Ever wonder how when you get to Congress you become rich???
Does it cover things like Harry Reid’s “land deals”??? Long way before it becomes law.
Insider trading by members of Congress, their top staff and executive branch officials would be banned by legislation that passed the Senate on Thursday.
Although insider trading is illegal for anyone, some had argued that the STOCK Act, which passed 96 to 3, was needed to close loopholes that let lawmakers and lobbyists profit from “political intelligence.”
“We are entrusted with a profound responsibility to the American people to look out for their best interest, not for our own financial interest,” said Sen. Kirsten Gillibrand (D-N.Y.), one of the lead sponsors on a measure that garnered rare bipartisan support, including from Republican senators such as Maine’s Susan Collins and Massachusetts’ Scott Brown.
“Bottom line, members of Congress have to live by the same laws everyone else does,” said Brown. “With approval ratings of Congress at an all-time low, this bill represents an opportunity to build some trust with the American people.”
The three senators who opposed the bill were Tom Coburn (R-Okla.), Richard Burr (R-N.C.) and Jeff Bingaman (D-N.M.). The two Republicans both argued that the measure was unnecessary and that the law already bars insider trading.
“Senator Burr voted against cloture on the bill because there are already laws in place to address this critical issue,” said Burr spokesman David Ward. “Members of Congress are elected to serve the people, not make money for themselves, and any Member or staff member who breaks the already existing insider trading laws should be held responsible.”
Bingaman added that the measure will pose problems for many federal workers. “I can’t support a bill that places unreasonable and burdensome reporting requirements on over 300,000 federal workers,” Bingaman said. “It is my hope that this legislation can be improved as the process moves forward.”
The Senate legislation also requires lawmakers and senior staffers to declare within 30 days if they sell a significant financial asset, in theory letting constituents know if a legislator might have had a financial interest in a measure.
A number of attempts to do other things with the bill, including banning earmarks, failed.