A ban on insider trading by members of Congress cleared a key procedural hurdle Monday in the Senate, moving toward final passage and a House vote on similar legislation later next month.
A bipartisan group of senators voted 93 to 2 in favor of ending debate on the STOCK Act, a piece of legislation meant to prohibit members of Congress, their families and staff from using any information gleaned while working on the Hill to execute stock transactions.
The legislation 60 votes to attain "cloture," or limit debate and move toward final passage. The bill will be debated and amendments will be attached over the next week. It's unclear when the final vote will occur.
The House version will expand certain restrictions on insider trading to White House staff and is also expected to create clear restrictions on members of Congress making land deals using insider information. The House is looking to move on that legislation within a month.
"Leader Cantor plans to move an expanded version of the STOCK Act through the House in February to make it clear that those in Congress are subject to the same laws as everyone else," Laena Fallon, a spokeswoman for Cantor's office told NBC.
Fervor over insider trading on Capitol Hill reached a peak last fall following the airing of a "60 Minutes" segment questioning whether lawmakers including House Minority Leader Nancy Pelosi (D-CA) and Speaker John Boehner (R-OH) made investments based on their knowledge of legislative activity to which they would be privy.
Pelosi and other lawmakers named in the piece disputed any allegation of impropriety, but a number of lawmakers in the meanwhile proposed versions of the STOCK Act to address any perception of poor ethics.
President Obama lent his support to the legislation in his State of the Union address. "Send me a bill that bans insider trading by members of Congress; I will sign it tomorrow," he said. On Monday, his administration issued a formal endorsement of the Senate bill.
Today during a conference call, Sens. Kristen Gillibrand (D-NY), Jon Tester (D-MT), and Debbie Stabenow (D-MI) each said the STOCK act was important to pass to remind the American people that Congress can actually achieve something.
"The American people need to know that their elected leaders play by the exact same rules that they play by," Gillibrand told reporters, "We have to show, number one: we're not above the law, number two: that we play by the same exact rules as every other american, and three: that we can actually get something done."
But each also admitted that the Senate bill, in its current form, does not have support with the Republican leadership in the House, something that will likely result in the two versions of the bill being "conferenced" after they pass their respective chambers. "We're not opposed to working together," Stabenow said.
But the three lawmakers did not hold back the frustration they have with House Republicans, who stopped a mark-up of the STOCK Act in it's current forms late last year after Cantor decided that the bill needed to be expanded.
"The fact that House Republican leadership is unwilling to take up a bill that already has fantastically strong bipartisan support shows their inability to lead on an issue that the people have agreement on," Gillibrand said, "If Eric Cantor wants to lead another piece of legislation, God bless him."


It's about time!
I want to know who the two Senators are that voted against this...
Weeper of the House of course doubts that it will pass....The TeaPeople ain't havin' it, at least until they have made some money.
Martha Stewart did time for 'insider trading', so what makes elected folk exempt....they should be held to a higher standard.
Isn't it funny how people can comment on a piece of legislation without having any clues as to whats in that legislation.
Of course the Senate passed there Version of the legislation. The Dems and Reps still have all the power in that chamber so they can do their back room deals, back scratching, and promised paybacks without being interfered with by a third party. In other words there able to maintain the Status Quo. You will get watered down legislation from that chamber with so many loop holes that there was really no point in passing it to begin with other than "Look we passed something with a fancy acronym so now you can shut up.".
The House of Representatives though is another story because now you have a third party that is disrupting the Republicans and Democrats Back scratching and Deal making.
Isn't that what America Wanted and Needs, for the Status Quo, Backscratching, back room deal making, bribing, etc. to end?
If the Republican controlled House is having to take more time to get real legislation passed that will have a real effect on ending Congressional Insider trading because the Tea Party won't let some watered down bill without any real teeth be passed then we should be happy about that.
I'm guessing the lefts real problem with the Tea Party is how they are reshaping politics and ending the Status quo and two party rule in Washington. Something Candidate Obama promised to do but failed at miserably or didn't really even plan on doing to begin with and was just a fancy campaign talking point.
Maybe the reason the Left hates the Tea Party so Much is because they have no problem pretending we need a viable third party, but they always envisioned it as being some other Left wing Progressive party. Go ahead and put all your dreams in the Occupiers. Its working out so well for you.
Maybe the reason the Left is so terrified of the Tea Party is because they know the Senate is going to turn in 2012, the house will remain in Republican control, and Obama will lose, thanks to the new third party, The Tea Party.
