BLOG #15 STOCK ACT DEBATE

Recently I have returned to watch C-SPAN 1 & 2 - 1 being the House & 2 the Senate. - and just this morning listened to the House debate on the STOCK ACT S2038 passed by the Senate. This, when passed by the House will then go to Conference between the two houses. This bill is designed to change both houses to conduct themselves under the same rules that we "peons" have too. It addresses most of the insider trading issues under Section 3 entitled "Prohibition of the use of nonpublic information for private profits." Section 4 specifically addresses the "Prohibition of Inside Trading" by members of the Congress. Section 6 requires "Prompt Reporting of Financial Transactions." Section 7 requires a "Report on Political Intelligence Act invites." And Section 8 is most interesting as it requires "Public  Filing and Disclosure of Financial Disclosure Forms of Members of Congress and Congressional Staff."  Other Sections covers the Executive Branch and Other Federal Officials.

I believe that the book written by Peter Schweizer, THROW THEM ALL OUT, How Politicians and Their Friends Get Rich off Insider Stock Tips, Land Deals, and Cronyism That Would Send the Rest of Us to Prison, is mainly behind forcing the members of Congress to even bring this bill to a vote. If you have NOT read this book go get it from your library or better go purchase it. Also contact your representatives in both the House and the Senate to quickly get this bill passed. This will help curb the corruption that is rampart in both the legislative and executive branches.