6
   

’60 Minutes’ Report On Pelosi Prompts Bill To Prohibit Congressional Insider Trading

 
 
Reply Thu 17 Nov, 2011 12:03 pm
’60 Minutes’ Report On Pelosi Prompts Bill To Prohibit Congressional Insider Trading
November 16, 2011

WASHINGTON, D.C. (CNN Wire) — Members of Congress and their staffs would be prohibited from using insider legislative information for investment purposes under legislation filed in the wake of a CBS News “60 Minutes” report.

On Sunday, “60 Minutes” aired a report on KPIX-TV CBS 5 and KCBS All News 740 AM & 106.9 FM highlighting instances in which congressional officials reportedly bought stocks around the same time Congress was discussing legislation affecting those companies or industries.

The show looked at the investments of various lawmakers, including U.S. House Minority Leader Nancy Pelosi (D-San Francisco).

The bill filed Tuesday by Massachusetts Republican Sen. Scott Brown would make it illegal for elected congressional officials, their staffs and executive branch employees to use information about pending bills that’s not available to the general public in making investment decisions. It would also forbid them from making such information public for personal gain.

Brown’s bill, which he called the Stop Trading on Congressional Knowledge, or STOCK Act, would clarify insider trading regulations that do not clearly identify whether the use of inside government information constitutes insider trading.

“Members of Congress should live under the same laws as everyone else. If they trade on inside knowledge to line their own pockets, they should be punished,” Brown said in a statement, without referencing any of the officials named in the report. “Serving the public is a privilege and honor, not an opportunity for personal gain.”

Pelosi has fired back at the report, dismissing claims that her 2008 purchase with her husband of 5,000 shares of the initial public offering of credit card company Visa conflicted with a piece of legislation — opposed by credit-card companies — that was making its way through the House.

“It is very troubling that ’60 Minutes’ would base their reporting off of an already-discredited conservative author who has made a career of out attacking Democrats,” Pelosi’s spokesman, Drew Hammill, said in a statement.

He added that Congress passed even stronger credit card legislation at about the same time.

In addition to Pelosi, the CBS News report also looked at investments of House Speaker John Boehner and Republican Rep. Spencer Bachus of Alabama.
  • Topic Stats
  • Top Replies
  • Link to this Topic
Type: Discussion • Score: 6 • Views: 1,247 • Replies: 8
No top replies

 
rosborne979
 
  1  
Reply Thu 17 Nov, 2011 01:38 pm
@BumbleBeeBoogie,
BumbleBeeBoogie wrote:
The bill filed Tuesday by Massachusetts Republican Sen. Scott Brown would make it illegal for elected congressional officials, their staffs and executive branch employees to use information about pending bills that’s not available to the general public in making investment decisions. It would also forbid them from making such information public for personal gain.

Brown’s bill, which he called the Stop Trading on Congressional Knowledge, or STOCK Act, would clarify insider trading regulations that do not clearly identify whether the use of inside government information constitutes insider trading.

This would seem to be a no-brainer, right?

Are people in congress actually making investments based on knowledge of bills which are otherwise hidden from public view? Has this been documented activity of congress people, or is this speculation?
RABEL222
 
  1  
Reply Thu 17 Nov, 2011 01:58 pm
Speculation. Repubs dont need facts, only innuendo.
Irishk
 
  1  
Reply Thu 17 Nov, 2011 02:01 pm
@rosborne979,
It's not exactly a 'new' bill...

0 Replies
 
roger
 
  1  
Reply Thu 17 Nov, 2011 03:14 pm
@RABEL222,
Is that a fact, or just more innuendo?
RABEL222
 
  1  
Reply Thu 17 Nov, 2011 06:56 pm
@roger,
As always my opinion.
0 Replies
 
hingehead
 
  1  
Reply Mon 20 Feb, 2012 08:55 pm
Only two threads on the Stock Act in all of A2K - both by BBB

When I finally caught up with Jon Stewart's take on it (15th February) my jaw dropped - why do you people put up with this ****?

Jon Stewart: STOCK Act is the ‘No Sh*t Sherlock Act’

I can't see the video but I'm hoping you can

http://www.thedailyshow.com/full-episodes/wed-february-15-2012-louise-slaughter
BumbleBeeBoogie
 
  1  
Reply Thu 5 Apr, 2012 09:42 am
@hingehead,
Obama signs insider trading ban by lawmakers
By The Associated Press
April 4, 2012

WASHINGTON—President Barack Obama signed legislation Wednesday barring members of Congress, the president and thousands of federal workers from profiting from nonpublic information learned on the job, calling it an embodiment of the fundamental American value of fair play.

Obama said the move to bar insider trading among lawmakers would assure everyone "plays by the same rules."

"It's the notion that the powerful shouldn't get to create one set of rules for themselves and another set of rules for everybody else," Obama said.

"If we expect that to apply to our biggest corporations and our most successful citizens, it certainly should apply to our elected officials," Obama said.

The new law lets the public see more of government officials' financial dealings yet some members of Congress said it fell short. Lawmakers abandoned an earlier proposal to require public reports from people who gather information from Congress and sell it, mostly to investors.

Obama was joined by several lawmakers who pushed the bill through Congress, including Massachusetts Sen. Scott Brown, a Republican who has been targeted by Democrats and is expected to face a stiff challenge from Elizabeth Warren, a Harvard professor who helped launch the new federal Consumer Financial Protection Bureau.

The driving force behind the bill was Congress' attempt to boost dismal approval ratings, with polls showing between 12 percent and 19 percent of Americans approve of the job Congress is doing.

Called the STOCK Act, which stands for Stop Trading on Congressional Knowledge, the new law requires that public reports of new transactions exceeding $1,000 be posted online either 30 days after the individual was notified of a transaction in his or her account, or 45 days after the transaction.

The House currently posts disclosure information on the Internet, but the Senate still requires people seeking the data to appear personally in a Senate office building.

Federal insider trading laws have no exemption for members of Congress and other federal officials. There has been little evidence that many lawmakers have been investigated.

The Office of Congressional Ethics has looked at the trading activities of Rep. Spencer Bachus, R-Ala. In the two months surrounding the 2008 financial collapse and subsequent $700 billion economic bailout passed by Congress, Bachus made more than three dozen trades. The OCE is an independent ethics office of the House, run by a board outside Congress.

Bachus, now chairman of the House Financial Services Committee, has denied using inside information and any wrongdoing.
0 Replies
 
JTT
 
  1  
Reply Fri 6 Apr, 2012 06:15 pm
@BumbleBeeBoogie,
What was it that Pelosi "did"?
0 Replies
 
 

Related Topics

Obama '08? - Discussion by sozobe
Let's get rid of the Electoral College - Discussion by Robert Gentel
McCain's VP: - Discussion by Cycloptichorn
Food Stamp Turkeys - Discussion by H2O MAN
The 2008 Democrat Convention - Discussion by Lash
McCain is blowing his election chances. - Discussion by McGentrix
Snowdon is a dummy - Discussion by cicerone imposter
GAFFNEY: Whose side is Obama on? - Discussion by gungasnake
 
  1. Forums
  2. » ’60 Minutes’ Report On Pelosi Prompts Bill To Prohibit Congressional Insider Trading
Copyright © 2020 MadLab, LLC :: Terms of Service :: Privacy Policy :: Page generated in 0.03 seconds on 08/05/2020 at 11:07:58