Hot! Obama Strips Disclosure Provision from Insider Trading Law

041713_Wall Street_David Paul Ohmer

President Barack Obama passed legislation that would no longer require Congressional staffers and executive officials to disclose financial information.

The legislation is an amendment to the STOCK (Stop Trading On Congressional Knowledge) Act, a bill meant to prevent Congress from profiting from insider trading. The STOCK Act was passed in April last year after it was revealed that some government officials were using their exclusive access to information for personal gain. President Obama said the STOCK Act would “help fight the destructive influence of money in politics and rebuild the trust between Washington and the American people.

The amendment that requires government officials to disclose financial information, however, has long been contested, and was repealed by Obama on Monday.


US Visa Lawyer


Our US Visa Lawyer in Thailand assists Thais with the US visa process, including fiancée, marriage and work business visas to the US.

The repeal, which limits the amount of information only the president, vice president, Congressional members and Senate-confirmed presidential appointees must disclose, was first unanimously passed with no debate through the House or Senate late last week.

Other Congressional and executive-branch staff will still be required to disclose information, but the information is only available if requested in person.

The amendment’s unanimous approval is attributed to findings from a study commissioned by Congress after delays in the bill’s passage. The study concluded that financial disclosure could threaten the safety of public officials and make running for office less appealing.

Read the full article here.


Related law analyses: Predicate Offenses Under the Thai Anti-Money Laundering Act

Related law: Thailand’s Anti-Money Laundering Act

Related articles: Leaked Documents Expose Mass Tax Evasion

Related blog posts: In Content Distribution and Media, Obama Admin Runs the Show


Flickr photo courtesy of David Paul Ohmer

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Weekly Reload Bonus - Neon 54 casino! Immediate Byte Pro Immediate Unity Profit