It’s called The STOCK Act and today, by putting his signature to it, President Obama officially put an end to what members of Congress have got away with for a very long time – insider trading. That is, using information not available to the average investor and profiting from that information through their investments.
The measure was the Stop Trading on Congressional Knowledge Act, better known was the STOCK Act. A long-lingering piece of legislation, it shot to the top of the priority list after a “60 Minutes” investigation highlighted instances of what the program called congressional “insider trading” — lawmakers using information gleaned on the job, “non-public information,” for personal profit.
The STOCK Act affirms that lawmakers and staff are not exempt from federal insider-trading laws and gives the House and Senate ethics committees the authority to enforce new rules. It also requires lawmakers to disclose more information about their stock trades.