Monday, April 22, 2013

New law to re-neg on Fed Employee financial disclosure

A sad story of our great country's leadership reneging on a commitment to make their financial dealings more transparent.  Make nice sound bites when the spotlight is on and then weaken the people's ability to hold you accountable while they are not watching.  Impressive how the Senate, Congress, and the President can rush a bill through in the current bipartisan political environment.  Obscuring financial dealing is clearly something that our representatives can all agree upon.

Congress this week approved a bill to free thousands of federal government employees from having to disclose their financial dealings online, rushing the bill through the Senate late Thursday and through the House on Friday.

Last year, after CBS’s “60 Minutes” did a report suggesting that some government officials were financially benefiting from insider knowledge of federal actions, Congress quickly passed the Stock Act, which was designed to crack down on insider trading.
Part of the law required that senior government officials’ financial disclosure reports — which they are already required to submit in paper — be made available online in a searchable, sortable format. The belief was that publishing them online would make it easier for reporters and the public to try to spot illicit dealings.

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