‘Stock Act’ sticks taxpayers with $1.7 million tab

3.26.12

Demonstrators climb the Charging Bull sculpture at Bowling Green Park near Wall Street during the Million Hoodie March, Wednesday, March 21, 2012 in New York. (AP Photo/Mary Altaffer)

Paul Bedard - Washington Examiner:

This wasn’t supposed to happen. In Congress drive to clean up its act and pass the “Stock Act” to provide transparency to Wall Street holdings members have, taxpayers are getting stuck with the bill.

Senate Sergeant at Arms Terrance Gainer reveals that it will cost $1.5 million to develop software and programs to provide the easy-to-use electronic disclosure of lawmaker holdings required in the legislation.

Plus, he adds, when up and running, it will likely cost another $200,000 a year just to operate and maintain.

The act was passed after new controversies arose over the massive stock portfolios of congressional leaders who work on legislation impacting the very companies they’re invested in. Nobody has suggested--yet--that maybe some of their profits should fund the sunshine initiative, not taxpayers.