Breitbart editor Peter Schweizer’s battle to ban members of Congress from using private information to enrich themselves scored a stunning victory on Thursday when the U.S. Senate voted 96-3 to pass the STOCK (Stop Trading On Congressional Knowledge) Act.

While the bill was widely hailed as an essential first step to begin repairing Congress’s abysmal approval ratings, three senators voted against the measure outlawing congressional insider trading.

One of the dissenters was Sen. Jeff Bingaman (D-NM).  According to Sen. Bingaman, an amendment by Sen. Richard Shelby (R-AL) to the STOCK Act would subject 300,000 federal worker to the bill’s 30 day public disclosure reporting requirements for investments.  Sen. Richard Shelby’s (R-AL) aides dispute this figure and say the amendment would only apply to 28,000 workers.  Still, according to the New Mexico Democrat:

I can’t support a bill that places unreasonable and burdensome reporting requirements on over 300,000 federal workers.

Also voting against the STOCK Act was Sen. Tom Coburn (R-OK).  Sen. Coburn said his opposition to banning members of Congress from engaging in the kinds of insider trading revealed in Breitbart editor Peter Schweizer’s New York Times bestselling book, Throw Them All Out, and the much-discussed 60 Minutes investigation his book sparked, is that he is not convinced any such instances of insider trading even exist.

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Democrats controlled all three branches of government for the first two years of President Barack Obama’s presidency and did nothing to advance congressional insider trading reform. Indeed, former Speaker of the House Nancy Pelosi (D-CA) and Sen. John Kerry (D-MA) have been cited as among Congress’s worst abusers of using nonpublic information to influence their private stock trades. And until his State of the Union speech last week, President Obama had said nothing publicly about the issue–ever.

But now, in the wake of Breitbart editor Peter Schweizer’s blockbuster bestselling insider trading expose, Throw Them All Out, and the 60 Minutes report the book sparked, Mr. Obama and his campaign team have begun co-opting the insider trading issue, first in Mr. Obama’s State of the Union speech and now in a new campaign email blasting House Republicans for inaction on the issue and praising the Democratic leadership of Sen. Harry Reid (D-NV) in the Senate.

The Obama-Biden email, with a subject line titled “This isn’t already illegal? Email from O’camp,” reads:

Right now, members of Congress can make personal investment decisions based on confidential information they get in the course of regulating industries and doing their work.

It’s kind of unbelievable that this isn’t already illegal. President Obama wants to make it illegal once and for all — no one should profit from inside information about the very businesses they’re supposed to be regulating.

Today, the Democratic leadership in the Senate voted to move forward on a bill to extend to Congress the same strict rules that apply to anyone else whose job gives them access to sensitive information about businesses. This legislation is expected to pass the Senate with bipartisan support later this week.

But Republicans in the House have yet to move on it.

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The Boston Globe has joined the growing chorus of voices calling for a ban on congressional insider trading.

From the Boston Globe:

WHEN CONGRESS returns to Washington after New Year’s, a bipartisan proposal to ban insider trading by lawmakers should be one of the first items on its agenda. The bill enjoyed a brief spurt of momentum last month after a book accused legislators of using information gleaned from government service to make profits on Wall Street. But the legislation, whose sponsors include Senator Scott Brown, has since stalled amid opposition from some House Republicans. Passing it quickly in the new year would be a important step toward restoring public confidence.

The Globe credited Breitbart editor Peter Schweizer’s book, Throw Them All Out, as the catalyst for the reform movement.

However, in a show of possible hometown favoritism, the article criticized Schweizer’s revelations involving Sen. John Kerry’s millions of dollars of curiously timed trades as being “far less compelling.”

The accusations of insider trading leveled against Senator John F. Kerry, however, seem far less compelling. According to Schweizer, a trust belonging to Kerry’s wife, Teresa Heinz Kerry, traded medical company stocks affected by legislation that the senator was working on. In 2007, for instance, Teresa Heinz Kerry’s trusts sold between $500,000 and $1 million worth of Amgen stock a week before the government publicly announced it would limit the amount Medicare reimbursed patients for taking a drug made by the company. But those trades were arranged by independent trustees, not Kerry.

