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