Posted on 01/06/2012 2:23:13 AM PST by Cincinatus' Wife
I guess when she said she was going to “drain the swamp,” she meant of its money.
The House bill is a cover up that creates new loop holes for congress, but the Senate bill S.1903 - STOCK bill, closes two major leaks, by making serving in congress a “duty arising from a relationship of trust and confidence,” owed to the people, and substitutes a philosophy of full disclosure, for the current philosophy of caveat emptor.
The loophole in which members of congress and legislative staffers are immune from enforcement of insider-trading laws, is because the delayed reporting of securities transactions by congress, defeats, obstructs, and impairs its use as timely evidence. Insider-trading cases are hard to prove, because the trades must be tightly linked to the events or information on which they are allegedly based.
Trades need prompt disclosure so that the memories of potential witnesses are fresh and suspects do not have time to cover up their actions. The SEC, which conducts most insider-trading investigations, urged faster disclosure of stock trades by members of Congress on electronic, searchable forms. This is why no Congress people were investigated under the current laws.
Thank you for the information.
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