Funniest post I've read all day!
Thanks David! lmao
You keep on whistling past the graveyard ya hear?
Since your in such a great mood Fiesty you will really love this.
http://www.washingtontimes.com/news/2011/oct/10/pelosis-disclosure-belated-in-husbands-land-deal/
I bet this will really get you laughing.
http://www.msnbc.msn.com/id/40565987/ns/business-going_green/t/wind-their-backs-powerful-democrats-help-chinese-energy-firm-chase-stimulus-money/#.Tycxf4GO6Ah
Do I need to Mention Solyndra?
The passing of this bill will provide controls over the common congressman. The leader and minority leader, as other key government individuals, have their holdings (and any transactions) in blind trusts. These individuals will be clean of any transaction charges, regardless. So, Like most legislation, this looks better than it actually is.
Thanks for your concern - I happen to be in a fabulous mood watching the GNOP feast on their own while Governor Krispy Cream demands seconds...
Okay - so what exactly does all of that have to do with your assertion that you will keep the House & take the Senate & Presidency...
Focus little buddy - focus...
The sooner YOU & the rest of the RWNJ's admit you have nothing but flawed candidates the better off you will feel...
Acceptance is one of the first stepping stones to recovery! {{hugs}}
Well hell, who would want to be on record as voting for insider trading? Feisty -- That was a HI-larious quote in your post #1.3. LMAO!
I'm in a great Mood also. Seeing the Story on the Front page of MSNBC about the "occupiers" breaking into Oakland City hall and Burning an American flag was priceless.
The picture of them in front of the Oakland Museum with their metal corrugated barrier, gas masks, and shields and trying to claim the Occupier movement is "peaceful" is priceless. Who goes to a "peaceful protest" with barriers, shields, and gas masks unless they were planning on creating riots and trouble, breaking laws, and getting into/creating conflicts with the authorities?
Of course you realize were not going to forget how the Left, Obama, Pelosi, Reid and the Democrats have been completely silent about the lawlessness, riots, drugs, rapes, destruction of property, etc.. being caused by the "Occupiers". Since there not speaking out against it then they condone it which shows how important their Oath of office is to Protect and defend the United States.
In fact they all came out in support of the "Occupiers". I cant wait for the Commercials to start coming out with pictures of the occupiers on the steps of the Oakland City Hall with the American Flag on Fire and the guy holding up the Occupy Oakland flyer.
Would you like me to provide some links to articles for Obama, Pelosi, etc.. making statements in support of OWS?
Oh dear - another rabid tea bagger who can't focus if his life depended on it!
Please prove to us how the occupiers are us nasty libruls will ya? lol
Here's a hint - YOU CAN'T! lol
What I would like is for you to be HONEST not only with yourself but the rest of us!
Focus Davy - focus little dude!
These guys are often elected with modest holdings, but they leave their position very wealthy. Sorry but that means being elected is an easy path to wealth.. Very Wrong..
I'm sorry to disappoint you Fiesty but I'm not a Tea Partier. It didn't seem to take you long to resort to name calling.
Since you want some proof...
http://www.dsausa.org/dsa.html
http://www.dsausa.org/pdf/DSA%20Endorses%20Occupy%20Wall%20Street.pdf
I can not wait to see just what kind of loopholes the republicans and democrates add to this bill.....am sure there will be plenty.
http://abcnews.go.com/Politics/pelosi-supports-occupy-wall-street-movement/story?id=14696893#.Tyc-koGO6Ag
From your own comment #1.2... lmao
If I am believe you are not a tea bagger, why are you waving your *pom poms*?
Davy, little darling, you continue to have a huge problem on focusing! ADD has a tendency to do that little buddy! I hear there is medication that can help you out hon!
PS: You can thank ObamaCare!
Wow Feisty....what is that you say????
Oh yeah, You just got your ass handed to you.......
Talk about whistling past the graveyard!
Now bring on the denial.
Even they know it's wrong.
http://www.weeklystandard.com/blogs/obama-occupy-wall-street-we-are-their-side_598251.html
Yes Obama there is a big difference.
The Tea Party worked within the system not against it. The Tea party had their rallies, protests, events, etc. without causing any damage to public and private property, no arrests, no rapes, no causing millions of dollars of public resources to have to police them and clean up after them. No Breaking into city halls, Congressional offices, causing the Smithsonian museum to go into lock down, blocking bridges and roads preventing people from getting to work, Shutting down ports,etc.
