We are hearing a LOT of concern out there about the STOCK Act-- the Stop Trading on Congressional Knowledge Act. This is the bill -- now law -- designed to deal with lawmakers using an insider scoop from making money off of that information. Essentially, it makes insider trading by lawmakers illegal, which is a good thing, right?
But it didn’t stop there. The bill also requires that members of the Senior Executive Service post their financial disclosures online... and it broadens those financial disclosures. The Senior Executive Association has wrote a letter protesting the provision.
Should the SES be up in arms?
Bill Bransford is a partner at Shaw Bransford & Roth. He is also the General Counsel to the Senior Executives Association. Bill told Chris Dorobek on the DorobekINSIDER program why this new law is a problem for SESers.
The Senior Executive Association says:
- Putting these disclosure forms on the Internet would appear to be "a gross violation of the spirit of the Privacy Act”
- Supervisors could be subject to "unwarranted personal scrutiny by their subordinates, causing tension and problems in the workplace,"
- Foreign interests, including terrorists, could get access to information on federal employees serving abroad.
So what do you think...does the STOCK Act go too far?