#312 STOCK Act

The STOCK Act, which stands for the Stop Trading on Congressional Knowledge Act, is a United States federal law that was designed to prevent insider trading by members of Congress, their staff, and other government officials. The act was signed into law by President Barack Obama on April 4, 2012, and it is intended to promote transparency and accountability in government.
The key provisions of the STOCK Act include:
Prohibition of Insider Trading: The act explicitly prohibits members of Congress, their staff, and certain other government employees from trading stocks, bonds, or other securities based on non-public information they obtain through their official duties. This is meant to prevent individuals in these positions from profiting from information that is not available to the general public.
Disclosure of Financial Transactions: The act requires covered individuals to report their financial transactions, including stock trades, within specific timeframes. These reports are made publicly available to increase transparency.
Reporting Real Estate Transactions: The act also requires the reporting of real estate transactions, including purchases and sales, to help prevent conflicts of interest.
Expanded Reporting for Financial Disclosure: The STOCK Act increased the level of detail required in the financial disclosure reports that members of Congress and certain government employees must file, making it easier for the public to track their financial activities.
Enforcement: The act authorizes the Securities and Exchange Commission (SEC) and other relevant agencies to enforce its provisions.
The STOCK Act was passed in response to concerns about members of Congress and government officials potentially using their knowledge and access to privileged information for personal financial gain. By imposing stricter rules and greater transparency, the act aims to uphold the integrity of government service and ensure that public servants are held to a high ethical standard.
It's worth noting that the STOCK Act has faced some criticism and challenges in its implementation, as well as efforts to strengthen and amend it over the years to address perceived loopholes and shortcomings.
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