The Tea Party managed to get 78 Tea Party backed representatives elected to federal office and they did it without having to resort to any of the Pathetic tactics the "occupiers" are using.
I cant wait to see what the Tea Party is going to accomplish in 2012.
And in chimes my favorite
stalkervictim WCA... lmaoGet back to me when you're capable of running with the big dogs... baby!
David,
Sometimes is best to wave the white towel and do battle another day, because right now you are making an @!$%# out of yourself, much like WCA! But hey, WCA is used to it by now!
Who is the one that resorted to inflammatory name calling and ridicule? It wasn't me. I'm just trying to carry on a civilized conversion.
Lets take a count;
"another rabid tea bagger"
suggesting I'm not being honest. Why didn't you just come out and call me a LAIR?
Suggesting I have ADD.
Little dude.
P.S. I have had Health insurance all my life. It also paid for my sons three open heart surgeries. It wasn't because of Obama-care or the Government it is because I have always worked for great companies that provide employee sponsored health care programs.
I thank God that my son is alive and its not because of Obamacare or the Government its because of companies that are profitable and are able to take care of its employees. I have business and "Capitalism" to thank for my sons life.
You got whipped again Feisty.
Nice try with the stalker line. Imitation is the sincerest form of flattery.
Nice to know my dog whistle works this late at night.
Talk about making an @!$%# out of one's self.
Now speak Feisty, speak.
Or roll over and play dead. Either way the result is the same.
Why does the first thread on almost every blog post turn into an off topic partisan name calling match?
To answer the original question, Tom Coburn (R-Oklahoma) and Richard Burr (R-N. Carolina) voted against advancing the bill, but there will be plenty more votes to come. Three other Republicans and two Democrats did not vote.
Loopholes! Yeah, the final bill will be Swiss Cheese so even the dumbest and greediest will escape censure.
Your right Nathon and I apologize for getting off subject. I was just trying to point out that a bill like this, something that is obviously important to the People, to get written so quickly, and to pass with such a big margin, is probably not something to be celebrated.
I was also just trying to point out that the Dems are just as Bad as the Republicans for profiting from being "in Office" and abuse the position just as much as Republicans.
When it comes to writing legislation and rules for how our Representatives conduct Our Business and how they behave, don't you think the People that elect them, to represent US, should be the ones telling them how to represent us?
It must be great to get found guilty of 11 ethics violations, just getting a slap on the wrist, then to turn around and get re-elected.
If they dont happen to be "Working on the Hill"? What if they are ":off the clock" so to speak? What if they are on vacation? What if they Buy a Crap Load of stock just before they get elected? What if they have some "Friends" holding on to stocks for them and plan on giving them to them "after" they are out of office?
Just because you may not own stock in a company doesn't mean that you cant manipulate legislation that will pay off for you later.
As many pointed out there will be so many loopholes that its all just more smoke and mirrors to placate the masses.
What will be the Punishment? You'll have to stand in front of every one and get a talking down to? In the back room they'll tell you not get caught again and good luck in the next election?
David, you said that the tea party got 78 representatives elected? Since that time, what have they succeeded at? What little respect the public had left (which you have to admit was really low to begin with) is now at it's lowest level because of gridlock...do you view that as an accomplishment?
The only senators to vote against the bill to end insider trading were...Republicans (Oklahoma and North Carolina). Imagine that.
The REAL test will be legislation for a minimum tax rate of 30% on millionaires -- Can't wait for debate on that one to start as well. And I can't wait for Romney to be asked if Bain will lobby against it again - Ha!
Actually, no, she didn't. She went to jail for lying to the FBI.
Actually Alison I do. As corrupt as our political system is sometimes the only way to fix it is to tear it down to its foundations and start over.
There's two ways you could do it. A Bloody revolution like we had in 1776 and start from scratch to create a new government, or work within the system to stop the corruption and end the status quo, back room deals, bribing, two party rule, etc...
I prefer what is happening now which is the second and correct choice. What did you think was going to happen when the two parties that have had a monopoly on our political system for the last 180 years were going to do just instantly stop how they have operated for the last 180 years?
Congress's approval rating was in the crapper before 2011. It wasn't until 2011 that Tea Party Backed representatives started serving in the Federal Government.
