Congress voted for less transparency by scrapping online reporting rules in the STOCK Act.
On Wednesday, President Obama signed the STOCK Act into law. The acronym stands for Stop Trading on Congressional Knowledge Act.
The act bars members of Congress, executive branch employees and judicial employees from profiting off nonpublic information gleaned on the job, according to a statement from the White House press secretary on Wednesday.
In his remarks at the signing, President Obama said:
The STOCK Act makes it clear that if members of Congress use nonpublic information to gain an unfair advantage in the market, then they are breaking the law. It creates new disclosure requirements and new measures of accountability and transparency for thousands of federal employees. That is a good and necessary thing.