Dunno... the law about that is rather broad. Anyone who had nonpublic knowledge about something that could affect the share price must not trade based on that. Doesn’t matter if elected official or a janitor at the company.
Actually, Mr. Douglas is correct. Federal elected officials and their staff are permitted to trade on inside information. Google it for many examples.
Just another case where laws are only for us little people.
A few years ago, Congress made a show of including themselves in laws against insider trading. Then they quietly changed the law back to making themselves exempt. Congress has several times recently asserted it is exempt from even being investigated for insider trading.
Nope! Members of Congress are exempt from that rule by law.