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Subscribe to RSSA 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."
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Just a stab in the dark, but what I think will happen is this bill will be re-written so many times, added to, taken away from, finessed and fixed for so many months, that lo and behold! it will be election day, nothing will be finished and after election day, it will get buried and lost in BOTH houses of Congress until is is just accidentally forgotten and never gets passed.
Unless, of course, we the people decide to keep reminding our elected officials about it. And that has worked so well in the past (sarc).
This is s a smoke screen designed to mask the fact that insider trading of any kind is illegal. There is no statutory exemption from prosecution for insider trading for members of the House and Senate. This whole thing is designed to create the illusion that insider trading on the part of members of Congress was legal all along. It was not. Congressional members have no special exempt status over other members of society regarding insider trading activity; it is a perfect example of an unequal application of law forbidden under the Fourteenth Amendment, where special treatment is given to one class of citizens over another, because they presumably occupy a special, privileged class. The SEC and the Justice Department have simply not been enforcing the law against them. And when the class at issue in this matter sets about passing an Act to expressly make something illegal that is already illegal, it must be viewed as nothing less than an attempt to throw off and confuse enforcement agents who should be going after them with the law now.
The Elite benefitting from the establishment, the status quo, depend on the 'active participation' and 'complicity' of millions of Citizens. Why Citizens don't realise this is beyond me!
r i i i g h t
Big deal, I have no doubts the real hurdle was writing language that would give them a way to get legally around it so nothing really has changed.Just more smoke and mirrors and slight of hand conjuring tricks...
What really is needed is the ability of the American people to actually Vote on all the spending Bills Congress dreams up for itself and for lining their buddies pockets with cash.
With the worldwide Internet we should be able to take away Congresses ability to spend OUR money and put it back into the hands of the People...
Politicians such as those in Congress are to irresponsible and financially inept and incompetent to be trusted with this responsibility any more and it should go back to where the hard working taxpayers have the final say on ALL SPENDING BILLS..
I for one am tired of BEING PUNISHED for the financial incompetence that is running ramped if not amok on Capitol Hill starting with the additional trillions Obama has spent while out of the other side of his mouth he is blaming his predecessors... It is time....and with the largest tax increases EVER coming in 2013 as well as the currently well hidden H.R.1125, another tax upon a tax called, get this title they thought up to get us to buy into it..."The Debt Free America Act"....Hey I'll go for it, BUT ONLY if Congress gives up it's right to tax us to make up for their incompetence....and gives that ability back into the hands of the honest hard working taxpayers and not a Politician....then I would surely believe it will be a "Debt Free America".... These additional Taxes that your Demoncrat Liberals have brought to us will add a suggested $50. a month to the average Americans monthly expenses...Now go ask your boss for a $50 a month raise and see what happens..And then Obama is wanting an increase in Medicare to additionally burden the elderly and the Seniors where are they going to come up with the additional money??? More Seniors will be losing their homes and moving in with their children and how many will move to Homeless shelters or be a burden on State run programs which get no federal funding...Funny how the Brown nosing Media isn't posting any of these stories,,you know why? because they expect to make millions off of Obama and Demoncrats for this upcoming election and don't want to tick Obama off....cause maybe he'll spend that money somewhere else...
When I heard this news last night, I already knew there would be plenty of criticism and very little support from this country's finest naysayers. I told my spouse, "Most haters will decry that this proposal is replete with loopholes" and once again I was right! This nation can always depend upon those who rarely vote to have much to whine and complain about. Its a start! Change has to begin somewhere and I'm hoping (fingers crossed) that the newly assigned watchdogs + committees already in place, will do a better job of tracking abusers and bringing them to justice. {I'm hoping!}
Talk about a "do nothing Congress"; the US has more than its fair share of haters who hate anything and everything the politicians try to get done and that's mainly because people who have to pay taxes love to gripe about the imperfections of our society. I just knew that the whiners, moaners and groaners would be the first to add their dark, dooms day, rendition of the facts. People who whine if Congress and the President does nothing and STILL boo-hoo if they try to accomplish something. "Change you can believe in" is a partnership that ALL Americans must participate and be involved in. The citizenry's part of the contract is that, YOU MUST BELIEVE, we can be a better nation. All some folk want to do is cry AND they don't even bring along their own tissue or hankie!!!!
The GOP/Tea Party in the House still does not get it. The public is sick and tired of their NO compromise attitude. Their rebellious streak will eventually do them in. They have a habit of making a big deal about each and every bill they vote on. Cantor or Boehner cannot control their members and this is the result. Hopefully many of these out of place and extreme conservatives without consciences will be voted out of office so that the House can once again be a place where the people's interest is represented.
The DNC/Progressive/Liberal/Socialists in the House still does not get it. The public is sick and tired of their NO compromise attitude. Their rebellious streak will eventually do them in. They have a habit of making a big deal about each and every bill they vote on. Obama,Reid or Pelosi cannot control their members and this is the result. Hopefully many of these out of place and extreme Progressive/Liberal/Socialists without consciences will be voted out of office so that the House can once again be a place where the people's interest is represented
Sadly, we have to leglislate honesty. That's what happens when you elect democrats.
Sad that republicans oppose it. Or did that little fact not make it through your filter?
Talk about filters. Did you miss this?
