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.
I feel like this is a band aid on a bigger problem - even if congress doesn't insider trade they tend to come from the upper levels of the industries they regulate so have accumulated wealth, already have stock without the need for insider trading, and their greater handcuffs are not due to fiscal interests of investments as much as donors in their previous fields. If you made a law saying no congress person shall be allowed to receive campaign funds from an industry they regulate it would have a much greater effect than this...
ReplyDeleteThanks for your comment, Urvi. Yes, I am afraid of the same thing happening...
DeleteThe probelm is the House of Rep. The problem is ALWAYS the House. Talk about cynical...part of me thinks that the Senate votes on the "side of the people" KNOWING the house will defeat it anyway(their constituency is much narrower and answer to fewer) and everything will remain staus quo. In any case part of me just can't believe Congress would reverse themselves on this. It is a perk that is dispicable but one that they know they can get away with without to much scrutiny. When a faction (union, etc.) wins an advantage they rarely give it back "to be fair" to the other side...only, maybe, if they're brought to the table kicking and screaming. When the fox is guarding the hen house then omelettes are high on the menu.
ReplyDeleteTRUE! The House is a huge problem. Can't seem to get anything passed. I can't stand how certain representatives will not vote for something purely for political reasons, even though they KNOW it is the right thing to do...
DeleteI actually hadn't heard about this bill, and I'm glad I read this because I really should pay more attention to politics and I trust your opinion so I hope the house is receptive to it!
ReplyDeleteFollowing you now and thanks so much for your support on my blog. I really appreciate it. Have a great weekend & I totally agree with you that they should be held accountable.
xoDale
http://www.savvyspice.net/
Thanks for following me, Dale! I love your blog, it is really great. I gotta get more informed about fashion! :) Have a great weekend!
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