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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.
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 ...
President Biden has declared his support for banning sitting members of Congress from trading stock — an eleventh-hour pivot after four years of silence over the controversy.
Similarly, Robert Khuzami, director of the Enforcement Division, testified before Senate in November that to win an insider trading case against a member of Congress, the SEC would have to ...
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 ...
Both top lawmakers and the most dogged advocates of stock ban legislation seem to agree — Congress has run out of time to strengthen ethics. The effort to ban members of Congress from trading ...
The two Senators proposed the most aggressive option so far to ban stock trading not just by lawmakers but also by members of their immediate family: the Ban Congressional Stock Trading Act, which ...
2004: Pulling back the curtain on congressional insider trading In 2004, Professor Alan Ziobrowski of Georgia State University published a paper titled " Abnormal Returns From the Common Stock ...