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The 2020 congressional insider trading scandal was a political scandal in the United States involving allegations that several members of the United States Senate violated the STOCK Act by selling stock at the start of the COVID-19 pandemic in the United States and just before a stock market crash on February 20, 2020, using knowledge given to them at a closed Senate meeting.
Nevertheless, Congress didn't exempt itself from the law against insider trading -- at least in part because there isn't one. Unlike some other countries, the United States has no law forbidding ...
The Stop Trading on Congressional Knowledge (STOCK) Act of 2012 (Pub. L. 112–105 (text), S. 2038, 126 Stat. 291, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The law prohibits the use of non-public information for private profit, including ...
Trading in Congress has long been criticized by government watchdogs, who say the access to nonpublic information creates a temptation for lawmakers to prioritize their own finances over the ...
Peter Schweizer points out several examples of insider trading by members of Congress, including action taken by Spencer Bachus following a private, behind-the-doors meeting on the evening of September 18, 2008 when Hank Paulson and Ben Bernanke informed members of Congress about the issues due to the financial crisis of 2007–2008, Bachus ...
Congress needs to figure out better rules, Kelly says, to insure the public doesn't think their representatives are acting on “what is in the best interests of members of Congress personally."
In 2006, Reps. Brian Baird (D-Wash.) and Louise Slaughter (D-N.Y.) introduced a bill into Congress. Titled "Stop Trading on Congressional Knowledge" -- a "STOCK" Act -- the bill aimed to prohibit ...
SEC Rule 10b-5, codified at 17 CFR 240.10b-5, is one of the most important rules targeting securities fraud in the United States. It was promulgated by the U.S. Securities and Exchange Commission (SEC), pursuant to its authority granted under § 10(b) of the Securities Exchange Act of 1934. [1]