Barack Obama, President of the United States, has signed a legislation that will bar members of Congress, the president, and thousands of federal workers from profiting from non-public information learned on the job. Obama termed insider trading as an embodiment of the fundamental American value of fair play and said the move would assure everyone “plays by the same rules.”
“It’s the notion that the powerful shouldn’t get to create one set of rules for themselves and another set of rules for everybody else,” Obama said.
“If we expect that to apply to our biggest corporations and our most successful citizens, it certainly should apply to our elected officials,” Obama said.
The new law called the Stop Trading on Congressional Knowledge or the STOCK Act requires that public reports of new transactions exceeding $1,000 should be posted online either thirty days after the individual was notified of a transaction in his or her account, or 45 days after the transaction.