Tim Walz and Al Franken claim STOCK Act was not gutted

[ProSense]

Tim Walz and Al Franken claim STOCK Act was not gutted

by The Big E

I was alarmed when I saw a post with the alarming headline of Pres Obama Signs Bill Killing Anti-Corruption, Pro-Transparency STOCK Act Provisions. Firedoglake had a similarly alarming headline: Obama Signs Law Gutting Insider Trading Regulations For Congress.

I was prepared to join the freakout as I'm past being shocked by the Obama Administration's coddling of Wall Street banksters and Congress's willingness to eliminate habeaus corpus, FISA and etc. But I decided to contact Rep. Tim Walz (DFL-MN) first. Walz authored the House bill and championed the cause. I also contacted Sen. Al Franken's office.

According to Walz's and Franken's offices, the STOCK Act was not gutted.

<...>

Here's Sen. Franken's statement:

“I supported the STOCK Act because I believe in transparency and making sure Minnesotans are confident that Members of Congress and other officials don’t benefit from insider information in ways that would be illegal for anyone else. The change made last week preserves those two core goals while at the same time protecting our national security interests as well as the safety and privacy of hardworking Americans who have chosen to serve their country.”

Here's Walz's statement:

“Government reform is a journey, not a destination. The core components of the STOCK Act—ensuring elected officials play by the same rules as everyone else—remain intact. As we move forward, I will continue to find ways to increase transparency and accountability in Washington, including bringing much needed sunlight to the political intelligence industry.“

- more -

http://www.dailykos.com/story/2013/04/16/1202350/-Tim-Walz-and-Al-Franken-claim-STOCK-Act-was-not-gutted

Congress Quietly Repeals Congressional Insider Trading Ban
http://www.democraticunderground.com/10022682644

[octoberlib]

1. I believe the STOCK Act protects federal employees from having their information made public

not Congress or the President. I knew that orginal article was wrong.

[OnyxCollie]

2. Obama Signs Bill Gutting Transparency Provisions in Insider Trading Law

Obama Signs Bill Gutting Transparency Provisions in Insider Trading Law
http://www.democracynow.org/2013/4/16/headlines#41610

President Obama has signed into law a measure critics say guts key transparency provisions from a law designed to combat insider trading by members of Congress. The new bill repeals a requirement in the Stop Trading on Congressional Knowledge Act that high-level federal officials disclose financial information online. But, according to the Center for Responsive Politics, it also removes requirements for the searchable and electronic filing of information related to potential conflicts of interest by the president, vice president, Congress and other officials. On its website OpenSecrets.org, the Center wrote: "Without the provisions, the STOCK act is made toothless. Insider trading by members of Congress and federal employees is still prohibited, but the ability of watchdog groups to verify that Congress is following its own rules is severely limited because these records could still be filed on paper — an unacceptably outdated practice that limits the public’s access."

Neither Franken nor Walz mention that.

The records are available. All you have to do is fly to Washington, rent a car, drive to the building where the records are kept...

[JoePhilly]

3. ... which any interested news or watchdog organization could do ...

no?

[ProSense]

5. They are talking about the bill the President signed

It passed by unanimous consent.

Franken and Walz are the only members of Congress to comment thus far.

[AngryAmish]

4. What do you expect them to say?

[ProSense]

6. Are you

"What do you expect them to say?"

...saying that they're lying? Misrepresenting the bill?

I'd love for Senators Brown, Merkley, Sanders or Warren to weigh in since the bill passed by unanimous consent.

http://www.democraticunderground.com/10022682644#post29