It was a rare show of bipartisanship -- President Barack Obama, flanked by Democrats and Republicans in April, signing into law a bill that would ban insider trading on Capitol Hill. The measure, known as the STOCK Act, had passed the House and Senate at warp speed. "The powerful shouldn't get to create one set of rules for themselves and another set of rules for everybody else," the president said at the time. Lawmakers proclaimed that the bill, officially called the Stop Trading on Congressional Knowledge Act, would restore trust in government. It also applied new rules to some employees of the executive branch.
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STOCK Act bans members of Congress from insider trading
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Guidelines for members of the House say spouses and children aren't covered
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Sponsors of bill say they intended to restore trust in Washington
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House Majority Leader Cantor's office says it will take steps to close loophole
STOCK Act
Stop Trading on Congressional Knowledge Act
STOCK Act
This so-called "loophole" goes to the heart of what the @placeholder set out to do.
House
House
House
The financial disclosure forms @placeholder members and senators were already required to file only come out once a year, making it tough to track any relationship between legislative action and a stock trade.
STOCK Act
Stop Trading on Congressional Knowledge Act
STOCK Act
That's why the @placeholder added the rule that after each trade over $1,000 a report had to be filed in a timely manner.