Obama signs law limiting disclosure requirements

AP News
Posted: Apr 15, 2013 2:57 PM

WASHINGTON (AP) — President Barack Obama has signed into law a bill that repeals some financial disclosure requirements for higher paid federal officials.

The legislation, passed by Congress last week, addressed fears that publishing such personal holdings could lead to identity theft and create a national security risk.

Open government groups called the legislation an overreaction.

The president, vice president, members of Congress and numerous presidential appointees still must disclose their information.

The provision was part of the Stop Trading on Congressional Knowledge act, aimed at curbing perception that lawmakers were trading on insider information.

White House spokesman Jay Carney cited last month's National Academy of Public Administration report, which recommended suspending the disclosure requirement.

Carney said that report "points to substantial national security, personal security and law enforcement issues on this matter."