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Wiley Rein's Robert Walker Comments on STOCK Act
Robert L. Walker, former Chief Counsel to the House and Senate ethics committees and an attorney in Wiley Rein's Election Law & Government Ethics Practice, was quoted in a Bloomberg Businessweek article on the STOCK Act's potential passage and the unintended consequence that may ensnare bank research analysts.
The legislation, which passed the Senate last week and is scheduled for a House vote this week, would prohibit elected officials and congressional employees from making stock investments based on nonpublic information gained through their positions. Bloomberg reports that another provision in the bill "that targets trading in so-called 'political intelligence,'" "may require analysts and others to register with Congress and disclose contacts with government officials."
"There are going to be a lot of entities and organizations who will not want their people anymore to contact government officials to get information which might be used for a number [of] perfectly appropriate purposes," said Mr. Walker.