who knew? multiple violations of the STOCK Act (Stop Trading on Congressional Knowledge)
When Chris Collins, Trump’s first endorser, got caught making a stock dump while on the WH lawn, one assumed that other legislators would be chastened, but no, during the worst ever days of the stock market several Senators seem to have gotten caught. It was a small number but clearly about the market drop as the virus spread. The enforcement task will include evidence of inside knowledge.
If Trump wants to call the COVID-19 crisis a “war”, these are war profiteers. And since they’re members of the GOP voting against removal of IMPOTUS, they have even more reason for their resignations.
Darn that crony capitalism, kleptocracy, and Republican character traits.
— Yashar Ali ðŸÂ˜ (@yashar) March 19, 2020
— Mikel Jollett (@Mikel_Jollett) March 20, 2020
— Jamie Dupree (@jamiedupree) March 20, 2020
— David Frum (@davidfrum) March 20, 2020
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“The Stop Trading on Congressional Knowledge (STOCK) Act (Pub.L. 112–105, S. 2038, 126 Stat. 291, enacted April 4, 2012)…prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees.”
(Sec. 6) Amends the Ethics in Government Act of 1978 (EGA) to require specified individuals to file reports within 30 to 45 days after receiving notice of a purchase, sale, or exchange which exceeds $1,000 in stocks, bonds, commodities futures, and other forms of securities and subject to any waivers and exclusions.
Lists such individuals as: (1) the President; (2) the Vice President; (3) executive officers or employees, including certain special government employees and members of a uniformed service; (4) appointed administrative law judges; (5) executive branch employees in positions excepted from the competitive service because of their confidential or policymaking character (except those excluded from such exception by the Director of the Office of Government Ethics [OGE]); (6) the Postmaster General, the Deputy Postmaster General, each Governor of the Board of Governors of the U.S. Postal Service, and certain U.S. Postal Service officers or employees; (7) the OGE Director and each designated agency ethics official; (8) civilian employees of the Executive Office of the President (other than a special government employee) appointed by the President; (9) Members of Congress; and (10) congressional officers and employees.
(Sec. 18) Amends the federal criminal code to subject to a fine or imprisonment of up to 15 years, or both, as well as possible disqualification from holding federal office, certain covered government persons, in addition to Member of Congress and congressional employees, who with the intent to influence, on the basis of partisan political affiliation, an employment decision or employment practice of any private entity: (1) takes or withholds, or offers or threatens to take or withhold, an official act; or (2) influences, or offers or threatens to influence, the official act of another.
Extends the meaning of “covered government person” (currently restricted to Members of Congress and congressional employees) to include the President, Vice President, an employee of the U.S. Postal Service or the Postal Regulatory Commission, or any other executive branch employee.
