David Axelrod, left, and Hannah Welsh, right, of Ballard Spahr. Courtesy photos

Introduction

For years, public advocates have questioned securities trading by members of Congress, who have access to nonpublic information. In 2012, Congress passed the STOCK Act, which prohibits U.S. senators and representatives from trading on information they learn in their official capacities and requires frequent financial disclosures. But the STOCK Act has its fair share of issues. The reporting requirements allow weeks to pass before members of Congress must publicly disclose securities transactions, compliance with the act has been difficult to discern, and enforcement has been seemingly nonexistent. Indeed, no charges have ever been brought against a senator or representative under the act.