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As momentum builds to reform congressional stock trading, how can we ensure that current proposals don’t produce an ineffective law? To answer this question, CLC and a panel of legal experts will dive deep into the various proposals, discussing the pros, cons and loopholes.
Ten years after its initial passage, the Stop Trading on Congressional Knowledge (STOCK) Act of 2012 has done little to prevent the appearance of corruption. Consequently, most Americans currently support banning lawmakers from trading individual stocks altogether. In hindsight, this result was predictable based on the law’s disclosure requirements of stock trades without any trading restrictions. Transparency gave voters prompt visibility of actual and perceived conflicts of interests with each transaction, but voters witnessed a lack of accountability for any lawmakers suspected of misconduct. The STOCK Act proved ineffective, and any law reforming the STOCK Act will also be ineffective without careful consideration of the repercussions of the provisions.
On March 8 at 1:00 p.m. Eastern/10 a.m. Pacific, CLC will explore the various proposals to address the failures of the STOCK Act and ban congressional stock trades during "Stock Options: A Deep Dive on Proposed Solutions To Stop Insider Trading in Congress." We will explore whether these solutions will make the current problems with the law better or worse, examine various loopholes in these proposals and determine whether they are viable options.
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