Diplomats seek changes to insider trading rule - KWWL - Eastern Iowa Breaking News, Weather, Closings

Diplomats seek changes to insider trading rule

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WASHINGTON, D.C. (KWWL) -

American diplomats want to be exempted from parts of a law that bans members of Congress, the president and thousands of other federal workers from profiting from nonpublic information learned on the job.

The union that represents the U.S. Foreign Service said Friday that it has no issue with the intent of the law but wants its members exempted from a requirement that personal financial disclosure statements be posted online.  It said a publicly available database with such information could put diplomats serving overseas at greater risk of kidnapping and make them more attractive targets for hostile foreign intelligence services seeking to recruit spies or obtain classified information.

The American Foreign Service Association said it is seeking amendments to the STOCK Act to remedy the matter.

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