Congress Faces Scrutiny for STOCK Act Violations as New ETHICS Act Advances
Thursday, 15 August 2024, 12:59
Understanding the STOCK Act
Enacted in 2012, the STOCK Act aims to improve transparency among U.S. Congress members regarding their stock trades.
Recent Violations
Despite its intentions, Congress members have repeatedly violated the act by failing to disclose their trades within the required 45-day window.
- Ten politicians caught violating the act since July 24.
- Combined worth of undisclosed trades exceeds $3 million.
Notable Cases
Among the violators, two cases draw particular attention:
- Senator John Fetterman: 31 violations linked to trades involving his children and companies he oversees.
- Representative David Joyce: A violation connected to his own sale of Boeing (NYSE: BA) stock.
The Implications of These Violations
The increasing number of violations raises critical questions about whether the existing act is stringent enough to deter insider trading among U.S. lawmakers.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.