Congress Doesn’t Want to Give Up Its Insider Trading Privileges
by Publius
President Obama’s plea to ban Congressional insider trading may poll well and have bipartisan support, but it’s already facing stiff resistance from lawmakers the morning after his State of the Union address.
On Tuesday night, the president spoke in no uncertain terms: “Send me a bill that bans insider trading by Members of Congress, and I will sign it tomorrow,” he said. “Let’s limit any elected official from owning stock in industries they impact.” The remarks were cause for celebration for Breitbart editor Peter Schweizer, who authored a 2011 book exposing Congressional insider trading, and 60 Minutes, which ran a widely-viewed segment based on his book (CBS quicklyuploaded the portion of the speech last night). But early reactions from Congress (Republicans and Democrats) shouldn’t encourage much optimism.
“Easier said than done is my reaction,” Democratic Rep. Jim Moran tells Politico’s Manu Raju on the subject of restricting officials from owning stock they could impact. “Unless you are fairly precise about it, you can conceivably influence almost any corporation.”
“It’s all transparent – if you own stock, you have to report it,” said Republican Sen. Rob Portman, defending the current rules governing personal finances.
“It’s a good sentiment, but it becomes very difficult to buy a mutual fund and then wonder what they bought,” Senate Majority Whip Dick Durbin, the No. 2 Democrat in the Senate, told the D.C. newspaper. “And many of us are trying to find some way to divorce ourselves from that possibility. It is hard when we consider so many different issues.”
Read more at The Atlantic.
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74 Comments
Kick them out! No pay either!
What a shocker, Congressmen laying the foundation for this movement to fail. In other news, the fox gained control of the hen house.
"“Unless you are fairly precise about it, you can conceivably influence almost any corporation.”"
that is precisely the problem; administrative rules, regulations, subsidies, tax breaks, loopholes, fiat money all point to a government with far more tentacles and far more reach than anything consistent with a free country or a free market economy.
That quote could be a Tea Party ad script.
It would be fairly easy to make them put their investments in a blind trust while they are in office, and possibly for a set time after they leave office.
Criminally prosecute any caught gaming the system by giving out tips to family members or friends just like they would any of us.
President Obama stated last night ""Millions of Americans who work hard and play by the rules every day deserve a government and a financial system that do the same," Obama said. "It's time to apply the same rules from top to bottom" which sounds great in a speech when he knows they will not be forced to live by these rules.
In reality there is nothing going to make Congress or The President live under the rules they make us live, because of the way the country makes it's laws by the very people who exclude themselves from such laws such as Obamacare.
Since WE THE PEOPLE employ these people we should have the right by vote to decide how long they hold these jobs, what their pay should be and what benefits they should get while employed by US citizens who pay their paychecks.
Until that day comes they will always have an unfair advantage over any ordinary US citizen no matter what other laws they pass.
When do we get a say in these matters?
Just like the people voting themselves more entitlements, the ruling class doesn't want to give up the perks. Dumbfounding,,,,,,,,,,,,,,
Nope… I agree with Barney Frank…(WOW, did I just say that?) He invests exclusively in tax free municipal bonds in the state of Mass… I think that is a great investment for congress members. If they are in congresss, they should either recuse themselves from any vote or influence peddling in any industry in which they hold, or might hold investments, or they should abstain from investing in anything that couold be influenced by their votes.
He wasn't refferring to Government officials when he said that, just CEOs of companies and management, when he talked about the "Top"
two words.
Blind
Trust
Every politician should be required by law to suspend all financial dealings while in office.
Simple enough…
Do as I say not as I do: This has been the mantra of every Congress since my birth. Forget insider trading, have them follow the same laws as everyone else.
This BS is what the 2nd amendment is for. You play with fire…
Just an idea… any investment they make that grows faster than twice the GDP should be taxed at 93% with the taxes going to pay down the debt.
Watch as our GDP soars!
