Obama to sign lawmaker insider-trading law WASHINGTON, April 4 (UPI) -- U.S. lawmakers must obey insider-trading laws like everyone else, the White House said, as President Barack Obama prepared to sign a law curbing such trading. Obama was scheduled to sign the Stop Trading on Congressional Knowledge Act, or STOCK Act, at 11:55 a.m. EDT Wednesday, the White House said. The legislation, which the House and Senate passed on bipartisan votes, prohibits congressional employees and their families -- along with the president, vice president, thousands of executive branch workers and the judiciary -- from buying and selling securities based on their possession of non-public information they gained through their jobs. A book by Hoover Institution research fellow Peter Schweizer, titled "Throw Them All Out," published in November 2011, alleged congressional lawmakers of both parties routinely engaged in insider trading, which is illegal on Wall Street. The book inspired a CBS News "60 Minutes" report spotlighting alleged congressional insider trading. The STOCK Act requires lawmakers and executive-branch and agency officials to file regular securities-transaction reports, as well as annual statements. The reports, along with other financial-disclosure information, must be posted online and searchable. It denies federal retirement benefits to the president, vice president or an elected state or local official convicted of certain felonies.