President Obama signed the STOCK Act Wednesday, forbidding members of Congress and their staffs from trading securities based on inside information.
Obama said the bill, formally known as the Stop Trading on Congressional Knowledge Act, will help reduce “the deficit of trust between this city and the rest of the country.”
Noting that the bill passed with bipartisan support, he said, “Our work isn’t done… We should limit any elected official from owning stocks in industries they can impact.”
Republicans attending the signing ceremony included Sen. Scott Brown (R-MA), who is in a neck-and-neck race with former Obama administration adviser Elizabeth Warren.
Rep. Louise Slaughter (D-NY), who has been promoting the legislation for the last six years, was unable to attend the ceremony after breaking her leg during a trip to New York.
Slaughter and others had pushed, unsuccessfully, for a provision requiring registration and reporting of political intelligence activities.
Although the Senate approved the provision, the House did not, and the version signed by Obama included no such requirements.
The act does mandate financial disclosure reports not only for members of Congress, but for staff, congressional candidates and executive-branch employees.