While You Weren’t Looking . . .


. . . Congress did it again:

Congress quietly repeals financial transparency rules for government officials

With little fanfare, the House quickly voted Friday to repeal a financial transparency requirement for senior government officials, which was part of a much-heralded government transparency bill last year.

Members passed S. 716 by unanimous consent, with no debate and no description on the floor about what the bill would do. The Senate passed it in the same fashion on Thursday.

The bill amends the Stop Trading On Congressional Knowledge (STOCK) Act, which was passed last year on the heels of complaints that members of Congress and senior officials are using their government knowledge to enrich themselves through stock trades or other actions.

Among other things, the STOCK Act required roughly 28,000 senior officials to post their financial details online. But that requirement was immediately criticized by these officials, some of whom said it could pose a national security risk.

Congress twice delayed the reporting requirement, and the last delay was due to expire on Monday, April 15. That delay called for a study of the issue by the National Academy of Public Administration to study the requirement further.

On April 1, that group recommended ending the requirement for senior officials.

The bill approved by the Senate on Thursday and by the House today would permanently end this requirement, by saying the reporting requirement for senior government officials “shall not be effective.” The reporting requirements would still apply to the president, vice president, members of Congress and candidates for Congress.

House passage of the bill sends it to President Obama for his signature into law.

Obama quietly signed it into law today.

Who said bipartisanship was dead? I believe the expression “Thick as thieves” is appropriate here.

NOTE: I stickied this to the top of the front page because I think it’s an important story and it originally posted just minutes before the explosions in Boston. I’ll leave it stickied until there is more news tomorrow.

About Myiq2xu - BA, JD, FJB

I was born and raised in a different country - America. I don't know what this place is.
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15 Responses to While You Weren’t Looking . . .

  1. HELENK says:

    explosions with injuries at finish line of boston marathon. on fox news now

  2. jeffhas says:

    No party gets my votes or donations until they send me an honest candidate. Until then, I will vote for whichever candidate will cause the most pain to the party in power. I guess that means pretty much no incumbents.

  3. yttik says:

    Yayyy! Congress has finally discovered bipartisanship and efficiency! Oh…wait.

    Actually I can’t fault them for repealing this. It was another utopian policy with no attention to detail. People would hear about it and think it ended corruption and created transparency, without asking what the consequences were with collecting and making public the financial records of 23,000 people. Not to mention, who would collect the data, who would pay for it, who would oversee it.

    It’s a bit like “free healthcare for everyone” or “close Guantanamo” or “end the war.” Yeah, well the devil is always in the details.

    • elliesmom says:

      My husband worked for G..D. Searle in the 70’s. As part of his compensation he was given stock options. One of the conditions was that if he decided to leave the company, he would have to exercise the options or lose them. He gave his notice and put in a sell date. Just before the sale, the FDA approved aspartame, (Nutrasweet), and we made a little more money than expected. He worked in a completely different division of the company and had no inside knowledge, but he was questioned by the SEC. If they have the manpower to investigate the little guy who makes just a little, they can keep their eye on our congresscritters.

  4. Talk about a Grand Bargain. Good catch, not that anything will ever come of it.

  5. myiq2xu says:
  6. myiq2xu says:
  7. myiq2xu says:

    There is supposed to be a presser on the BM bombing investigation at 930 eastern.

  8. myiq2xu says:

    The cops were there for about nine hours and removed several bags of evidence.

    • elliesmom says:

      While the story continues that the fire at the JFK library is unrelated, my niece, who is a student at UMass Boston where the library is located, says her classes have been cancelled for the day, and the FBI is still all over the place.

  9. votermom says:

  10. votermom says:

    Good rant


    Any American with half a grain of love for their nation was filled with rage today; absolute fury at the idea that some piece of human excrement dared to turn a piece of our land into that, and our innocent people into charred, shredded, screaming flesh. The absolute question is WHO? WHY? And yet, I’m told we aren’t allowed to ask. In fact, to paraphrase one prominent conservative, if you politicize this right now, you’re an insensitive jerk—because right now, the ONLY thing we should be allowed to talk about are the victims. Quite frankly, that’s crap, and here’s why.

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