This is how most bills go. Of course the house will have a different view/bill. Then both bills will need to go into "conference" to be consolidated.
Stop being a tool for the progressive/solialist/liberals be be your own person.
And that "conference" will end sometime after Election Day, 2012.
But they always put a rider to any bill so the law does not apply to them. Remember McCain-Fiengold. I think when november comes, if they are an incumbant, lets vote them out, but make sure we not letting the fox in the henhouse. we need to double check who we vote for. But not what crap they put in the ad's on tv. Lets hope Fl people know Mitt is buying himself a place to be President, I for one will not vote for him. again Mitt is crooked.
Lady Jag, 2 questions.
1. Explain how Mitt is "buying himself a place to be President" as oppsed to any one else like Obama?
2. Explain why Mitt is "crooked" as opposed to any one else like Obama?
Also, please show some proof of your claims.
All of the house and senate rules should be closely scrutinized. How many rules like this do they have that puts them in a position that regular citizens don't have. Its time for a total overhaul of the house and senate rules and their exemptions from the law.
I always see the same people in here bickering over spelling, content, etc. Most of them have no relation to the topic at hand. Take your feuding elsewhere. State your case and let others do the same without the name calling, etc.
Has Speaker Boehner been asked about his financial connection to Keystone? If it falls under Congressional insider trading?
By the way, Insider Trading should be banned by simple logic since Insider Trading is illegal by Law and all Congressmen/women in both State and Federal Congresses have sworn by the Oath of Office to obey all Laws. Add to that, that those guilty of such have committed PERJURY and therefore guilty of an additional felony charge. As of being a felon, that they are subject to an immediate removal from Office and forever barred from any Governmental position and are to be subject to incarceration and any and all fines appropriate.
Thus, no new Laws are needed, just enforcement at both State and Federal Levels. PS: The above applies equally with ANYONE who takes an Oath of Office whether at the Local, State, or Federal Levels. Further more, it prevents any more loopholes.
Logic is Truth more often than not.
Yesterday I asked if this so called "insider trading law" only applied to members of congress, their staff and their spouses and immediate family. I asked why not include the executive branch and all political appointees and their immediate staffs, I saw an article today that the Senate will add the executive branch to the law. My next question is who is going to enforce this law, hopefully not the current Attorney General.
Also I was looking for a comment as to my remark yesterday, which was since the house and senate can write the rules that govern their respective houses why do we need a new law, which in all likely hood will cause another government agency being put together. Why not congress just write a rule prohibiting the practice of so called "insider trading"? I believe this is a political ploy by both parties to try and impress their constituents .
This "insider trading" legislation is a worthwhile start, now let's move to the next step and demand that Congress and their staffers be subjected to the same Obamacare law that they imposed upon the rest of us. The proposed "28th Amendment" (i.e. Congress shall make no law which applies to the people but doesn't apply to themselves) seems like a better idea all the time.
Lady Jag is a typical demodrone, just like feisty
Please, Please you all. The congress is composed of 2 houses. Representatives and Senators. Please let’s start calling Congress people that are Representatives, Representatives as we call Senators, Senators. Maybe this will allow Representatives a chance to know what they really are.
This law had to be passed, public pressure in an election year would have killed members of
Congress if they did not pass it. This does not show Congress can work together on the tough issues. All it does is show that when re-election is on the line members can rise above their petty (party) fights to secure their future.
The 2 senators that voted against it......... Sen. Burr- NC (R) & Sen. Coburn- OK (R)
Do you honestly believe that a ban on “family” members, government employees, etc. doing insider trading is going to work if its a “government” agency running it?
Your going to trust that the foxes can guard the henhouse? That another government agency will oversee congressional insider trading? Who’ going to oversee the committee that oversees Congress, then who is going to oversee the committee, that oversees the committee, that oversees Congress?
The stories below show that there was already supposed to be safeguards in place how well did they work? How about that $1.03 billion dollars in Taxes owed by Federal Employees?
Don’t get me wrong. I know that the Republicans are just as guilty of it as the Democrats. I’m just using recent events. Current cases of Ethics Violations that have still not been settled.
http://www.nytimes.com/2010/09/01/us/politics/01scholar.html
http://articles.latimes.com/2010/aug/10/nation/la-na-maxine-waters-20100810
http://www.washingtonpost.com/blogs/federal-eye/post/federal-employees-owe-103-billion-in-unpaid-taxes/2012/01/20/gIQAv7KKJQ_blog.html
http://www.marketwatch.com/story/judicial-watch-announces-washingtons-ten-most-wanted-corrupt-politicians-for-2011-2011-12-28
Pretty good show so far . Let's see if they go through with it . I doubt it . If they do it will be something so watered down as to make no difference . And they will all crow about how good the pseudo law is .
All the fighting aside, I'd just like to send out a huge THANKS to MY Congressman, Dave Loesback, for being one of the original backers of this bill and the three that were thrown out of committee before it.
YOU GO DAVE - YOU DA MAN!! CAN'T WAIT TO VOTE FOR YOU IN NOV.!!
One Good Congressman. One Good man.
Everyone knows that the sleazy House Republicans, will not go along with it because they can't operate from a level playing field. Unless they have a clear advantage then they can't operate. This will only hasten their departure, as the public is clearly for stopping this practice.