Were Tea partiers in Office when the Democrats failed to pass Federal Budgets for 2009, 2010, 2011 and now 2012? Were Tea Partiers in Office when we went to war in Iraq and Afghanistan? Where Tea Partiers serving when the 800 Billion dollar Stimulus was passed, Obamacare, TARP?
If the Tea party hand not been serving in 2011 the Dems and Reps would have Just raised the National Dept Ceiling again. Each side would bitch and complain about how its the other sides fault, lack of leadership, etc. but that would have been the extent of it.
Its because of the Tea Party that the 1.2 trillion budget sequestrations occurred. Its because of the Tea party that America has became aware of the out of control spending, waste, fraud, pet projects, etc. and that is what they are about more than anything else.
http://www.usdebtclock.org/
U.S. National Dept = $15,655,349,331,900.00+
Dept per citizen= $48,875.00
Dept per Taxpayer = $135,480.00
U.S Unfunded Liabilties= $117,393,675,542,000.00 <- thats 117 trillion dollars
Dont you think as Parents we have a responsibility to pass to our children and future generations a country that was in better shape then when we received it?
Or at least we didn't make it any worse than when we received it.
Passing to our children our problems, corrupt political system, unsustainable dept and entitlement programs, etc.. is absolutely disgusting to me and we should be ashamed of our selves if that is the legacy we leave for them.
Great posts David!
Don't try and carry on a meaningful conversation with Feisty... When confronted with facts, she reverts to name calling and insulting. You will notice that she didn't respond with any facts to defend her position, but that is usual. You get used to it and learn that there is a certain amount of "noise" on this board that can't be helped. But wanted to congratulate you on great posts! Well done!
Thanks JK. But to be honest I would have really liked to debate with her. I've seen her posts for months now and this was the first time I was able to get in before there were 50 comments to her comment. I usually just don't bother.
Its people like her I find challenging and like to debate with. Maybe tomorrow she'll come back in and see this final message. Its off topic, Or is it?
Everyone should learn about the influence of Propaganda which was used to devastating effects in WWII which caused the deaths of millions of people. Nazi Germany used propaganda, their strategy, their tactic was to create a villain (The Jews) then used propaganda to create a "community" gathered in one cause against the villain.
We are the 99% (the community), we are against the 1%(the villain), if your not with us then your against us. The exact same Tactic the Nazis used.
Those that don't learn from history are bound to let it repeat. The greatest lesson to learn from WWII is the power of propaganda and the harm that can occur when people blindly follow a group without questioning its true intentions.
Here's a movie you should watch to really understand the power of Propaganda and group influence. Just to date Myself I saw this when it was originally aired on ABC back when they used to care about educating children and its a Lesson I will never forget.
en.wikipedia.org/wiki/The_Wave_(TV_special)
http://www.youtube.com/watch?v=BVRXXbU-z7U
How many people out there know that almost all mass media in the U.S. is owned by only five corporations?
http://vigilantcitizen.com/vigilantreport/mind-control-theories-and-techniques-used-by-mass-media/
Good night all.
Don't bother David, when confronted with substance she ignores and deflects. It's sad really. I mean, what ever happened to liberals? Remember "QUESTION AUTHORITY"? Apparently if authority says it's liberal, it is, regardless of mounting evidence to the contrary.
*sigh*
Anyways, has anybody noticed how quiet the main stream media has been about the happenings in Atlanta?
Seems Obama is about to be ruled ineligible for the ballot based on him not being a natural born citizen.
Wait WHAT! Alil is wearing a tin foil hat!
Not so fast my friends. This is TRUE! Obama ignored an order to appear in court on 1/26/12 and his lawyer also did not appear. The judge was going to submit a summary judgement against the President for not sending at least his lawyer, but the plaintiffs asked to be allowed to present thier case, and have the evidence entered into the record.
Some of the highlights, all meeting the judicial standard to be entered as evidence, all during sworn testimony under oath....
- The SS# The President filed taxes under, in 2009, the last year records are available, belongs to a dead man. A man born in 1890. And it was issued in Connecticut, where the President never lived or worked.
- The same SS#, per Homeland Security, does not pass E-Verify. It comes back as fraudulent. Our President would not be allowed to work at Mc Donald's.
- The birth certificate of twins born on the same day in the same hospital that Obama was said to have been born in, look nothing like the digital image that Obama released. In fact, the seal on the digital image was not in use until 7 years later.
- 2 Documents experts testified that the digital image released by the White House had been layered and that the spacing in the letters and numbers would not have been possible using the typewriters available at that time.