"Congress Doesn’t Want to Give Up Its Insider Trading Privileges"
TOUGH Get over it!!!
Off topic.
Breaking from Drudge the past few hours: http://www.drudgereport.com/flash3.htm
That story is going to be all over in the next 24 hours.
Obama just showed how small he really is.
You are being generous. I would say that any investment that grows faster than the average families wages should be confiscated…….principal and interest!!!
Alli Baba had 40 thieves.
Barack Obama has far more.
I reject Obama's socialist insurection!
I am NOT alone!
Maranatha.
And so should their families, staff and anyone close to info.
They should no better chance the average citizen
Think this can ever happen?
The ego and greed will never allow it.
When you are the 1% of the 1%
this does not apply –
when you "make" 20 times more than you should – 30% tax rate – no problem
Yeah expect that story to get buried right next to " what Joe Biden had to breakfast this morning"
Congress doesn't want to give up any of its usurped authority, what makes anyone think that congrescritters would give up their insider trading capabilities?
The answer is to VOTE THEM OUT.
Every. Last. One. Of. Them.
With what is going on on Georgia it may just be that Barry is being shown how small he actually is. With any luck, that will continue and a whole host of Fifth Amendment assertions by his underlings will snowball into a critical mass that rids us, finally, of the scourge that is
One
Big
A$$
Mistake
America
it is more possible now than ever.
The electorate is in no mood for funny business of any sort. They threw the GOP for their big spending and endless wars. They will throw out Obama (and he IS toast, make book on it) for his big spending and corrupt quasi socialist/fascist imperial presidency.
Ron Paul, for all his flaws, will drive the GOP to adopt libertarian philosophy on it's plank, and the citizens will DEMAND transparency and accountability from their representatives. This will include priviledges like trading, health care, salary and perks. Rick Perry (God bless him, he is missed already) lit the fire of a part time congress. These ideas are NOT going away, and all the big city/minority/elitist huffing and puffing will NOT succeed.
There will be a sea change in our political climate, and it is happening as we speak…
If CONgress doesn't want to give up insider trading then we get rid of this CONgress………….
Now, if you had a goose that laid golden eggs and it lived under your desk, would you kill it it you didn't have to? If it was illegal?
Immoral?
It is, it needs to die, and now.
Absolutely, because that is the way they think. They will not subject themselves to the laws of the Common Man.
This Very Exclusive Ruling Class has placed themselves above the law which, without exception legitimitizes actions which, by any standard are corrupt, reeking of conflict of interest, and taking an illegal and unfair advantage of We The People.
We are more than their equal. Their legitimacy, if any, comes only and exclusively from We The People. We are not their subjects, only to be subjected to a different and inferior position before the law, while they put themselves into a separate ruling class, allowing themselves to have a privileged advantage before the law.
This is not representative government. This is the death march towards tyranny.
………….and nothing happens.
That was my first inclination, too… but then I thought, let's use their greed to increase GDP, which would help all Americans.
The votes are not the real problem so recusing does not really help with the inside trading. The problem is stock trades on inside knowledge. Leaking the inside knowledge to anyone or thing that causes a trade.
Buying stock before a new law or regulation is made public is an example of insider trading.
Unless you influence the makeup of a mutual fund buying and selling funds are not insider trading.
Owning stock in FedEx and voting to grant new flight routes to FedEx while turning them down to UPS is not insider trading. It should fall under many other things.
Getting access it restricted IPO options for a vote is not insider trading. It should fall under many other things.
A focused bill to remove the exemption that allows members of the administration and congress from the current insider trading laws should not be complex to generate or enforce.
When doubt vote them out.
Your party affiliation gives them the power to steal.
To stay with those who abuse you, gives them power and permission to abuse you.
Register unaffiliated and take your power back.
Gerrymandering is evil thus the cause of our problems.
This is protest they can not deny or ignore. They fear it and they should.
