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The STOCK Act of 2012and thePurposes of TransparencyKathleen ClarkChicago-Kent College of LawApril 30, 2013
STOCK Act of 2012StopTradingOnCongressionalKnowledge
Purpose“preventmembers and employeesof Congressfrom trading on the basis ofnonpublic informationacquired through such posi...
60 Minutes
Insider TradingbyMembers of Congress
STOCK Act of 2012
scandalethics regulation
Insider TradingAlready Illegal
RoleofTransparencyinGovernmentEthics
Different legal rulesforlegislative&executivebranches
Federal Conflict of Interest StatuteApplies to Executive BranchNot to Congress
Federal Financial DisclosureAssetsIncomeTransactionsLiabilitiesGiftsOutside / Future Jobs
Federal Financial DisclosureCongress:Members & senior staffExecutive branch:28,000 employees
Federal Financial Disclosure28,000 - Publicly available-- but with hurdles300,000 – Not publicly available
Specific Reforms:Timely transaction reportsSearchable sortable database of• Congress:-Members-Highly paid staff• 28,000 Ex...
Purposes offederalfinancial discosureAccountability:- political – Congress- legal - Executive Branch
Purposes ofmassive onlinefinancial discosureAccountability:- political- legal - Executive BranchPreventing theftTransparency
Public disclosure – with hurdlesv.Web-based disclosuresearchable & sortable
Controversial- Politically- Legally
Concerns•Identity theft•Identifying spies•Privacy
SeniorExecutiveAssociationv.United States
SensitivePersonalFinancialInformation
S.E.A. v U.S.Granted preliminary injunctionDenied govt’s motion to dismiss
RevisedGutted (?)STOCKAct
Web-based disclosure for:- Members of Congress- Senate-confirmed executivebranch officialsNo searchable sortable database
The STOCK Act of 2012and thePurposes of TransparencyKathleen Clarkkathleen_clark@mac.comChicago-Kent College of LawApril 3...
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The STOCK Act of 2012 & the Purposes of Transparency

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Transcript of "The STOCK Act of 2012 & the Purposes of Transparency"

  1. 1. The STOCK Act of 2012and thePurposes of TransparencyKathleen ClarkChicago-Kent College of LawApril 30, 2013
  2. 2. STOCK Act of 2012StopTradingOnCongressionalKnowledge
  3. 3. Purpose“preventmembers and employeesof Congressfrom trading on the basis ofnonpublic informationacquired through such positions”
  4. 4. 60 Minutes
  5. 5. Insider TradingbyMembers of Congress
  6. 6. STOCK Act of 2012
  7. 7. scandalethics regulation
  8. 8. Insider TradingAlready Illegal
  9. 9. RoleofTransparencyinGovernmentEthics
  10. 10. Different legal rulesforlegislative&executivebranches
  11. 11. Federal Conflict of Interest StatuteApplies to Executive BranchNot to Congress
  12. 12. Federal Financial DisclosureAssetsIncomeTransactionsLiabilitiesGiftsOutside / Future Jobs
  13. 13. Federal Financial DisclosureCongress:Members & senior staffExecutive branch:28,000 employees
  14. 14. Federal Financial Disclosure28,000 - Publicly available-- but with hurdles300,000 – Not publicly available
  15. 15. Specific Reforms:Timely transaction reportsSearchable sortable database of• Congress:-Members-Highly paid staff• 28,000 Exec. branch employees
  16. 16. Purposes offederalfinancial discosureAccountability:- political – Congress- legal - Executive Branch
  17. 17. Purposes ofmassive onlinefinancial discosureAccountability:- political- legal - Executive BranchPreventing theftTransparency
  18. 18. Public disclosure – with hurdlesv.Web-based disclosuresearchable & sortable
  19. 19. Controversial- Politically- Legally
  20. 20. Concerns•Identity theft•Identifying spies•Privacy
  21. 21. SeniorExecutiveAssociationv.United States
  22. 22. SensitivePersonalFinancialInformation
  23. 23. S.E.A. v U.S.Granted preliminary injunctionDenied govt’s motion to dismiss
  24. 24. RevisedGutted (?)STOCKAct
  25. 25. Web-based disclosure for:- Members of Congress- Senate-confirmed executivebranch officialsNo searchable sortable database
  26. 26. The STOCK Act of 2012and thePurposes of TransparencyKathleen Clarkkathleen_clark@mac.comChicago-Kent College of LawApril 30, 2013
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