPERATE HOPE THAT IT WILL FIX IT'S SELF - SOMEHOW ALAS !
BECAUSE THEY CERTAINLY DON'T KNOW HOW TO FIX IT.
THEY JUST CAN'T LET GO, IS ALL.