My blog has moved!

You should be automatically redirected in 4 seconds. If not, visit
and update your bookmarks.

Monday, October 11, 2010

Congressional Staffers Gain From Trading in Stocks "'Congressional staff are often privy to inside information, and an unscrupulous person could profit off that knowledge,' says Vincent Morris, a spokesman for Rep. Louise Slaughter (D., N.Y.), a leading backer of the 'Stop Trading on Congressional Knowledge Act,' or STOCK Act. 'The public should be outraged there is no law specifically banning this.'

When the bill was introduced nearly five years ago, just 14 other lawmakers endorsed it. The current version of the bill has fared worse: Only nine lawmakers support it. There is no companion legislation in the Senate.

Congressional aides have ringside seats on the making of laws that affect American business. Receiving salaries up to roughly $170,000 a year, they can glean information about policies and government action before the public. They have access to information about hearings or legislation that can move stocks and markets."

No comments:

Post a Comment