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Author Who Got STOCK Act Momentum Going, “Pass Duffy’s Bill Instead”

Yet, I highly doubt his opinion is much in high demand as the Senate races to pass the STOCK Act, which has been called highly-flawed and toothless.

Aware that most Americans would like to dump them all, members of Congress hope to regain some sense of trust by subjecting themselves to tougher penalties for insider trading and requiring they disclose stock transactions within 30 days.

A procedural vote Monday would allow the Senate later this week to pass a bill prohibiting members of Congress from using nonpublic information for their own personal benefit or “tipping” others to inside information that they could trade on.

I see they shrank the 90 day disclosure window down to 30 days.

It’s a start I guess.

Peter Schweizer, who’s book “Throw Them All Out” got the ball rolling on the issue of Congressional insider trading has openly stated in interviews that the STOCK Act — a perpetual retread since 2006 — doesn’t go far enough.  The bill has very lax disclosure rules (Trades only over $1,000, a longer transaction disclosure period than corporate America) and some saw the SEC will not be able to enforce it.

Schweizer has looked at the “RESTRICT Act”, a companion bill by Wisconsin’s own Sean Duffy and likes what he see.

“There’s still much work to be done,” said Schweizer.  “We need to get behind Rep. Duffy’s RESTRICT Act and let our leaders know that we will not stand idly by as members of Congress profit off of access to material, nonpublic information.”

In Duffy’s RESTRICT Act, all members of Congress, the presidential administration and political appointees must either form a blind trust, or have three to five business day to disclose any and all stock transactions no matter what the size.  It’s rules very similar to what the SEC forces major corporate CEOs to do.

The sad part is no one knows if Duffy’s bill will even see the light of day during the debate.  The STOCK Act is a lot like the older sibling over-shadowing a much talented younger sibling on stage by yelling to its parents (in this case the media and congressional leadership) to “WATCH ME!!!” while messing up the routine its little sister is performing perfectly.

I’ve written on both the STOCK and RESTRICT Acts in the past.  You can read about it here.

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