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Ignored For Six Years, STOCK Act Finally Becomes Law

Bruce Carton | April 4, 2012

Since 2006, U.S. Rep. Louise Slaughter has repeatedly introducing legislation in Congress intended to stop insider trading on Capitol Hill called the “Stop Trading on Congressional Knowledge Act” (the STOCK Act).  As discussed here at length, her colleagues in Congress chose year after year to completely ignore the legislation until a November 2011 60 Minutes piece on Congressional insider trading finally made ignoring the issue impossible. 

Today, Pres. Obama specifically Rep. Slaughter for her efforts as he signed the STOCK Act into law. In a statement, Rep. Slaughter said that

Despite the fact that not all of the provisions I first proposed will soon become law, today I'm delighted. I've learned that you're never truly defeated in a legislature until you give up. It took me 13 years to pass a bill that prevents you from being discriminated against based on your genetic makeup so six years to help clean up Congress is pretty good.....

President Obama's comments today on the STOCK Act and the bill-signing ceremony can be seen in the video below.