- Nov 30, 2006
- Hickory, MS
So still illegal but made impossible to catch them? Sounds like business as usual for the swamp dwellers.dmp said:Really?
The STOCK bill in 2012 of Pres Obama made insider trading illegal and it applied to the President and Congress.
"The bill prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees."
The amendment affected the transparency aspects of the bill, but did not change law prohibiting insider trading. The transparency requirements seem to still apply to The President, Congress and anyone running for Congress though, but the amendment changed all the reporting requirements of staff as it raised privacy concerns.
"The STOCK Act was modified on April 15, 2013, by S.716. This amendment modifies the online disclosure portion of the STOCK Act, so that some officials, but not the President, Vice President, Congress, or anyone running for Congress, can no longer file online and their records are no longer easily accessible to the public. In Section (a)2, the amendment specifically does not alter the online access for trades by the President, The Vice President, Congress, or those running for Congress. The reasoning for this change was to prevent criminals from gaining access to the financial data and using it against affected persons. "
HOWEVER, actually investigating Congress for insider trading is thorny, bringing up separation of powers issues. A divided government of separate but equal branches is great in principle, but difficult and messy in practice.
My trading activity is probably not so well protected.
Drain the swamp... In fact make them obey every single law that we have to... cut out all the special deals congress votes for themselves.
We go to jail for lying to them, they lie to us all the time and get rewarded for it.