The STOCK Act

[Gaspar]

Two weeks since it passed congress, it still sits on Reid's desk awaiting delivery to the president. 

SOTU is long forgotten.  The media has lost interest.  The president has changed the subject.

It sits there with all of the other bills that the president would rather not address.

"Send me a Bill that bans insider trading by Congress I will sign it tomorrow."

Contact the president and request that he act on this bill immediately. I have done so, as have most of the members of my family.

http://www.whitehouse.gov/contact/submit-questions-and-comments/old2

Mr. President

I request that you sign the STOCK Act, as you promised you would do in your state of the union address earlier this year.  It has now been two weeks since the bill was overwhelmingly approved in both houses, and delivered to Senator Reid's desk for delivery to yours.  Your signature on this bill represents an extremely popular act of bipartisan leadership that will no doubt benefit your 2012 bid to retain your position as our President.

While the act of signing this bill into law may only take a few seconds of your time, the result of this legislation will represent the most powerful action taken during your presidency against unethical behavior within both the legislative and executive branches of government.  Your signature on the STOCK Act will be the a historical success attributed to your leadership and your time as the 44th president of The Untied States.

As many Americans turn their attentions toward economic issues and impending increases in the cost of living due to higher energy prices and a contracting labor force, your public action on this bill will help to reassure many that you intend to keep your word, and continue your tireless fight for an America that gives every citizen a the same advantage, without granting special consideration to a select few.

I humbly request that you sign this bill today so that it may become law immediately. 

I thank you for your service and your sacrifice as President.

Respectfully,

Scott Gaspar

[Townsend]

Two weeks since it passed congress, it still sits on Reid's desk awaiting delivery to the president.  

SOTU is long forgotten.  The media has lost interest.  The president has changed the subject.

It sits there with all of the other bills that the president would rather not address.

You've still got a bit.  Not on Reid's desk yet.

http://thehill.com/blogs/on-the-money/1007-other/212107-sec-head-signs-off-on-stock-act

Both the House and Senate overwhelmingly passed versions of the STOCK Act earlier this month, and a conference committee likely will be established to rectify differences between the two.

[Hoss]

You've still got a bit.  Not on Reid's desk yet.

http://thehill.com/blogs/on-the-money/1007-other/212107-sec-head-signs-off-on-stock-act

Are you saying Gas didn't research where the bill was yet?  Say it isn't so!

[Townsend]

Are you saying Gas didn't research where the bill was yet?  Say it isn't so!

I imagine there was a Fox News opinion piece.

[Gaspar]

No, these are all things that can happen, and have happened in less than a day.

Next we will hear that the bill is being re-printed and bound, then gift-wrapped.  Then it will go to the office of labeling and engraving so that the pens can be engraved with the name of the bill. . .

[Townsend]

No, these are all things that can happen, and have happened in less than a day.

Next we will hear that the bill is being re-printed and bound, then gift-wrapped.  Then it will go to the office of labeling and engraving so that the pens can be engraved with the name of the bill. . .

Oooohhhhhhhhh, ok

I don't trust any of them either but I don't trust any of them equally.

[Gaspar]

The bill still sits awaiting signature.  According to GovTrack, it has not moved since Feb, 9th.

Feb 9, 2012: Message on House action received in Senate and at desk: House amendment to Senate bill.

The CBO Reporting is complete, and the bill could be wrapped up and passed today.

Funny how we have to pass 2,000 page bills overnight without reading them, but simple useful bi-partisan legislation is allowed to rot.

[Townsend]

http://www.washingtontimes.com/news/2012/mar/6/stock-act-remains-stalled-in-senate-a-month-after-/

He said he is struggling to gather enough support for a conference committee to hash out differences with the House bill after Majority Leader Eric Cantor, Virginia Republican, stripped out provisions expanding the definition of who qualifies as a lobbyist and granting new tools to prosecute criminal conduct by public officials.

So one side is saying "It's sitting on his desk" and the other side is saying "they stripped it of any meaning and we're waiting to meet with them to fix it".

I have a feeling it won't mean a thing when it's passed.

[Townsend]

http://thehill.com/blogs/on-the-money/1007-other/214531-slaughter-worries-as-stock-act-loses-steam

Slaughter worries as STOCK Act loses steam

Rep. Louise Slaughter (D-N.Y.) is worried that her legislation curbing insider trading may be losing steam and that a weaker version of the bill could become law.

The original backer of the Stop Trading on Congressional Knowledge (STOCK) Act wrote to House and Senate leaders Tuesday, begging them to establish a conference committee where backers of provisions trimmed from the existing bill have a "fair chance" to protect them.