The choice is yours …put up or shut up…..that is the choice they give you.
Whit these bums writing the rules, what do they have to fear?
Something about "Title of Nobility" comes to mind…..
Good post.
Nice to see Govenor Brewer _itch slapping Soros's puppet.
That's why they call them Elites!
I call them criminals.
The next life.
Off topic.
Gov. Jan Brewer is live right now on Greta Van Blustern giving an interview. She says that President Obama is very thin skinned.
Serving in Congress is a privilege that few are able to achieve. This blind trust thing that's being touted is a non-starter, since you can't ban the congressman from speaking to, or sending info to his trustee. That term "blind" is a joke. Anyone who wishes to have the privilege of serving WE THE PEOPLE, should be willing to divest their stock and bond portfolio completely for the years they serve. That would have the added benefit of being a built in term limiter… IMO.
.
A chat now will earn you a chit later.
Thin skinned…give me a minute Cowboy, hold on… my decoder is around here somewhere. Uh… what did you mean by 'thin skinned'?
Ok, I got it now. Skin challenged. Right?
No wonder the American people are losing confidence in their govt and the political elite. We've let these 'public servants' bribe people with our tax $$, as they fatten their own private accounts with inside information. We will have to keep the heat on these 'public servants'. Change will come, but it won't be overnight.
They should ALL BE IN JAIL!!!! Thats why Martha Stewart went to prison– Who the hell do these people think they are?????? VOTE THEM ALL OUT!!!!! They should ALL be required to read and learn our constitution, ESPECIALLY the "natural born citizen clause!!
Man.
Where do I start?
Where can I start?
The jokes write themselves.
Shouldn't the headline read " GOP controlled Congress, doesn't want to give up insider trading privileges." Just sayin.
I don't have words for how awful Congress is.
I'm almost starting to think we should vote on every issue independently.
It's too bad we can't seem to field anyone with enough integrity to voluntarily suspend all financial dealings while in office. That would be the preferred case.
Something tells me we'll have a better chance of finding sasquatch in my life before we get the politician that shows that much willful integrity.
What is equal treatment under the law?
That's just a little squabble, The real fun begins tomorrow morning in Atlanta, GA:
http://www.scribd.com/doc/79405341/Obama-s-Attorn...
Amen, OCP. We could learn the real measure of integrity of any congressperson if they would willfully divest themselves of all stocks and bonds during their time of service. I suppose you couldn't force their family members to divest, thereby always running the risk that they could still pass along info to family members, but hopefully if they would have enough integrity to divest, they would refrain from passing tips on to family members as well.
Seeing as how the GOP only controls the House and not the Senate, and both Dems and Reps are quoted, the headline is fine.
Just sayin.
Of course they object, that's why they go to Congress! To get wealthy. Geez.
Seems Congress regards itself as separate but equal…
The funny thing is, they can write a 2,000 page bill that covers every conceivable scenario on healthcare, but they can't manage to do this?
Only way to fix this is to get legislative government out of the business world, completely and totally.
As I've said before…
…how i long for the good 'ol days when Congressmen waited till they were out of office before they made a dishonest buck.
Time for the 28th Amendment: Congress shall pass no law that does not equally apply to lawmakers. Did you know that when congress passed sexual harrasment laws they exempted themselves,,,,go figure,,,
Stop thinking like a republican and their allies the democrats.
We can drop both parties and take their power away.
I knew they weren't covered by socialist security for their retirement,
but featherbedding the nest in this way is obscene.
No wonder most retire as millionaires, on a modest salary,
while us commoners watch our 401k's become 201k's in the blink of an eye..
I just got censored for saying that Arizona is starting its own investigation into Fast and Furious and that dear leader is likely going to get his second term,,,,only in an orange jump suit
Brewer's got cajunas, gotta love her!
people want instant results and peaceful movements can not offer instant results.
People also want action but availability of money limits action.
