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The STOCK Act of 2012 & the Purposes of Transparency
 

The STOCK Act of 2012 & the Purposes of Transparency

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

    • 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 positions”
    • 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 Exec. branch employees
    • 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 30, 2013