All met the standard to be introduced into evidence. All were testified to on the stand, under oath.
Because Obama's lawyer chose to not show, and not object, the evidence the judge will consider will be very difficult to appeal.
This is freaking HUGE people, a sitting judge is about to rule our sitting President ineligible to be on the ballot in Georgia because he is not a natural born citizen as defined by the SCOTUS in Minor v Hampstead.
Funny, no mention of it in the mainstream media. Wonder why that is?
QUESTION AUTHORITY!!!!!
Once Georgia rules, the dominoes are all in place to topple.
The next question will be, does he appeal to the Georgia Supreme Court..... or SCOTUS?
If he loses at the SCOTUS level, his whole administration is out the window, including his SCOTUS appointments!
Talk about a conflict of interest! I bet they still won't recuse themselves. Just a guess.
If he appeals only at the state level, it is likely he will lose, and set off the dominoes.
All eyes on Atlanta!
Popcorn!
David, you pointed out the easy work around for the stock things. I don't invest in my personal name but create XYZ investments LLC for my investments and i don't have to disclose anything as a congressman. Just as the Pelosi's did with the property they bought just outside the annex. Until they will probably cash out a $10 million plus profit she discloses it after leaving it off her net asset filing requirememnt for years. Imagine that.
"Weeper of the House"...love it, chilled!
Let's really give him something to cry about in November!
OBAMA/BIDEN 2012
Obama/Hiden 2012
@David - How is tearing down a government working within the rules of a government. You contradict yourself.
I believe in most of what the Occupy movement stands for, but that doesn't make me one of them. Just like I like some of what the Tea Party movement stands for, but would never join them.
Both groups want change, but both groups have many things that make them too radical for change to happen the way they want.
I've also seen video of Tea Party members shouting, "Shut it down! Shut it down!" speaking about government. I don't consider this working within the rules any more than the Occupiers storming into buildings.
I do think it's weird that it said 50 people broke into the building, but 400 were arrested. The numbers don't add up one way or the other.
Until compromise happens, this country will always be ripped apart and failing the citizens that live in it.
Um, MOST of the people in congress are thieves and liars. The teaparty is a joke and not a viable third party David, because they are only interested in their own crazy agenda and their candidates are fools. Where are the sane people who would run for congress who aren't lawyers, trust fund babies, or losers who are just elected as a front to represent special interest? THe answer to that is that no average American has the right to run for government position because they can't raise bajillions of dollars to do so and if they get there the incumbents already in congress will block anything they do. It's gross.
Glad to see that the foxbots are out in force here. fiesty red-headed stepchild needs to learn to accept the fact that the tea party is funded and run for and by the koch brothers, ALEC and Dick-head Armey. They are nothing but a bunch of fascists who would like nothing more than to create a medieval fiefdom where 1% of the people are the nobility and the 99% are serfs. I am betting that red and the other foxbots on here are part of the 99% and don't realize that they are being duped into voting against their own best interests.
American political theatre is AWESOME
AMF
Yo!
Slow down and go back and re-read my comments! I'm on YOUR side dude!
For any naive kiddy's who actually believe that "We the people" line in the constitution, check the signatures. All of them were businessmen. Business is in this country's DNA. Everything else falls in the category of "deliverying just enough goods to just enough of the right people to stay in power."
daryl
How do you know that the weapons were LOADED? Do you have some source to back up your claim?? I don't remember any TEA Party member being arrested by the Secret Service do you?? And pry tell what is wrong with exercising your Second Amendment Rights??
daryl
Then there is this.
U.S. Secret Service spokesman Ed Donovan acknowledged the incidents in New Hampshire and Arizona, but said he was not aware of any other recent events where protesters attended with open weapons. He said there was no indication that anyone had organized the incidents.
Asked whether the individuals carrying weapons jeopardized the safety of the president, Donovan said, "Of course not."
The individuals would never have gotten close to the president, regardless of any state laws on openly carrying weapons, he said. A venue is considered a federal site when the Secret Service is protecting the president, and weapons are not allowed on a federal site, he said. iReport.com: Gun rights and health care
In both instances, the men carrying weapons were outside the venues where Obama was speaking.
