Stop Insider Trading in Congress
Posted by
Randy
|
January 26, 2012
After a revealing report by CBS "60 Minutes” aired at the end of last year, possible insider trading by Members of Congress has come under strong scrutiny. Under current law, Members of Congress and their staff do not owe a duty of confidentiality to the federal government, and therefore are not liable for insider trading. However, recent reports suggest sharing of nonpublic congressional information occurs regularly. The report noted circumstances where Members of Congress may have used their political status and access to nonpublic information to profit from buying and selling stock.
I believe this is wrong. Members of Congress should adhere to the same standards as everyone else. It is unfair for elected officials to use their status to gain unfair advantage in the financial markets. It is unethical and it must be addressed. I have cosponsored the Stop Trading on Congressional Knowledge (STOCK) Act, H.R. 1148. The STOCK Act is a bipartisan solution that would prohibit Members of Congress and federal employees from profiting from nonpublic information they obtain via their official positions. It also requires Members and employees of Congress to report the purchase, sale, or exchange of any stock, bond, or commodity future transaction in excess of $1,000 within 90 days. You can read more the legislation here. I want to know what you think. Do you support legislation like the STOCK Act to address possible insider trading in Congress?
Users are solely responsible for the opinions they post here and their comments do not necessarily reflect the views of Congressman Forbes.
Post a Comment
We encourage you to analyze and comment on the posts featured on this blog, but please understand that comments which include campaign content, engage in personal attacks, or include vulgar, profane, obscene, or inappropriate language will be removed from the site. Please note that there may be a brief delay in the publication of your comment.
|
SEARCH BLOGRECENT POSTS12/21/2012 - Question of the Week: In light of last week’s shooting at Sandy Hook Elementary School, which of the following statements represent your views?12/14/2012 - Protecting children from exploitation 12/05/2012 - Question of the week: Do you support the continuation of current law, which prohibits detainees from Guantanamo Bay from being transferred to prisons in the United States? 11/30/2012 - Question of the week: Given China’s growing military capabilities, do you consider China…. 11/21/2012 - A Thankgiving Prayer by Rev. Peter Marshall 11/20/2012 - Question of the week: Do you think Israel has the inherent right to defend itself from Hamas rocket attacks? ARCHIVESBy YearBy Issue
|