STOCK Act (Stop Trading on Congressional Knowledge Act of 2012), which was
signed into law on April 4, 2012, affirms and makes explicit the fact that
there is no exemption from the “insider trading” laws and regulations for
Members of Congress, congressional employees, or any federal officials.
The law also expressly affirmed that all federal officials have a “duty” of
trust and confidentiality with respect to nonpublic, material information
which they may receive in the course of their official duties, and a duty
not to use such information to make a private profit.
The STOCK Act, as part of the law’s regulation of securities transactions by public
officials, now requires expedited, periodic public disclosure of covered “financial
transactions” by all officials in the executive and legislative branches
of the federal government who are covered by the public reporting
provisions of the Ethics in Government Act of 1978, as amended. The act thus
works to require not only annual public reporting of such
transactions (which reporting has been required since 1978), but also now
requires public reporting within 30 days of receipt of a notice of a covered
financial transaction (but in no event more than 45 days after such
All public financial disclosure statements filed under the Ethics in Government
Act in the legislative and executive branches will eventually be made in
electronic form, and will be posted on the Internet where they may be
publicly searched, sorted, and, if a log-in protocol is followed, downloaded
from official government websites. Amendments to the Stock Act have delayed by one
month—until September 30, 2012— the requirement for posting on the Internet all
of the public personal financial disclosure reports filed in May of 2012
by all covered employees in the legislative and executive branches of the
United States Government.
Date of Report: August 17, 2012
Number of Pages: 9 Order Number: R42495 Price: $19.95
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