Since at least 1985 there has been a federal regulation that prohibits government employees from publicly discussing in any manner jobs report numbers before they are released. It’s in place to ensure manipulation of the markets does not take place, and to ensure the perception of integrity of federal agencies.
At 7:21 Friday morning President Donald Trump posted a tweet in apparent violation of federal law.
It’s not the first time the Trump administration has violated this federal law, which was, as ThinkProgress points to, was published in the federal register decades ago. It reads in part, “employees of the Executive Branch shall not comment publicly on the data until at least one hour after the official release time.” The numbers are closely guarded and released at 8:30 AM.
The White House immediately rushed to defend Trump’s actions.
Larry Kudlow, the president’s director of the National Economic Council, admits he shared the good news with Trump Thursday evening – which is entirely legal and customary.
But sharing them with your pals before they are released isn’t, as one writer for The New York wonders about:
CNBC’s John Harwood wondered aloud as well:
And if you’re wondering if Trump’s tweet had any impact on the markets, here’s what Bloomberg Business reporter Lisa Abramowicz has to say:
Many economics experts are making clear Trump’s tweet was likely an illegal act in violation of federal regulations.
The former Chairman of the White House’s Council of Economic Advisers, Austan Goolsbee suggests Trump broke the law:
Former White House aide and CNN political contributor Keith Boykin:
Elizabeth C. McLaughlin, whose bio describes her in part as “a fifteen year career as a full-time Wall Street securities litigator and trial lawyer,” says it’s “Wildly illegal”:
Former Secretary of the Treasury and former Director of the National Economic Council (the position now held by Larry Kudlow), Lawrence Summers:
New York University Stern School of Business professor on what Summers said: