President Barack Obama signed a bill preventing members of Congress, the president and thousands of federal workers from engaging in insider trading Wednesday. Insider trading is using information learned on the job in the stock market.
The bill is called the STOCK Act, or Stop Trading on Congressional Knowledge. It requires that public reports of transactions exceeding $1,000 be put online 30 days after the individual was notified of the transaction or 45 days after the transaction.
Obama told the Christian Science Monitor that the law would make sure everyone “plays by the same rules.”
The law allows the public to see more government officials’ financial dealings.
Polls show that only 12-19 percent of Americans approve of how Congress is doing, and the bill is partially an attempt to improve ratings.
Enforcement of the law will begin in July, reports Reuters. It passed the House in February and the Senate in March. Obama asked for the bill during his State of the Union address.