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Correcting the Record on the STOCK Act

Today, Leader Cantor posted a “fact” sheet on the STOCK Act–for accuracy’s sake, see notations in red:

How House Republicans are Strengthening the Senate STOCK Act (Really??)

Specifically prohibit Executive and Legislative Branch officials from gaining preferential access to initial public offerings (True)

Definitively extend the new transaction reporting requirements to all Executive Branch officials who are required to file annual financial disclosures (False, in Senate bill)

Extend the proposed Legislative Branch public disclosure requirements (including making all financial disclosures available online by September 1, 2012) to the Executive Branch (False, in Senate bill)

Extend the current restriction on employment negotiations by senior government officials to the Executive Branch (May weaken existing law)

Extend the current prohibition on attempting to influence private hiring decisions on the basis of political affiliations to the Executive Branch (True)

Ensuring the prohibitions on using nonpublic information for private profit extends to all Executive, Legislative, and Judicial Branch officers and employees (False, in Senate bill)

Delete provision that would require those who peddle political intelligence for profit to register and report

Eliminate the provision that gives law enforcement officials the tools they need to detect and prosecute public corruption added by the Senate and unanimously approved by House Judiciary Committee in December

Leader Cantor has put roadblock after roadblock up to slow this bill down, and it is now clear that the only way to heed the President’s call is to pass Cantor’s bill so we can get a conference committee where Democrats will strengthen the final legislation.

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