Posted 2 years ago on Feb. 3, 2012, 9:22 a.m. EST by ineptcongress
This content is user submitted and not an official statement
The STOCK Act passed the Senate, will move to the House and then to the President, who has supported the Bill. This Act closes a loophole in the law, which enabled members of government to trade on information learned in the course of their duties, such as the plans to let Lehman fail (which was capitalized on by a number of people sitting in closed meetings at the FED). The Act also prohibits staff members and Executive branch employees from insider trading. However, the Act does NOT require money be placed in a blind trust, so a legislator can still buy investments, then propose a bill that would help their causes.