"We pay attention to this obviously ... to someone with a firearm when they open carry even when they are within state law," Donovan said. "We work with our law enforcement counterparts to make sure laws and regulations in their states are enforced."
http://articles.cnn.com/2009-08-18/politics/obama.protest.rifle_1_protester-assault-rifle-obama-event/2?_s=PM:POLITICS
Rarely- and I do mean rarely ever- do I agree with Feisty, but it's clear that this is a piece of legislation that this country needs. BOTH parties are failing the American people by padding their pockets while the rest of us just accept the bad news when it hits a few days later and our investments go down. I'm glad that the legislation goes so far as to note spouces, families, staff, friends, etc. If not there'd be an amazing number of "self made" millionaires that happen to know Congress members.
I'm guessing that Canter wants to make sure that the legislation is tightly controlled and keeps the loopholes out. He's the same guy that was asking for fiscal responsibility, so I'm guessing it has to do with limiting the loopholes.
Feisty, I'll second that.
Lisa s, Feisty, I'll third that. Motion approved!! Let's see the voting list.
BTW, Martha Stewart did not go jail for insider trading.
Now I'm going to get my wife some ice cream. Oh, wait! This isn't twitter!
David Noah
All great information and factual. Thanks for the information.
No reasoning with Feisty as all she does is deflect and be rude. There is no proof or reason to any of her posts so why debate with someone that is obviously not as intellectual on any Government matters?
When the truth slaps you down the only recourse for most is to ridicule, call names or deflect.
So here is a simple question that anyone can answer?
Why did 20% of all waivers to the healthcare law go to 1 us district? That district by the way is Pelosi's. Not 1 state 1 district.
Have at it and please no name calling or deflections as it will only make you look stupid on matters of great importance to the laws that your Government has passed and the trust you have in them.
Thanks again David Noah.. excellent work!
Also on the insider trading. The SEC should be the ones looking into this as it is there job and seeing as though they are not looking into the allegations from last year, who would really take them serious?
As for the proposed legislation its smoke and mirrors as it will continue and the agencies like the SEC will turn a blind eye as it is the lawmakers that hold the purse strings to the budgets they operate under.
Now if any of those in the SEC had any backbone will then Pelosi and Boehner would be under investigation now as will as a few more.
@Jerry - Oh ye of little faith. Things are changing because of groups like the Tea Party and Occupiers. They are more similar than either will claim. They and President Obama (who has made more government information transparent) have made it harder for the Congress and Senate to filibuster and hide their misbehavior. They are in different ways making it easier for the citizens to be well informed and get the right information to make correct decisions about how to vote and who is actually working for them in Washington, D.C.
I do believe it won't be perfect, but change is coming for the better. The more transparency the harder it is for politicians to hide their ill gotten gains. It's harder for them to talk about how they are working for us when they aren't.
We just need to keep watching and letting them know we are watching to get them to straighten up and fly right.
Yes...I am a glass is half full kind of person...Deal with it!
Deborah - transparency is that what happened with the backdoor deals for passing the healthcare bill?
I am neither a glass half empty or full. Just looking for an answer to a very serious crime in my opinion.
That is providing members of the Administration, Congressional members and their aides along with contributors to the re-election coffers waivers to a law passed by Congress that is suppose to be for everyone.
But as it seems our leaders believe that certain US citizens have more rights then others. Especially those is Pelosi's district.
Remember you got to pass it to see whats in it..transparency sure right lol but I agree 100% with your statement on keep calling them out and eventually it will straighten out. But not before its too late as the whole Congress and Senate needs to be flushed. Lowest rating in US history says a lot about what wrong as I am sure you would agree.
By the way I see you didn't reply to the cronyism question on the waivers. Should I ask it again?
Isn't a shame that you have to ban something that you would think people with normal ethics would not do anyway?
I was as surprised by the insider trading as I was by the fact that the Supreme Court is not subject to the same ethical rules as the lower judiciary. I wish someone would explain why there should be separate rules like these?
They should be passing a bill (oops, we might need a Popular Amendment Movement constitutional amendment to get past the SCOTUS overturning the bill) that bans all possibility of insider trading by ANY federal employee (that means elected, appointed, or hired.) Maybe we should totally prevent them all from doing any kind of stock investments while within federal employment (that means federal judges and their families could NEVER invest, since they have their jobs for life, once appointed.)
BTW, you all did catch that paragraph:
Thank you Newday! I was wondering that myself. Why should it be necessary to pass a law banning behavior that what I consider an ethical person would never even consider? But then, we're talking about members of Congress, not necessarily a very ethical bunch these days. Now, while we're at it, why don't they pass laws mandating that they be subject to every single law they pass, to an extent exactly equal to the rest of us.
