Banning Insider Trading in Congress Gains Support
Legislation to ban insider trading in Congress is gaining new momentum after CBS aired a “60 Minutes” piece on the trading activity of several lawmakers.
Wall Street Journal
The Wall Street Journal has reported extensively on well-timed stock trades by members of Congress and staff who have access to nonpublic information about government action that could influence stock prices. (Click here, here, here and here.)
Until this week, legislation to ban insider trading on Capitol Hill had languished for more than five years. A bill championed by Rep. Louise Slaughter (D., N.Y.) had won the support of just nine of her colleagues in the U.S. House.
On Monday – the day after the 60 Minutes show – Rep. Slaughter says she doubled her number of cosponsors to 18. An aide to Democratic Leader Nancy Pelosi of California said Rep. Pelosi also has endorsed the legislation, though – as Democratic leader – she has a policy of not formally cosponsoring legislation.
(More here.)
Wall Street Journal
The Wall Street Journal has reported extensively on well-timed stock trades by members of Congress and staff who have access to nonpublic information about government action that could influence stock prices. (Click here, here, here and here.)
Until this week, legislation to ban insider trading on Capitol Hill had languished for more than five years. A bill championed by Rep. Louise Slaughter (D., N.Y.) had won the support of just nine of her colleagues in the U.S. House.
On Monday – the day after the 60 Minutes show – Rep. Slaughter says she doubled her number of cosponsors to 18. An aide to Democratic Leader Nancy Pelosi of California said Rep. Pelosi also has endorsed the legislation, though – as Democratic leader – she has a policy of not formally cosponsoring legislation.
(More here.)
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