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For the better part of two years (long before “60 Minutes” showed up!), The Wall Street Journal has been investigating securities trading by members of Congress and their staffers.
Finally, the STOCK Act, which places restrictions on Congressional trading, is about to become law.
Buried in the fine print of the act, however, is this gem:
Not later than 18 months after the date of enactment, the Secretary of the Senate and the Sergeant of Arms of the Senate and the Clerk of the House of Representatives shall develop systems to enable (A) electronic filing of reports… (B) public access to financial disclosure reports… (ii) allow the public to search, sort and download data contained in the reports.
Bear in mind that the STOCK Act doesn’t ban trading by members of Congress and their staffs; it merely places some limits on it. (Perhaps not enough.)
From now on, however, the American taxpayer will foot an even bigger bill to track whatever trades are still being made in the halls of Congress.
By one estimate, that will cost taxpayers $9 million over the first five years.
Why is it that whenever Congress says, “The check, please,” the bill always gets handed to someone else?
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Total Return covers the latest personal-finance and investing news and trends, helping readers make sensible money decisions in a complex financial world. Send your comments, feedback and questions to totalreturn@wsj.com.
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