The "Any Federal Employee" phrase sounds a bit overly-vague and broad. Does it include every last Post Office clerk, every low-ranking US Military enlisted soldier, every janitor on the Federal payroll, and a couple million other people who have no actual policy-making role any greater than your average non-managerial private-sector employee? Who, if they had or wanted any investments, would want to serve their country by joining the military, for example, if doing so meant forfeiting all investment?
ANYONE who would have access to the "insider information", no matter what their position in the federal government if they were in any way included in this "exclusion", needs to be covered by this bill. Insider trading rules MUST apply to everyone, whether US citizen or not, federal employee or not.
Fred, those laws must also require the SCOTUS to be included too, since we have seen how their "ethics" sure don't get challenged.
Show me the loophole.
The loophole is the spouse. Trust me on this (and Mrs. Cantor).
Arrrrr Gingrich commercials on Pandora!
Isn't Cantor the one who invests against Treasury Bonds?
I know Mrs. Cantor used to work for GS. And now she is with Alternative Investiment Mgt. and she is chairman of the Viriginia Retirement System.
new on CNN ... senate to consider Buffett tax rule
Ideology,
Seriously?
yes
Articles on this are popping up all over google.
Phinephancy. They just interviewed Sheldon Whitehouse {D} Rhode Island on CNN.
I caught it on line. It will never make it through both houses, but the seed has been planted.
12/10, Dr paul on the Stock Act.....
There have also been a couple of hit pieces on Dr Paul supporting insider trading, I guess this puts those accusations to rest.
;-)
About damn time the re-pubes have agreed on something. Maybe there's still hope for these obstructionist a-holes!!!
You need to wait for the House side, the Senate side is all Status Quo, I haven't read it yet, but as soon as I can find it I will read it and report. (both sides)
From Procon.org....
http://insidertrading.procon.org/view.resource.php?resourceID=004520
Basically the background so far......
Here are some links...
H.R.1148
Latest Title: Stop Trading on Congressional Knowledge Act
Sponsor: Rep Walz, Timothy J. [MN-1] (introduced 3/17/2011) Cosponsors (250)
S.1871
Latest Title: Stop Trading on Congressional Knowledge Act
Sponsor: Sen Brown, Scott P. [MA] (introduced 11/15/2011) Cosponsors (8)
S.1903
Latest Title: Stop Trading on Congressional Knowledge Act
Sponsor: Sen Gillibrand, Kirsten E. [NY] (introduced 11/17/2011) Cosponsors (28)
Cloture was voted on S.1903 which is a watered down variation of S.1871 I believe.....
My reading of H.1148 shows that it includes everyone in the House, employed by the House, their families and relations. Also, it includes anyone in or employed by the government as stated above.
It bans any information from being disseminated to any one known as a Lobbyist or Consultant for the purposes making a profit if the person knows that is the purpose of revealing the information.
Now, it leaves open the excuse that "I didn't know" from the house members.
It also exempts anyone in the media from this provision when the information is provided for the purpose of revealing the information to the general public.
This leaves open the back door dealing with the media moguls......
Good legislation, but doesn't go far enough and they still want to add amendments.........
That was my point above in highlighting the portion of the paragraph referring to the pending Senate action...... debated and amendments will be attached. We all know what that means.....there will be all kinds of amendments proposed and voted on just to delay, water down, or defeat the original bill. I have to wonder just how many NON-GERMANE amendments will be attempted by especially the GOP members of the Senate. We all know how the House bill will develop, don't we?
It's a nice gesture but I'm curious to know how it would be enforced.
I had to think about that a sec, but now I've got it. A department will be formed to oversee the house and senate's trading activities...only the GOP won't confirm any of the president's nominations for the post!
Good one Ursula - who says the government does't create jobs.
I'm thinking it will be a bi-partisan commission joint chaired by Grover Norquist and
Sheldon Adelson.
There is no place for insider trading in politics. It should have been made illegal a long time ago! That is fact America! Let your representatives know very clearly that insider trading is not representative of the American People that voted them in. If the polticians want to continue insider trading? They will must be voted out of any political office that they are in right now. If polticians are will to trade for insider profits? What else are the poltician willing to trade away?? Their oaths to the US Constitution? Their oaths they took to the American People who hired them? Sounds kind of "TREASONOUS" America???
Damm straight, it is about time. They need to play by the same law the rest of us.
