What Is The Stock Act, And How Will Trump Violate It?
December 22, 2016
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7:30Now PlayingWhat Is The Stock Act, And How Will Trump Violate It?
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as posted by the channelDonald Trump should be impeached on day one... Cenk Uygur and John Iadarola, hosts of The Young Turks, break it down. Tell us what you think in the comment section below.
"By walking onto the inaugural platform outside the Capitol and putting his hand on a Bible on Jan. 20, Donald Trump may be stepping closer to committing a felony than he ever imagined when he launched his unlikely bid to become the nation’s 45th president.
That’s because Congress passed a law in 2012 called the Stock Act, which explicitly bars the president, members of Congress and senior executive branch officials from using their insider knowledge to make money.
Obeying the law is not especially difficult for most people. But most people do not have access to the immense amount of secret information that presidents deal with every day. And no presidents before have been billionaires with business holdings spread around the world.
The law is clear in saying that the president cannot do anything that resembles helping friends, family members or himself to make a profit off of information he gains from doing his job.
“It’s the same as it applies to the American people,” said Sen. Kirsten Gillibrand (D-N.Y.), the lead author of the Stock Act. “You cannot trade on nonpublic information. That is a criminal violation of the law.”
“The president, the vice president, Cabinet secretaries, all of them have to play by the same rules as every other American,” Gillibrand added. “And that’s what the Stock Act ensures.”
Indeed, the director of the federal Office of Government Ethics, Walter Shaub, recently declared as much in a letter explaining his official guidance to Congress.
“The Stock Act bars the President, the Vice President, and all executive branch employees from: using nonpublic information for private profit; engaging in insider trading; or intentionally influencing an employment decision or practice of a private entity solely on the basis of partisan political affiliation,” the letter says.”*
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Hosts: Cenk Uygur, John Iadarola
Cast: Cenk Uygur, John Iadarola
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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. Young person who rebels against authority or societal expectations. (American Heritage Dictionary)
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