Home / Civilian / Senior Executives Association Questioning STOCK Act Requirements

Senior Executives Association Questioning STOCK Act Requirements

Photo: Sergej Khackimullin

Senior Executives Association members have issued letters of concern to Congress regarding legislation meant to combat insider trading by government officials based on political intelligence, GovExec reports.

SEA President Carol Bonosaro and General Counsel William Bransford filed their complaints in regard to the Stop Trading on Congressional Knowledge Act, signed by President Obama merely two weeks ago.

Bonosaro and Bransford told the House Oversight and Government Reform and the Senate Homeland Security and Governmental Affairs committees that they believe the law is detrimental to career senior executives.

They claimed the law would create difficulty retaining senior executives and scientific professionals.

They specifically note section six of the law, requiring executives to file a report of financial transactions within 30 days.

This measure would create a database of financial disclosure reports compiled by the Office of Government Ethics of all executive branch employees, the SEA leaders said.

SEA opposed the bill before it was passed and the SEA leaders suggest the requirements make it easy for senior executives to either forget or not have time to file information about their financial transactions in the given time period.

The leaders said senior executives may not receive the necessary documentation to report their financial actions in the specified window.

In addition, the law requires federal workers to disclose information about their spouses’ and dependencies’ finance, which could be accessed by the public if they file a request.

The SEA leaders suggest this will harm members’ ability to effectively plan retirement.

Another concern is that the database makes employees vulnerable to identity theft.

Sen. Joe Lieberman, (I-Conn.), chairman of the Homeland Security and Governmental Affairs Committee was among the few representatives responding to the SEA’s concerns.

Lieberman said he was concerned certain provisions were overboard and said he is open to examining the bill more closely.

Check Also

DARPA Launches Program Seeking High Performance Computing for Military Simulators

The Defense Advanced Research Projects Agency launched a new program to improve how virtual training environments replicate real-world interactions and host more complex systems. DARPA unveiled Monday that the Digital RF Battlespace Emulator program intends to build a new breed of High Performance Computing capable of supporting advanced radio frequency for simulators. 

Leave a Reply

Your email address will not be published. Required fields are marked *