VICTORY: Breitbart Editor’s Battle Against Insider Trading Forces President’s Hand
by Wynton HallIn a State of the Union speech devoid of clarity or specifics, President Barack Obama offered but one shining exception: a direct call for members of Congress to send him a bill to ban congressional insider trading.
“Send me a bill that bans insider trading by members of Congress and I will sign it tomorrow,” President Obama said to applause. “Let’s limit any elected official from owning stock in industries they impact.”
Since the release of “Throw Them All Out,” Breitbart editor Peter Schweizer has been a one-man battalion fighting for members of Congress to abide by the same insider trading laws that apply to all Americans. President Obama’s speech Tuesday night is evidence that Schweizer’s battle against congressional insider trading and cronyism has scored a critical victory.
“It appears that our message has finally broken through,” said Schweizer in an interview Tuesday night with Breitbart News. “Thousands of citizens across America have called and written their representatives and the White House demanding a ban on congressional insider trading. The President’s speech tonight is proof that their efforts were not in vain. Now is the time to apply maximum pressure and get behind Rep. Sean Duffy’s (R-WI) RESTRICT Act. It’s the best proposal I’ve seen to date.”
The RESTRICT (Restoring Ethical Standards, Transparency, and Responsibility in Congressional Trading) Act (H.R. 3550) would require members of Congress to either establish blind trusts or submit to a three day public disclosure of any and all investments. According to Schweizer, the bill is preferable to other bills, such as the STOCK (Stop Trading On Congressional Knowledge) Act, which Schweizer believes do not go far enough to remedy the problem.
Since November, Peter Schweizer and Breitbart News have published numerous articles detailing bipartisan instances of congressional insider trading that have included Rep. Spencer Bachus (R-AL), Rep. Nancy Pelosi (D-CA), Sen. John Kerry (D-MA), all of which were featured in a special report by 60 Minutes.
“There’s still much work to be done,” said Schweizer. “We need to get behind Rep. Duffy’s RESTRICT Act and let our leaders know that we will not stand idly by as members of Congress profit off of access to material, nonpublic information.”
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44 Comments
This probably means that B. Hussein O. Jr. is not very invested at this point and probably would like his competition in the Democratic Party (like Pelosi) who have a lot more cash than he does slowed down so that he will be more competitive in the future.
Fortunately, this move benefits all the rest of us.
Congrats to the fantastic editors at the Bigs. In and in other news we finally hear why B. Insane Obama killed the Keystone pipline. Turns out Warren Buffet owns the railroad that hauls 75% of N. Dakota's oil to Texas.
I'll feel better When Comrade asks CONgress to send him a bill that would ban campaign contributions from company execs that get guaranteed govt loans too.
And Unions that have members paid by taxpayers or have Government BAILOUTS within the last 25 years.
“Let’s limit any elected official from owning stock in industries they impact.”- Obama
This statement leaves all kinds of loopholes open. "I'll tell ya my secrets if you tell me yours." "Well, as long as your not on the_________________commitee, were all good"
A load of Obama if I ever heard one.
Brings back fond memories of Hillary Clinton and cattle futures….
It's a well known FACT by now that Obama will say anything that he believes will make him look good regardless of the additional FACT that he will never do anything about insider trading. Harry Reid will make sure the bill doesn't get through the Senate and the House will attach riders giving BO the excuse that (whether true or not) the Republicans were trying to sneak other items through in the same bill. Obama is skilled at reading a teleprompter but we all know his words are just campaign rhetoric.
Hi, I was elected over 3 years ago and haven't done sheet. I apologized for the country and talked of it's inevitable decline. I have employed socialist policies and divisive class warfare. Forget all of that and just listen to me tonight. I am a populist president. Congress is the problem.
What about billy boy and Tyson chicken?
Hey Obama, what's going on between you and Buffet? He seems to be the only beneficiary of the Keystone pipeline decision. Will you have Eric Holder watching over the insider trading? Can't see any problems here, you all seem like an honest bunch. Right…
Seriously, it's a big win that Obama had to take notice and mention this in his speech. Way to go, Breitbart and Scweizer!
Well, when you don't have any good ideas of your own, what else can you do?
We're not supposed to talk about Mrs. Obama like that any more!
If anyone in this country believes, any of that crap he was spewing about class warfare, they shouldn't be allowed to vote! How dare he try to turn the masses, on the people who employ other people!!??? Of course the unemployed and those on welfare and food stamps, are going to play the 'pity me' card….a lot of them like being paid to sit home and have someone (the government, meaning taxpayers!) foot their bills…not saying most, but some..that would be the gimmie generation…
He has done NOTHING in the past three years but, further divide this country into the haves, and the have nots…making the majority of this country feel victimized by the rich…WE ARE NOT!!!
Fortunately everything is done for the toddler. He doesn't need to think. He only needs to follow orders and repeat what his handlers tell him.
You hit the nail on the head. It's a load of crap.
