Bipartisan Congressional Insider Trading Ban May Contain Huge Bipartisan Loophole
The office of House Majority Leader Eric Cantor (R-Virginia) gutted a much-publicized ethics law earlier this year by creating a huge loophole for family members, although the Congressman insists the change was inadvertent and promises to fix it. Passed in April, the Stop Trading on Congressional Knowledge (STOCK) Act strengthened the already existing prohibition on members and employees of Congress using “any nonpublic information derived from the individual’s position… or gained from performance of the individual’s duties, for personal benefit.” The bill also applies to all employees in the Executive and Judicial branches of the federal government.
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