Insider Trading: How Congress Can Make Big Bucks at Our Expense
The federal government has finally got the message that it’s time for stronger oversight of Wall Street and the financial services sector. It’s also time to put an end to secret spending and insider trading.
A dangerous legal loophole still exists which allows members of Congress and high-powered executive branch appointees to exploit 'insider' knowledge of the financial industry in order to turn personal profit.
Under current law, those who have access to the privileged "non-public information" gathered through official oversight proceedings may be using that information for personal benefit in securities and commodities trading. Equally as abhorrent, lobbyists and traders who haunt the halls of Congress seeking insider tips from staff – known as “political intelligence consultants” – may also enrich themselves and their clients off of this confidential information.
This type of "insider trading" would be illegal for you and me - so why should it be legal for government officials?
Congress should be watch dogging Wall Street - not gold digging for insider profits. This loophole must be closed. Urge Congress to pass the "Stop Trading on Congressional Knowledge Act"!
Introduced by Reps. Brian Baird (D-Wash.), Louise McIntosh Slaughter (D-NY) and Tim Walz (D-Minn.), the “Stop Trading on Congressional Knowledge Act” (H.R. 682) would ensure that the same insider trading restrictions we face apply to Congress members and staff as well as the federal government.
H.R. 682 prohibits officials from using non-public information for personal gain. The time to pass this vital legislation is NOW. Ask your representative to support H.R. 682 now!