While serving in Congress, members should have to divest completely. Let their only income be their salary. PERIOD.
His rhetoric tonight was more a rehash of the previous two. Just different day and same BS.
I would like to see congress and all federal employees held accountable to the same laws as we are. I do not. however, have confidence in the house and senate to write a law holding themselves and all other govt agency personnel to the same standards normal citizens are held. That would be equivalent to hiring a wolf to guard the hen house.
why youse saying I'd be interested in that fat …….-Mike Tyson
and you people making over a million in salary you should not pay les than 30%.
As if athletes need any more motivation NOT to perform on the field.
I don't want a new law, I want criminal convictions!
Once upon a time, a bunch of people referred to as the Founders got together and cobbled up a little document called the Constitution, and in it, they spelled out, among other things, the requirements to be eligible to vote. Seems they had the quaint notion that in order to vote, they believed you had to be a property owner. Something about needing to have something at stake, something to protect from the government, before being allowed to decide who was going to steer the course of the country, write the laws, defend that constitution……
Today, in retrospect, it seems like the Founders may have been ahead of their time……………..
"I did not have sexual relations with those Chickens!"
But…….but………corporations are people too!
Oh great…….another 2000+ page bill that no one will read.
Hillary Clinton/fond memories?
Does not compute.
he KNOWS they will NEVER send him a bill
LIMITING their power over U.S.
Whoa Whoa Whoa!!! I thought insider trading was band in the first place. So, Congress gets a new set of laws unto itself? I wonder what that bill is going to have in it and what it's going to say. I smell something, and it smells like something that was dragged in by the cat.
I didn't watch it, can't stand him, but it's nice news to wake up to. Now, when congress passes that bill with teeth, pigs will fly. But now even the drones know that insider trading is legal. Three cheers for Peter Schweizer!
Did anyone notice if Spence, Nan and Long (but seriously messed up) Face stood up to applaud when Zero spoke of preventing insider trading?
Someone please say they did!!!
Then I'd like someone to use the tape of it for an ad! Know what I mean?
Its really very interesting and good to watch.
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Rep. T. Poe (R-Tx) is due to present a bill to reinstate the Keystone Pipeline project as a "national security" means which will not need the Presidential signature. We need to push for this. Trans-Can will resubmit it's project. Need to work on the Senate. Lots of Senators up for re-election–do they want to side with obama's decision?
Pass this legislation and it is predictible that we may see a self imposed term limits by the membership of both House and Senate. There is a reason some have spent millions to obtain a job that pays $172,000.00………it seems in many cases it had nothing to do with the desire to serve.
Obama only brought this up as another way to smear what he calls the "do nothing congress". Now they are the insider trading bla bla bla. I doubt that he cares if his friends are playing the system he never did before.
but you gotta admit, 0bama does make HillBilly look pretty good by comparison… (and yeah, never thought i'd say THAT in a million years…)
You won't get any criminal convictions until you pass a new law to make it a crime.
That's a wonderful "suggestion" President Platitude. Not one you intend to carry out, but a wonderful suggestion.
But we have an even more egregious issue before us – crony capitalism and insider dealing, including many of your staff, your czars, your political campaign buddies including the biggest hypocrite of them all named Warren Buffett – amounting to a couple of hundred billion of stimulus slush money. I read Peter Schweizer's book.
So when you going to stifle the dirty dealing of buying favors for your friends at taxpayer expense? Because that amounts to a hell of a lot more money than even the insider trading schemes of our corrupt Congress and takes the money straight out of our meager savings.
you want the corrupt members of congress to write the bill, the very individuals involved in the insider trading? Now that's just stupid!! Another 2,500 page bill and piglosi saying, lets pass the bill to see what's in it.
Once again true journalism lets the light shine through. Way to go Peter Schweizer and Breitbart.
Anyone else notice how hollow and lackluster the applause was from CONgress on this one!?
Wow, you covered it in seven seconds … we would have seen NCIS after all.
Maybe it's time that 'WE THE PEOPLE' DEMANDED this of OUR lawmakers!!! THEY work for US!!!!
Can someone please explain the differences between the RESTRICT act and the STOCK act?
Its such a nice site, i'am the regular visitor of this web. Its very informative site.
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Call on Congress to enforce the Code of Ethics for Government Service (See Pages 20 and 436 of the House and Senate Ethics Manuals, respectively, at ethics.house.gov and ethics.senate.gov). Rule 8 addresses insider trading as a complement to the STOCK Act. The Code of Ethics for Government Service also addresses, among other things, the Taxpayer Protection Pledges (Rule 6).
The Senate bill S.1903 – STOCK bill ( http://goo.gl/Eh1p2 ), closes up two major leaks. There is a “duty arising from a relationship of trust and confidence,” that is owed by members of Congress to the people, and traders need to "disclose trades nearer to real time,” to substitute a philosophy of full disclosure for the current philosophy of caveat emptor.
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