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Obama signs insider trading ban by lawmakers (AP)
Obama signs insider trading ban by lawmakersWASHINGTON (AP) — President Barack Obama signed legislation Wednesday barring members of Congress, the president and thousands of federal workers from profiting from nonpublic information learned on the job, calling it an embodiment of the fundamental American value of fair play.
Obama said the move to bar insider trading among lawmakers 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 lets the public see more of government officials' financial dealings yet some members of Congress said it fell short. Lawmakers abandoned an earlier proposal to require public reports from people who gather information from Congress and sell it, mostly to investors.
http://news.yahoo.com/obama-signs-insider-trading-ban-lawmakers-160857583.html
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Obama signs insider trading bill, wants more curbs on Congress
WASHINGTON (Reuters) - President Barack Obama called on Wednesday for stricter controls on lawmakers to confront "the corrosive influence" of money in Washington as he signed into law an insider trading ban he said was needed to help restore trust in the U.S. government.
The Democrat, who is running for re-election in November, said the STOCK Act he signed at the White House made plain that members of Congress using non-public information to improve their personal investment portfolios were breaking the law.
Enforcement of the core stock trading disclosure provisions will begin in July.
He also called for more restrictions, saying lawmakers should not be allowed to own stocks in industries they have the power to affect and that people who bundle campaign funds for Congress should not be able to lobby elected representatives.
http://news.yahoo.com/obama-signs-insider-trading-bill-wants-more-curbs-172510016.html
