There is a very important bill awaiting action in Congress – that if passed would improved the image of Congress. Rep. Spencer Bachus first said there would be a vote on the bill, Stop Trading on Congressional Knowledge Act (STOCK Act), on December 14th, but it appears something or somebody changed his mind. This bill would clarify that laws against insider trading apply to members of Congress. One would think that all members of the U.S. Senate and House of Representatives would support this legislation. A Senate bill on the same subject was reported out of committee last month and will go to the full Senate for consideration. Hopefully, that bill will be passed and sent to the House.
A good friend of mine, who is much more in touch than I am with what goes on in our Nation’s Capitol, says we shouldn’t hold our breath waiting for the House to take action on this matter. He says too many members of Congress have taken advantage of an apparent loophole in the existing law, and for that reason, they don’t want any changes. If that is true, I doubt this needed legislation will ever become law. Maybe the public simply doesn’t care, or perhaps it’s more likely they just don’t know what is going on in Congress. I suspect that the latter is correct. If so, an informed public is badly needed, and that will require the media to do its job.
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