Slaughter's plea came amidst reports that Senate Majority Leader Harry Reid (D-Nev.) was mulling just taking up the House version of the bill. She said there was "growing concern" among backers of the bill that legislation had screeched to a halt, and that it is a "foregone conclusion" that the weaker House version of the bill would move forward.

"I urge you in the strongest possible terms to convene a conference committee and look forward to working with you to pass the STOCK Act into law," she wrote.





Following reports suggesting members of Congress were using private information obtained in their work to personally profit, both chambers were eager to pass the STOCK Act in a bid to clear their names with the American people. President Obama joined the push in his State of the Union address, calling on Congress to send him the bill.  Both chambers did pass the measure overwhelmingly, but differed on two key provisions, which were stripped out of the Senate-passed measure by House Majority Leader Eric Cantor (R-Va.).

One provision would require so-called "political intelligence" firms that seek out private congressional information to sell to financial traders to register in a similar way to lobbyists, while another would have made it easier for prosecutors to pursue public corruption. Slaughter in particular has loudly called for the return of the political intelligence provision, which Cantor had criticized as having overbroad language.

Since the House passed the measure at the beginning of February, the bill has not moved an inch. Slaughter and other backers of the original measure, including House Minority Leader Nancy Pelosi (D-Calif.) have called for a conference committee to be established, but there has been no action on that front. Sen. Chuck Grassley (R-Iowa) has also backed a conference committee, as he proposed the Senate amendment including the political intelligence provision originally. Reid voted against it.

[Gaspar]

Good news!

The STOCK ACT was placed squarely on President Obama's desk, right between the Post-It notes and Farside calendar on Thursday afternoon.

I expect a quick signature and press conference.

http://www.nytimes.com/2012/03/23/us/politics/insider-trading-ban-for-lawmakers-clears-congress.html

[Gaspar]

While everyone was distracted, the STOCK act was quietly gutted by the white house.
http://finance.yahoo.com/blogs/breakout/stock-act-gets-gutted-why-care-173159298.html

Shhhhhhh. 

[heironymouspasparagus]

While everyone was distracted, the STOCK act was quietly gutted by the white house.
http://finance.yahoo.com/blogs/breakout/stock-act-gets-gutted-why-care-173159298.html

Shhhhhhh.  

You mean the bill the House and Senate both passed before he could sign it....

You didn't really think that would stand anyway, did you??

I wonder how Inhofe voted on that?  I'm betting he voted for it.

[Gaspar]

You mean the bill the House and Senate both passed before he could sign it....

You didn't really think that would stand anyway, did you??

I wonder how Inhofe voted on that?  I'm betting he voted for it.

I don't think you understand what happened.  The STOCK act was passed by the house and the senate and put on the president's desk over a year ago!  It was a good bill.  It sat there for OVER A YEAR with no consideration by the president.   The only good bill to come out of this administration, the STOCK act had overwhelming public support and would end much of the privilege at the root of government corruption. 

Then a couple of weeks ago Senate Bill 716 was introduced by Harry Ried, passed by unanimous consent in both houses, and quickly signed by the president on a day when the media was pre-occupied with other things.  It neutered the STOCK act.  In over a year, the president couldn't find a pen to sign the STOCK act, yet in under 3 days, durring a terrorist attack, he found time to sign the bill that killed it.  OUTSTANDING!




WE ARE CHUMPS

[swake]

I don't think you understand what happened.  The STOCK act was passed by the house and the senate and put on the president's desk over a year ago!  It was a good bill.  It sat there for OVER A YEAR with no consideration by the president.   T

You need to check your facts, a bill can't stay unsigned by the president for a year, or even two weeks. He has ten days:

Article 1, Section 7 of the U.S. Constitution:

If any Bill shall not be returned by the President within ten days (Sundays excepted) after it shall have been presented to him, the same shall be a Law, in like manner as if he had signed it, unless the Congress by their Adjournment prevent its return, in which case it shall not be a Law.

[Gaspar]

You need to check your facts, a bill can't stay unsigned by the president for a year, or even two weeks. He has ten days:

Article 1, Section 7 of the U.S. Constitution:

Cautious semantics. Reid never sent it to the president's desk.  Even though the president knew of its passing and his pending signature.  Sure he could have requested it, but the limbo of Harry Reid's chambers offered a good hiding place. The STOCK act was a good bill, but those corrupted by their corporate overlords never intended to allow it to go any further.  It's passage in the House and Senate was a PR stunt.  It's destruction was perfectly timed.  What a bunch of Sh!tbags!

Perhaps there should be a bill introduced stating that when both houses of congress pass legislation it must be sent to the president's desk within 10 days?



Remember the face of corruption.  When you are frustrated because government works against you instead of for you, remember this face.