Date: October 3, 2012
The President Signs S. 3625
On September 28, 2012, President Obama signed into law S. 3625 (Public Law 112-178). On September 22, 2012, the Senate passed S. 3625 by unanimous consent. The House passed the bill on September 28, 2012 by unanimous consent during the pro forma session.
Generally, the bill extends the effective date of the Stop Trading On Congressional Knowledge (STOCK) Act of 2012 (Public Law 112-105) to December 8, 2012, the date by which certain Executive Branch public financial disclosure forms must be made available on the internet. (Certain high-level filers occupying positions listed at Level I and II of the Executive Schedule are excepted.)
The new law also clarifies that an employee subject to the periodic transaction reporting requirement under the Ethics in Government Act of 1978 must also report any purchase, sale, or exchange of securities by the employee’s spouse or dependent children. The periodic transaction reporting requirements for an employee’s spouse and dependent children cover transactions occurring on or after January 1, 2013.