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Thread: Congress votes to eliminate key requirement of insider trading law

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    Congress votes to eliminate key requirement of insider trading law

    Congress votes to eliminate key requirement of insider trading law – CNN Political Ticker - CNN.com Blogs

    Washington (CNN) – The U.S. House on Friday eliminated a key requirement of the insider trading law for most federal employees, passing legislation exempting these workers, including congressional staff, from a rule scheduled to take effect next week that mandated online posting of financial transactions.
    Aides to lawmakers insisted the changes were needed to avoid potential security risks to federal employees by revealing personal information.

    The House vote followed similar action by the Senate Thursday. The votes were done with little notice and came at a time when most people were paying attention to the Senate’s work on high profile issues like guns and immigration.

    One advocacy group pushing for greater government transparency blasted the move, saying it “guts" the law.
    "Not only does the change undermine the intent of the original bill to ensure government insiders are not profiting from non-public information, it sets an extraordinarily dangerous precedent suggesting that any risks stem not from information being public but from public information being online,” Lisa Rosenberg of the Sunlight Foundation wrote in a statement,


    Look! Over there! Abortion, gay marriage and gun control!

    I had to learn about this from Jon Stewart, and even then I had to unbury it in a google search so I could link to a mainstream media story, only to find it had already happened on April 11. This shows that when you favor term limits, all you're really arguing about is how many years a congressman is able to secretly profit from insider stock trading.

    Bastards.

    And before anyone tries to make this a liberal vs. conservative issue, the extensions for the original STOCK act were passed in bipartisan votes and signed by Obama.

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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by Cardinal View Post
    Congress votes to eliminate key requirement of insider trading law – CNN Political Ticker - CNN.com Blogs



    Look! Over there! Abortion, gay marriage and gun control!

    I had to learn about this from Jon Stewart, and even then I had to unbury it in a google search so I could link to a mainstream media story, only to find it had already happened on April 11. This shows that when you favor term limits, all you're really arguing about is how many years a congressman is able to secretly profit from insider stock trading.

    Bastards.

    And before anyone tries to make this a liberal vs. conservative issue, the extensions for the original STOCK act were passed in bipartisan votes and signed by Obama.
    I agree with you.

    Bastards.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Congress votes to eliminate key requirement of insider trading law

    I wonder who were the key sponsors of this bullish--- I mean bill?

    If the vote was unanimous I will blow a gasket.

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    Re: Congress votes to eliminate key requirement of insider trading law

    if I read the article right they still have to report any securities trades over $1000 just not post them online.

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    Re: Congress votes to eliminate key requirement of insider trading law

    I think it is a stupid policy to require Congressional staff to report so that part I am fine with.

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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by Fisher View Post
    I think it is a stupid policy to require Congressional staff to report so that part I am fine with.
    Why?

    .......

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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by Cardinal View Post
    Why?

    .......
    Because I personally do not think that it is good as is that people can go to legistorm and look up all their co-workers pay. I think it drives up Congressional staff pay and breeds discontent. It is none of my business where by Congressman's staff invests their money. It is their money.

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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by Fisher View Post
    Because I personally do not think that it is good as is that people can go to legistorm and look up all their co-workers pay. I think it drives up Congressional staff pay and breeds discontent. It is none of my business where by Congressman's staff invests their money. It is their money.
    You don't think there should be greater transparency in how congressmen profit while serving their terms?

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    Re: Congress votes to eliminate key requirement of insider trading law

    Quote Originally Posted by Cardinal View Post
    You don't think there should be greater transparency in how congressmen profit while serving their terms?
    I have been discussing staff reporting not Member reporting.

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    Re: Congress votes to eliminate key requirement of insider trading law

    Im not a fan of publicizing peoples financial transactions. While we are right to be suspicious, this appears to be an invasion of privacy.

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