Obama signs into law a partial repeal of STOCK Act

April 15, 2013 at 5:59 PM

WASHINGTON, April 15 (UPI) -- U.S. President Obama signed a partial repeal of the STOCK Act, citing concerns about an online database of investment information of Capital Hill employees.

White House press secretary Jay Carney said Congress changed the online database provision after National Academy of Public Administration experts reviewed the provision and recommended it be indefinitely suspended, Roll Call reported.

"Both houses of Congress passed this bill unanimously and it was not done in a vacuum," Carney said.

Obama signed the the partial repeal of the Stop Trading on Congressional Knowledge Act Monday.

Advocates of the legislation criticized the repeal of the searchable online database both because it flew in the face of accountability and for the lack of debate before passage in either the House or Senate.

Some of the information will still be available to the public, but people wanting the information will have a more difficult time obtaining it without a searchable online database, Roll Call said.

The bill Obama signed also delays until Jan. 1, 2014, the date by which systems must be developed to allow public access to financial disclosure forms of covered individuals.

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