Would you trust your 7 year old child to “self-regulate” their sugar intake the day after Halloween? Just leave your child with a gigantic bowl of candy, and tell them to use their own discretion. Sounds ridiculous doesn’t it? Members of Congress are now claiming that they will try something akin to that.
Congress doesn’t have a sugar intake problem, it has an insider trading problem.
With this issue recently brought to light, FoxNews reports:
Insider trading laws apply to all Americans, but CBS’ “60 Minutes” in November said members of Congress get a pass, citing investment transactions by party leaders and a committee chairman in businesses about to be affected by pending legislation.
The broadcast report raised questions about trades of House Speaker John Boehner, R-Ohio; the husband of Democratic leader and former Speaker Nancy Pelosi of California; and Rep. Spencer Bachus, R-Ala., chairman of the House Financial Services Committee.
All three denied using any insider information to make stock trades, but the broadcast set off a flurry of efforts in Washington to deal with the public perception.
Due to the revelations from the “60 Minutes” story, the Senate will take up legislation that will prevent Congress members from using information that is “nonpublic” for their personal gain. As expected, the bill has your typical Congressional Acronym to identify its purpose: The STOCK Act, standing for Stop Trading on Congressional Knowledge.
A procedural vote is scheduled for today that would allow this bill, which is endorsed by the President, to see a floor vote later in the week.