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Search Tags: insider trading
A new report says a law requiring the online posting of senior federal executives' financial information would likely impinge on employees' privacy and wouldn't do much to deter conflicts of interest. The National Academy of Public Administration was tasked by Congress with studying the STOCK Act — short for "Stop Trading on Congressional Knowledge" — in response to concerns about privacy and identify theft.
Congress has delayed the online financial disclosure requirement of the STOCK Act for a month. But already this provision that affects 28,000 senior members of the executive branch is deterring high-level feds from joining the ranks of senior executives, according to the Senior Executives Association.
A law Congress passed in April to ban congressional members and federal workers from profiting on non-public information places unnecessary reporting burdens on senior executives and make them vulnerable to identity theft.