STOCK Act needs America’s eyes
Published 12:06 am Tuesday, December 6, 2011
Imagine if you could see into the future, even if only a few days or so in advance.
Such ability would come with a pretty heady amount of power and, ultimately, a significant amount of temptation, too.
Knowing tomorrow’s events today easily could lead to corruption, particularly for those who already have a taste of power and a slight feeling of being somehow “better” than the rest of us.
That rare combination was the subject of the recent CBS News program “60 Minutes.” The program explored the appearance that members of the U.S. Congress make stock deals based on privileged information.
For Joe Citizen, such insider trading is highly illegal. But the rules seem a little less clear for members of Congress.
The circumstantial evidence is convincing. Many U.S. senators and house representatives head to Washington as “one of us” only to return home or retire a few years later having somehow become wealthy.
Almost across the board the members of congress featured in the program denied any wrongdoing.
But perhaps their actions may speak louder than words.
A bill to clearly ban insider trading by lawmakers has been introduced since 2006, by Rep. Louise Slaughter, D-N.Y.
The bill, known as the STOCK Act, short for Stop Trading on Congressional Knowledge, will be discussed today before the House Financial Services Committee.
In the past, the bill had only nine co-sponsors — other representatives who signed onto the bill in support.
Today 118 lawmakers signed on as co-sponsors. When a little light is shed into the dark corners of government, it’s almost like seeing into the future.