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Monday, February 6, 2012

The crash you heard was the gravy train being derailed

There has long been a suspicion that some United States lawmakers leave office a lot richer than when they enter. Perhaps that suspicion was confirmed when the Senate voted this past Thursday to strengthen insider-trading bans for its members. House of Representatives Majority Leader Eric Cantor, Virginia Republican, indicated he will call for a vote on the STOCK Act in the next few weeks.

The Washington Times writes:

Focused on transparency, the STOCK Act … mandates stricter disclosure requirements for members of Congress, requiring them to reveal their sales and purchases of stocks within 30 days instead of once a year. …

The upper chamber extended the 30-day requirement to federal employees and exempted mutual funds from the requirement, because owners don’t control those trades. Senators also agreed by voice vote to broaden mortgage disclosure requirements for members of Congress and some executive employees and to expand the possibility for members of Congress to lose their federal pension if convicted of a felony.

It seems sad that such legislation is necessary—i.e., that the American people have to be protected form their politicians.

© 2012 Russell G. Campbell

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