Congress Must IMMEDIATELY Pass HR 1148: The "Stop Trading On Congressional Knowledge" Act
Update: we have learned that the current iteration of HR 682 is HR 1148, it's purpose is "To prohibit commodities and securities trading based on nonpublic information relating to Congress, to require additional reporting by Members and employees of Congress of securities transactions, and for other purposes" sponsored by Tim Waltz, and as of June 1 was... referred to the Subcommittee on the Constitution.
Following yesterday's 60 Minutes grotesque special which finally exposed to the general public what most experts in the industry have known for many years, namely that the bulk of "profits" for Congressmen (at a fixed $174,000 salary for the current year) and Senators are made courtesy of perfectly legal insider trading, it is time to ask the logical next question: how is it possible that the US system of checks and balances has failed so spectacularly, as to allow a glaringly illegal activity for everyone else to proceed and to generate multi-million dollar windfalls for congressional and senatorial critters? It would be perfectly understandable if some very righteous anger accompanies said question. Well, as it turns out, some, very few, Congressmen have a conscience and do believe in operating within the confines of the law, and 2 years ago proposed HR 682: Stop Trading On Congressional Knowledge Act. HR 682, sponsored by Rep. Brian Baird, has a purpose "To prohibit securities and commodities trading based on nonpublic information relating to Congress, and to require additional reporting by Members and employees of Congress of securities transaction, and for other purposes." Wonder why you have never heard of HR 682, aside from the obvious: that Congress would never vote in a law to cut off this massive illegal form of funding for itself: "This bill never became law." Well, duh.
More: "This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books. Members often reintroduce bills that did not come up for debate under a new number in the next session." Indicatively, the bill died when it was referred to, extremely ironically, the Subcommittee on the Constitution, Civil Rights, and Civil Liberties. So there you have it, and the question now is: who of the 435 members of Congress will be so kind to just say no to perpetuating this gross criminal act, and finally make it illegal for Congressmen to trade on inside information, just as it is for everyone else, and usually ends up leading to prison time and multimillion dollar fines for all those other "mortals" who are caught doing it. After all, is it too much to demand of Congress to follow the laws that are in place for everyone else???
And a letter penned by the original two bill sponsors to Nancy Pelosi. Logically, nothing ever happened afterwards.