Richard Pildes had this information in Election Law Blog. Here is an excerpt:
The undeniable truth is that sunlight alone will not disinfect the congressional stock trading problem. The first 10 years of the 2012 Stop Trading on Congressional Knowledge (STOCK) Act proved that stock trading disclosure laws without stock trading restrictions make the problem worse, which means reform is inevitable.
Comparing the repercussions from compliance and noncompliance with the STOCK Act demonstrates the fatal flaw of relying on a disclosure-only law to combat insider trading.
When lawmakers comply with the disclosure law and promptly report their stock transactions, they often raise unresolved questions of noncompliance with the insider trading ban. For example, Rep. Mike Kelly (R-PA) timely reported that his wife bought stock in steel company Cleveland-Cliffs.
Read the full article here.
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