Forum Post: Congress Must IMMEDIATELY Pass HR 1148: The "Stop Trading On Congressional Knowledge" Act

Congress Must IMMEDIATELY Pass HR 1148: The "Stop Trading On Congressional Knowledge" Act

http://www.zerohedge.com/news/congress-must-immediately-pass-hr-682-stop-trading-congressional-knowledge-act

(Submitted by Tyler Durden) Update: we have learned that the current iteration of HR 682 is HR 1148... http://www.govtrack.us/congress/bill.xpd?bill=h112-1148 ...it's purpose is "To prohibit commodities and securities trading based on nonpublic information relating to Congress, to require additional reporting by Members and employees of Congress of securities transactions, and for other purposes" sponsored by Tim Waltz, and as of June 1 was... referred to the Subcommittee on the Constitution.

Following yesterday's 60 Minutes grotesque special which finally exposed to the general public what most experts in the industry have known for many years, namely that the bulk of "profits" for Congressmen (at a fixed $174,000 salary... http://usgovinfo.about.com/od/uscongress/a/congresspay.htm ...for the current year) and Senators are made courtesy of perfectly legal insider trading, it is time to ask the logical next question:

how is it possible that the US system of checks and balances has failed so spectacularly, as to allow a glaringly illegal activity for everyone else to proceed and to generate multi-million dollar windfalls for congressional and senatorial critters?

Wonder why you have never heard of HR 682, aside from the obvious: that Congress would never vote in a law to cut off this massive illegal form of funding for itself: "This bill never became law." http://www.govtrack.us/congress/bill.xpd?bill=h111-682 ...Well, duh.

More: "This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books. Members often reintroduce bills that did not come up for debate under a new number in the next session." Indicatively, the bill died when it was referred to, extremely ironically, the Subcommittee on the Constitution, Civil Rights, and Civil Liberties. So there you have it, and the question now is:

who of the 435 members of Congress will be so kind to just say no to perpetuating this gross criminal act, and finally make it illegal for Congressmen to trade on inside information, just as it is for everyone else, and usually ends up leading to prison time and multimillion dollar fines for all those other "mortals" who are caught doing it. After all, is it too much to demand of Congress to follow the laws that are in place for everyone else???

And a letter penned by the original two bill sponsors to Nancy Pelosi. Logically, nothing ever happened afterwards.

Check Out That Letter Here:

http://www.scribd.com/doc/72710510/BB-and-Walz-Letter-to-Pelosi-on-Insider-Trading-6-28-10

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::::::::Congressional Insider Trading Gone Wild::::::::

http://www.zerohedge.com/news/congressional-insider-trading-gone-wild

...Tonight we were happy to see that 60 Minutes has finally brought this gross and criminal injustice to the general public, and we expect that Congress will promptly legislate itself into actually complying with laws meant for the mere mortals out there. That said, we fully commiserate with the pathological excrement that makes up House of Representative these days: it is indeed a sad day when a Congressional member has to rely on honest work to make their millions as opposed to perfectly legal trading on inside information predicated upon laws that these very congress men and women legislate. Something tells us all the world's banana republics are just staring at the US with sheer and utter amazement as layer after layer of the unprecedented depravity of American society is exposed for all to see.

From 60 Minutes - the part where Nancy Pelosi's face melts is 9:20 in. And speaking of Nancy Pelosi it may be time to revisit: " Moody's Leaked Again: Told Nancy Pelosi Will "Probably Not" Downgrade US Weeks Ago; Did Her Multi-Millionaire Investor Husband Know Too?" http://www.zerohedge.com/news/article/moodys-leaked-again-told-nancy-pelosi-will-probably-not-downgrade-us-weeks-ago-did-her-multi ...and... "SEC To Investigate Trades Based On S&P Downgrade Inside Information" http://www.zerohedge.com/news/sec-investigate-trades-based-sp-downgrade-inside-information ...We wonder just how deep the SEC investigation has penetrated for it to have generated not even a peep 3 months later.

::::::::The '60 Minutes' Video::::::::

http://www.cbsnews.com/video/watch/?id=7388130n