Update: we have learned that the current iteration of HR 682 is HR 1148 [7], it's purpose is "To prohibit commodities and securities trading based on nonpublic information relating to Congress, to require additional reporting by Members and employees of Congress of securities transactions, and for other purposes" sponsored by Tim Waltz, and as of June 1 was... referred to the Subcommittee on the Constitution.
Following yesterday's 60 Minutes grotesque special [8]which finally exposed to the general public what most experts in the industry have known for many years, namely that the bulk of "profits" for Congressmen (at a fixed $174,000 salary [9] for the current year) and Senators are made courtesy of perfectly legal insider trading, it is time to ask the logical next question: how is it possible that the US system of checks and balances has failed so spectacularly, as to allow a glaringly illegal activity for everyone else to proceed and to generate multi-million dollar windfalls for congressional and senatorial critters? It would be perfectly understandable if some very righteous anger accompanies said question. Well, as it turns out, some, very few, Congressmen have a conscience and do believe in operating within the confines of the law, and 2 years ago proposed HR 682: Stop Trading On Congressional Knowledge Act. HR 682 [10], sponsored by Rep. Brian Baird, has a purpose "To prohibit securities and commodities trading based on nonpublic information relating to Congress, and to require additional reporting by Members and employees of Congress of securities transaction, and for other purposes." Wonder why you have never heard of HR 682, aside from the obvious: that Congress would never vote in a law to cut off this massive illegal form of funding for itself: "This bill never became law [11]." Well, duh.
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But Nancy said she didn't do that, so it MUST be wrong.
ReplyDeleteOh yeah, she made her millions so she actually might be for it now that she has been caught.
Fire em all! They are useless and only out for themselves.
every law they pass should cover them also! health care, ssi, everything!
ReplyDeleteThey should have also made this bill to include their close family members. The way it's written, it would not prevent a spouse of an elected official or their other close family members from reaping the same "benefits" from "priveledged" information.
ReplyDeleteAnother bill put together half a$$ed but most people don't see these things!
Healthcare reform was done the same way, that's why it will never work.