Obama signs insider trading ban by lawmakers(edited)

poweRob said:

I was totally caught by surprise by this. Last I heard about this was that Eric Cantor had put a complete stop to it saying that the bill was, "Moving too fast" through congress. I had no idea that it had even been voted on. Kudos for this getting passed.

Obama signs insider trading ban by lawmakers

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.​

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poweRob said:

I was totally caught by surprise by this. Last I heard about this was that Eric Cantor had put a complete stop to it saying that the bill was, "Moving too fast" through congress. I had no idea that it had even been voted on. Kudos for this getting passed.

Obama signs insider trading ban by lawmakers

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.​

Click to expand...

muciti said:

Glad this came to pass. Great move by Obama.

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Grim17 said:

You'd be hard pressed to find anyone who will critisize the president for signing this one...

Good Job President Obama,

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MaggieD said:

This information is pretty much going to belie Zimmerman being a racist, in my opinion:



That Zimmerman actually did that will be easily proved. And note: the white man who beat the black homeless man was the son of a Sanford LEO.

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soccerboy22 said:

I am with you Rob, last time I remember hearing about it, it was stopped. Glad to see it was passed.

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Ikari said:

There's a difference between passing a law and upholding that law. I do not suspect that latter to be held to politicians. But hey, maybe they'll surprise me.

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Ikari said:

There's a difference between passing a law and upholding that law. I do not suspect that latter to be held to politicians. But hey, maybe they'll surprise me.

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soccerboy22 said:

You maybe right and nothing may come of this. Right now I am just going to look at the glass half full.

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soccerboy22 said:

Maggie, darling, wrong thread

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MaggieD said:

:rofl -- Double thanks!!!! How in the WORLD did I do THAT?????

That's the worst thread derail I've EVER seen. Oooo. I can still edit. Thanks again, SoccerBoy. Yikes!

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Ikari said:

Yeah, but the government keeps drinking out of that glass.

I don't know, maybe something positive could happen. But I really do not trust government to police itself. I think they like to say the words, but words are wind. I'll believe this when I see large scale enforcement.

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Republic Now! said:

I'm somewhat skeptical. It seems odd for an average person to engage in a practice for a long period of time, then, suddenly, get a huge opposition to it to the point where you quickly ensure it can no longer happen. All the lawmakers are acting like this is some huge breach of justice when just a few months ago they were justifying these same actions. Such a huge change of heart and on such a massive and unanimous scale smells of foul play. I do tend to lean to the skeptic side in most things, though.

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poweRob said:

It's saying that my original thread on this was closed due to me not following the rules and whatnot. To try and refrain from getting more detrimental "points" tacked onto my DP account I started this thread with the title I'm told I have to go by instead of being myself. My bad.

Obama signs insider trading ban by lawmakers

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.​

Like I said in my last post on this, I am shocked that it was signed by Obama because the last I heard was that this bill was blocked by Eric Cantor because he said it was "moving too fast" through congress. Didn't even know congress had passed it.

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Many had been hoping this bill would go even further. Craig Holman, a lobbyist for Public Citizen, says earlier versions were watered down.

CRAIG HOLMAN: I mean, it's still a useful bill. But it omits two of the strongest and most desperately needed ethics provisions that were in the original Senate act.

KEITH: One would have required people selling insider information about Congress to hedge funds to register, like lobbyists. Another would have made it easier to prosecute public corruption.

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