Friday, February 3, 2012
Is Congressional Insider Trading a Thing of the Past?
The Senate just passed a bill that will ban insider trading by members of Congress and force members to disclose stock transactions within 30 days! Kudos to President Obama for calling out Congress on this horrible practice in last week's State of the Union. Watch President Obama in the State of the Union state boldly that he would immediately sign a bill that bans insider trading by members of Congress. Congress' ratings are at an abysmal rate of below 15% and I think this is their first attempt at stepping their game up!
Finally members of Congress, who seem to think that they are practically royalty these days, will be held accountable for their actions under federal law like the rest of us. Although this bill is a step in the right direction, I wonder what new schemes Congress will come up with to get around it. Time will tell!
Although my view seems a bit cynical right now, I think most Americans are feeling a deep distrust for the people who are supposedly "representing" our interests. It's about time Congress steps up and helps make sure that the lifestyle regular Americans are able to live is a little bit more like the lifestyle they live.
If the House is as receptive to the new bill as the Senate was, we'll be heading in the right direction.