Obama signs STOCK Act delay for senior executives

Jason DeCrow/AP

President Obama signed into law a bill delaying the online posting of senior executives’ personal finances until spring 2013.

The law postpones the posting requirement for thousands of high-ranking career employees subject to the 2012 Stop Trading on Congressional Knowledge Act until April 15. Congress passed the bill last week and Obama signed it into law Dec. 7, one day before the current deadline expired.

The STOCK Act, designed to combat insider trading in government, requires lawmakers, congressional staffers and thousands of executive branch employees to submit their personal financial details to an online, searchable public database. Proponents of the law cite the importance of transparency to deter nefarious behavior, but many oppose including the finances of federal career executives in the online database. Those disclosures also would affect the spouses of federal employees, regardless of where they work. High-ranking government personnel currently file financial disclosure forms to the Office of Government Ethics; they are available to the public upon written request.

Congress earlier this fall delayed the posting requirement for career feds until Dec. 8. The latest delay, which also applies to congressional staffers, is the third such postponement. The public financial disclosure requirement for the president, vice president, lawmakers, congressional candidates and political appointees took effect on Sept. 30.

Under pressure from several groups over the STOCK Act, Congress already had pushed back the deadline from Aug. 31 to Sept. 30 for federal executives and others covered by the law to provide personal financial information for the public database. In September, a federal district court judge, issued a temporary preliminary injunction postponing enforcement of the STOCK Act until Oct. 31.

Various organizations, including the Senior Executives Association and the American Foreign Service Association, have objected to making 28,000 high-ranking career employees subject to the requirements of the STOCK Act. SEA cited numerous unintended consequences that could result from posting the financial details of the senior civil service corps online, including identity theft, security threats to employees and their families living overseas, and personal safety and national security threats posed to intelligence personnel working undercover in foreign countries.

The bill that delayed the posting requirement for senior executives until Dec. 8 also directed the Office of Personnel Management to work with the National Academy of Public Administration to study the issues raised by the public disclosure of career employees’ finances and report to Congress with recommendations within six months. That report is due March 28.

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
Close [ x ] More from GovExec

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Sponsored by Brocade

    Best of 2016 Federal Forum eBook

    Earlier this summer, Federal and tech industry leaders convened to talk security, machine learning, network modernization, DevOps, and much more at the 2016 Federal Forum. This eBook includes a useful summary highlighting the best content shared at the 2016 Federal Forum to help agencies modernize their network infrastructure.

  • Sponsored by CDW-G

    GBC Flash Poll Series: Merger & Acquisitions

    Download this GBC Flash Poll to learn more about federal perspectives on the impact of industry consolidation.

  • Sponsored by One Identity

    One Nation Under Guard: Securing User Identities Across State and Local Government

    In 2016, the government can expect even more sophisticated threats on the horizon, making it all the more imperative that agencies enforce proper identity and access management (IAM) practices. In order to better measure the current state of IAM at the state and local level, Government Business Council (GBC) conducted an in-depth research study of state and local employees.

  • Sponsored by Aquilent

    The Next Federal Evolution of Cloud

    This GBC report explains the evolution of cloud computing in federal government, and provides an outlook for the future of the cloud in government IT.

  • Sponsored by Aquilent

    A DevOps Roadmap for the Federal Government

    This GBC Report discusses how DevOps is steadily gaining traction among some of government's leading IT developers and agencies.

  • Sponsored by LTC Partners, administrators of the Federal Long Term Care Insurance Program

    Approaching the Brink of Federal Retirement

    Approximately 10,000 baby boomers are reaching retirement age per day, and a growing number of federal employees are preparing themselves for the next chapter of their lives. Learn how to tackle the challenges that today's workforce faces in laying the groundwork for a smooth and secure retirement.

  • Sponsored by Hewlett Packard Enterprise

    Cyber Defense 101: Arming the Next Generation of Government Employees

    Read this issue brief to learn about the sector's most potent challenges in the new cyber landscape and how government organizations are building a robust, threat-aware infrastructure

  • Sponsored by Aquilent

    GBC Issue Brief: Cultivating Digital Services in the Federal Landscape

    Read this GBC issue brief to learn more about the current state of digital services in the government, and how key players are pushing enhancements towards a user-centric approach.

  • Sponsored by CDW-G

    Joint Enterprise Licensing Agreements

    Read this eBook to learn how defense agencies can achieve savings and efficiencies with an Enterprise Software Agreement.

  • Sponsored by Cloudera

    Government Forum Content Library

    Get all the essential resources needed for effective technology strategies in the federal landscape.


When you download a report, your information may be shared with the underwriters of that document.