Privacy or a Public Accounting?

August 20, 2012 – In The News
The National Law Journal
A group of federal employees is suing to stop the Stop Trading on Congressional Knowledge (STOCK) Act of 2012, a law that would require them to disclose on the internet their financial assets and transactional information – as well as that of their family members.

The STOCK Act of 2012, which became law in April of 2012, bars Congress members and staff from using nonpublic information to make stock trades. It also requires frequent disclosure of their trades for easy compliance monitoring.

Calls from worried federal employees prompted the American Civil Liberties Union to file Senior Executives Association v. U.S. on August 2, 2012.

Scott L. Vernick, a partner and member of the firm’s Media, Defamation & Privacy Law practice, spoke to The National Law Journal about the case.

Vernick told The National Law Journal that the risks to federal employees are high enough to ensure standing even without “injury in fact,” which is required by courts in many data-breach cases.