On March 22, Congress voted to extend the insider trading laws to members of Congress and their staff (as well as judicial and executive branch employees), making it a crime for a member to trade stocks based on material, non-public information obtained in the performance of the member’s duties. In a divided Congress, there was near uniform support for the law—the “Stop Trading on Congressional Knowledge Act of 2012 (the STOCK Act)—with 96 senators and 417 House members voting in favor of the final version of the act.
But the STOCK Act does much more than bar members of Congress from using what they learn on the job to play the stock market. The act has serious implications for how members and their staff interact with the public, implications that raise doubt about the constitutionality of the STOCK Act.
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