Yep agree with all the other posters on here!!! I thought they did not here the President when he said send me a bill and I while sign it. Looks like the Republicans and Democrats don't want to be subjected to this type of scrutiny.
Does this ban only include members of congress, their staffs and families? If so it should include all appointed members of the Executive branch and all Presidential and Vise Presidential advisers. I believe, not sure maybe someone can comment, only the President and VP have blind trusts.
Since Congress can make it's own rules as to how they operate why can't they just pass a rule in each chamber stating that insider trading is banned for all members, staff and families?
I think we are looking at another political ploy where politicians are trying to pat themselves on the back. Who in the hell is going to enforce this so called "insider trading law", surely not another office in the Attorney General Office?
sfcret,
I thought the spouses also had to have blind trusts. I could be wrong.
sfcret,
I would say NO, they don't pay their taxes why would they fall under this law? How many advisors didn't pay, 36? Fair share doesn't apply to them.
I think we should let them know, that we know,how the fat got and still gets in their wallets.
Google Keystone oil donations.
And Google "Buffett Railroad Keystone."
Progressive+Forward11 Constitutionally it was illegal form them to vote the exemption since it was a crime they can't exempt themselves from any crime that is committed by any citizen. They cannot make any law where they are above the law or now watch what they do vote a law or bill that exempts them from any crime that has been committed. The real question is why no prosecution and why didn't the Supreme Court over rule this. The three branches are there for checks and balances of each other not just the people. They had to pass sensitive information to their family members how did that work.
Insider trading by Congress is and always has been illegal. The problem is with the justice department which refuses to act because congress has threatened to cut the justice departments budget if they do act. Graft and corruption knows no bounds in congress. Lower than lowlife scum I say!
You can't cut their budjet from jail!
I was hopin as part of the new rules, a three day season and a bag limit of one would be approved. Darn...............
Anyone who believes these crooks will pass this with out major loop holes needs to wake up.
They are all a bunch of CROOKS.....
Still want to know - which two Senators voted against it?
Remember, they were only voting on CLOTURE, not on the bill itself. It will be interesting to see what two either weren't present or voted against cloture......when they post a vote in these stories, they don't really say whether the other votes were NO, ABSTAIN, or not present.
Burr (R-NC), Nay
Coburn (R-OK), Nay
Congressional ethics is an oxymoron. There ain't such a thing.
About time! Now if they would pass legislation for election reform, terms limits - It would be almost heaven.
All journeys start with a single step and this one seems to be in the right direction. I would like to see the media publish or air the names of each and every member of Congress (both houses) who vote against this bill. We need to know who is in favor and who is against insider trading. OWS seems to be making a difference and getting results. We need to push farther with this kind of thing including lobbying and funding for elections.
baldeagle - if you want to know how the House and Senators vote on any bill - it's a matter of public record and you can google it
Plus - all members must file a yearly financial record, including spouses income
Except of course Clarence Thomas who overlooked Ginnie's income of $600,000 ++
Too bad we all know that this bill will never pass it will either be so watered down so that it's useless or it will include so much pork the pres won't sign it. The real fight will be watching the dems. and reps. try to blame its non passage on each other so they can stand on the "moral high ground". In other words more usless posturing at the expense of the 99%. Truly repulsive politics as usual.
Does this mean that Harry is now rich enough?
This is a group of lawyers, people. There's a way around it or they wouldn't agree to it. Like everything else they do.
I live in the district Spencer Bacchus supposedly represents. He's the poster-boy for this charade and running hard for re-election. I, of course have voted against him in the last several elections but for the first time have a faint hope that he'll be defeated. And, without knowing who will take his place, hope they'll be defeated the next time. Turn 'em all out - every time!
One half of Congress is 1%ers, while the other half is working hard to become 1%ers. They have made themselves an elitist class in this country with there salaries, benefits and perks, but what is worse, they have put themselves above the laws they make. This should never be acceptable to the American people.
If we practiced insider trading like they do, we would be prosecuted. The American people need to know why members of Congress aren't.
Congress no longer functions as representives of the people, they represent the their party, lobbyist and special interest groups at the expense of the American people. That is why they are turning this country into a 3rd world nation.
Hard to believe these thieves have been enriching themselves for years with this kind of unethical behavior. The only reason they are passing this now is because its an election year. No wonder a lot of these crooks have become one percenters while serving their country. More like serving themselves. Unbelievable.