You party affiliation is their power. Take it away
Register unaffiliated and put country before party
As our population grows and the number of our house represenatives stays the same our voice will become nill.
Gerrymandering
Honest, just, and equitable representation. Must be the goal of our republic or it is only a corporate counterfeit where liberty and justice is only for those who can pay the extortion.
Our service members die and are maimed in the name of our republic, but do they die for a myth, or a stolen promise?
It is the parties that have stolen our freedom through gerrymandering, closed primary system at tax payer expense, party identification on our registration and ballot and other laws to numerous too count.
It is the illusion of a two party system that has silenced the voice of the people in fact it is a one party rule on the district level. This one party system enslaves the voter and excludes and alienates a vast segments of our population that they no longer feel that participation in the system amounts to representation. This system of gerrymandering has so perverted the election process that this is not government of representation of the people but of those who benefit from the government.
Perfect lawsuit for a right-wing organization to take on. You know the Marxist ACLU won't.
There were a lot of Dems implicated in insider trading…has Barry released his tax returns for his time in congress? Just wondering…
They don't want to give up their insider trading privileges?
NO WAY!
I'll do my best to control my amazement
They would have us believe it is so complicated and that they must take time to "weigh" the pros and cons. Horse hockey, two simple words: "Blind Trust" once you enter service, and you can cash out when you leave. Not only are these cretins getting the huge benefit of insider trading, but when they call their broker to take a position, their broker also knows something is up, and more than likely lets his "preferred" clients know that Congressman John Doe just bought 10,000 shares of company x. Not to hard to figure out that there are far more than just these congressmen feeding at this trough. Its long past time to make them accountable to all the laws, that we the common folk are governed by.
Give us a list of names. Ok?
Why is a new law needed? Just enforce the laws that apply to us peons.
I agree that it would be what's necessary, however it would only be a term limiter for some. Many just want the power not the money and those are the more dangerous ones…
Anyone who thinks that Congress is going to outlaw a practice that makes them millionaires really doesn't understand politicians very well. It's an unwritten perquisite of being a member of Congress, and one way or another, no bill will ever reach Obama's desk. You can safely ignore all the sanctimonious rhetoric on the 6 o'clock news. Ain't gonna happen.
So call me cynical.
Interesting how the ows MORONS don't seem to have a problem with this issue. Otherwise they wou;d be at the Capitol instead of MacPherson Square. Our SMOKE-AND-MIRRORS Comander-In-Chief put on a good show about this topic the other night. More BS, and NO ACTION!
Not to mention labor laws and my favorite the No Call list.
how would the govt like it if we the people decided to not play by the rules? ok then, if congress won't pass that law for themselves, then lets pressure our representatives to repeal the laws on insider trading for the private sector. Sounds easy, sounds fair.
power corrupts, as Lord Acton famously said, and when these people get to DC they are immediately fed nonsense about being the 'privileged elite' and that they are sacrificing for their fellow man- it's pretty incredible- and soon they start believing it.
That's how you have this phenomenon of the Pelosis and Conyers and Boehners (although Boehner is really a minor offender comparedly) adhering to a seperate set of rules without any second thoughts. They truly feel they have it coming to them…
Well then, if you go in to public office to be a 'public servant' then there are some things you have to give up since the cloud of corruption is much too high around all that money, power, and influence, not to mention the fact that you are 'serving' and 'sacrificing'. Either totally blind trust or put a hold on any trading. That should solve the problem of career politicans.
If the blind trust idea isn't good enough for them, how about requiring them to report any transactions on the same day. A nice side benefit to this would be that everyone could see just how often the congress puts itself into position to pick winners and losers. Also, it would give the rest of us "peasants" a chance to duplicate their success. Heck, I'd just build a portfolio that tracks (on a much, MUCH smaller scale, of course) the portfolio of the current minority leader. Her stock picks are just amazing! She seems to have a real gift…
"When, in the course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the laws of nature and of nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation."
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