The Globe’s position on Sen. Kerry’s investments still leaves the door open for a sort of double-standard not applied to CEOs and corporate executives who make expertly-timed trades that trigger investigations by the Securities and Exchange Commission (SEC), whether those trades were made by so-called “independent trustees” or not.

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A little cartoon to brighten your day, even as Senate Democrats seem Hell-bent on trying to hit the dimmer switch on our economy.

Read more here and here.

Yesterday, Democrats on the Senate Finance Committee torpedoed efforts to require Mediciad applicants to show IDs. We noted that, with fraud running at around $100 billion in Medicaid and Medicare, this might not have been the wisest vote. Well, it turns out Democrats on the Senate Committee are perfectly fine with a 10% fraud rate.

Today, the Committee voted on an amendment from Sen. Cornyn which would have delayed expansions in Medicaid until steps had been taken to get its error/fraud rate down to 3.9%, the average of all government programs. Details below:

Cornyn Amendment #C30 to America’s Healthy Future Act of 2009

Short Title: Reducing waste, fraud, and abuse in the Medicaid program.

Description of Amendment: Prior to implementing the mandatory Medicaid program expansions in the Chairman’s Mark, the Secretary of Health and Human Services must certify that states have implemented program integrity and quality improvement measures specified in the Chairman’s Mark and that the Medicaid program’s average Payment Error Rate Measurement is less than 3.9 percent.

Offset: No offset needed.

 Republicans

CHUCK GRASSLEY -yes, ORRIN G. HATCH -yes, OLYMPIA J. SNOWE -yes, JON KYL -yes, JIM BUNNING -yes, MIKE CRAPO -yes, PAT ROBERTS -yes, JOHN ENSIGN -yes, MIKE ENZI -yes, JOHN CORNYN -yes

Democrats

MAX BAUCUS -no, JOHN D. ROCKEFELLER -no, KENT CONRAD -no, JEFF BINGAMAN -no, JOHN F. KERRY -no, BLANCHE L. LINCOLN -no, RON WYDEN -no, CHARLES E. SCHUMER – no, DEBBIE STABENOW -no, MARIA CANTWELL -no, BILL NELSON -no, ROBERT MENENDEZ – no, THOMAS CARPER -no

Not Agreed to (10-13)

I was pleased to see the two colleagues either chosen to flank, or who elbowed their way up front to surround, Sens. John Kerry and Barbara Boxer when they introduced their “cap-and-trade” energy rationing scheme on Capitol Hill today. This Senate answer to the House’s California-Massachusetts Axis seeking to divine the nation’s future economic policy by means of environment policy — Beverly Hills’ Henry Waxman was the House bill’s co-author, along with Ed Markey — were boxed in by none other than one of the more intellectually and politically open members of that august body, self-styled Socialist Bernie Sanders (I-VT), and Ben Cardin (D-MD).

Mr. Sanders’ high-profile support for the program moving individual energy use decisions from producers and consumers to the benevolent state requires no commentary. But it is Mr. Cardin who caught my eye, for reasons relating to his own candor.

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Mere days before Senators Barbara Boxer and John Kerry are scheduled to introduce their version of controversial global warming “cap-and-trade” legislation — if several months after EPA whistle-blower Dr. Alan Carlin drew attention to the fact that the recent published scientific literature presents a decided tilt against prevailing “global warming” scientific wisdom — the New York Times has run a piece diminishing Dr. Carlin’s stature and findings.

This meme is picked up by those running with the Times’ “news”. For example, today’s trade press outlet “E&E Daily” styles their #2 story this way: “Employee lacked credentials for endangerment views”.

That’s odd.

Carlin has been with EPA since its inception in the early 1970s, having earned a degree in physics from CalTech. His lack of the same qualifications implicitly possessed by our law-givers comes from his having gone on to attain a PhD in economics from MIT.

This is different than the Times’ (and others’) treatment of and lack of interest in the academic training of the individual regularly cited without such “just an economist” commentary as a leading and essentially unimpeachable authority, the economist and former railway engineer Rajendra Pachauri. The Times has even hailed Pachauri in the past as the UN Intergovernmental Panel on Climate Change’s chief “climatologist”. Climatology is a specialty field if ever there was one but a qualification which Pachauri, for all of his other virtues toiling for years in the UN vineyards, attained by virtue of being appointed to head the IPCC. This is unfairly disparate treatment.

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