President Obama has signed a modification to the STOCK Act that delays the implementation of a provision that would have required federal agencies to post on their websites the public financial disclosure forms annually filed by about 28,000 federal employees.
The Stop Trading on Congressional Knowledge Act was signed into law in April but a provision requiring greater financial disclosure of senior federal employees has come under increasing scrutiny. A federal judge had issued a temporary injunction of the provision recently, and last week the House approved, even though it is in recess, a Senate bill (S-3625) that delays implementation of the provision for federal employees until December 8.
The bill also orders a study by the National Academy of Public Administration into the risks of identity theft and other dangers to the employees, as well as the risks to the government. Because that report is not due for six months, the general assumption is that Congress will enact a further delay of the online posting requirement during its post-election session.
Meantime, the online posting requirement applies only to the President, vice president, cabinet and sub-cabinet officials, congressmen and candidates for Congress. Also to be reported online for them are reports on any securities trade over $1,000 that now must be filed within 30 days of making it.
