Congress Quickly And Quietly Rolls Back Insider Trading Rules For Itself (Senator Richard Burr et al exempt from insider-trading laws)

TechDirt.com ^ | Tue, Apr 16th 2013 11:11am | Mike Masnick

[E. Pluribus Unum]

In November of 2011, the TV show 60 Minutes did a big expose on insider trading within Congress. While everyone else is subject to basic insider trading rules, it turned out that members of Congress were exempt from the rules. And, as you would imagine, many in Congress have access to market-moving, non-public information. And they made use of it. To make lots and lots of money. Of course, after that report came out and got lots of attention, Congress had to act, and within months they had passed the STOCK Act with overwhelming support in Congress to make insider trading laws that apply to everyone else finally apply to Congress and Congressional staffers as well. As that link notes:

The lopsided votes showed lawmakers desperate to regain public trust in an election year, when the public approval rating of Congress has sunk below 15 percent.

Of course, here we are in 2013 and, lo and behold, it is no longer an election year. And apparently some of the details of the ban on insider trading were beginning to chafe Congressional staffers, who found it hard to pad their income with some friendly trades on insider knowledge.

So... with very little fanfare, Congress quietly rolled back a big part of the law late last week. Specifically the part that required staffers to post disclosures about their financial transactions, so that the public could make sure there was no insider trading going on. Congress tried to cover up this fairly significant change because they, themselves, claimed that it would pose a "national risk" to have this information public. A national risk to their bank accounts.

[E. Pluribus Unum]

"Stock Sales by Senator Richard Burr Ignite Political Uproar"
https://www.nytimes.com/2020/03/20/us/politics/coronavirus-richard-burr-insider-trading.html

[SteveH]

lamp posts

[be-baw]

Old news, and no longer relevant. There is a law now that prohibits Congress from insider trading.

[E. Pluribus Unum]

Old news, and no longer relevant. There is a law now that prohibits Congress from insider trading.

They repealed it right after passing it. Bait-and-switch. That's the point of the article. Might try reading one once in awhile.

[Flick Lives]

Congress tried to cover up this fairly significant change because they, themselves, claimed that it would pose a “national risk” to have this information public.

—

Our criminal class.

[aumrl]

Many thanks for doing the research to educate all FRers

[Steven Tyler]

Is this roll-back too late to help get Rep. Chris Collins out of jail??

https://en.wikipedia.org/wiki/Chris_Collins_(American_politician)

[taxcontrol]

I have long thought that what is needed is a constitutional amendment that states simply -

Congress shall not make an exception or exemption for any member of Congress of any law, criminal or civil, that is enforceable upon the People.

[ryderann]

Kinda like the sexual assault slush fund. Protection for them, in the shorts for us.

[HarleyD]

Funny, no mention of DiFi.

Predictable, the media will only go after the Republicans.

[be-baw]

I read the article. You’re right though, and I was wrong. Serves me right for listening to Tucker Carlson.

[txrefugee]

There is a law, but no consequences, Troll. As long as they report the insider trade within 60 days, it’s A-OK. We peons would go to jail. Ask Martha Stewart.

[Liz]

ARCHIVES Nancy Pelosi's Husband Snared In SunEdison Stock Scandal
The Daily Bail ^ | 04-10-2019 / FR Posted on 4/10/2019, 10:02:56 PM by Kevin in California

House Democratic Leader Nancy Pelosi’s husband bought up to a quarter million dollars of stock in SunEdison, a now financially troubled green energy company just weeks before it announced a major 2014 acquisition that sent its stock price soaring. SunE's 2014 purchase of wind energy company First Wind “further bolstered the reputation of the company,” wrote one market-watcher at the time. “Perhaps unsurprisingly, SunEdison’s stock soared 29% on news of this acquisition alone.”

Pelosi has a well-earned reputation for shady stock purchases herself, getting shares in lucrative IPOs and
trading on inside information gleaned through Congressional meetings. Martha Stewart jailed 5 months for similar insider trading.

------------------------------------------------

THIS IS A MUST WATCH
www.google.com/url?sa=i&source=images&cd=&ved=2ahUKEwieyIHMi5PgAhUGGt8KHdG5D-A4ZBAzKCkwKXoECAEQNQ&url=http%3A%2F%2Fdailybail.com%2Fhome%2Fnancy-pelosis-husband-snared-in-sunedison

BUSTED NANCY SUFFERS MELTDOWN
The clip starts automatically at the perfect moment. Pelosi is asked by Steve Croft about getting
lucrative IPO shares in VISA while she was fighting a bill in Congress that would hurt VISA.

================================

GOP to push 'Pelosi Provision' in insider-trading bill
SOURCE http://thehill.com/policy/finance/209209-gop-to-push-pelosi-provision-for-stock-act http://dailybail.com/home/nancy-pelosis-husband-snared-in-sunedison-stock-scandal.html

========================================

THE PELOSI'S WEALTH

https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcSv_1cNollGOG8wFOw2MQTnVNypOY9awLlfhlSDPlp4k6aVF6VdxQ

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THE GREAT PROGNOSTICATOR----"Trump is not going to be president"

[TexasGator]

“They repealed it right after passing it. Bait-and-switch. That’s the point of the article. Might try reading one once in awhile. “

OK, where does it say they repealed it?

[Zhang Fei]

[They repealed it right after passing it. Bait-and-switch. That’s the point of the article. Might try reading one once in awhile. ]

---

They repealed the part about disclosures to the public. The SEC doesn’t need public information to go after insider trading. It has the entire DTC database at its disposal.

[Nero Germanicus]

Former Congressman Chris Collins has been sentenced to 26 months in federal prison for insider trading but he has not yet reported to start his sentence. Coronavirus will probably delay his April reporting date even longer.

[aquila48]

That’s criminal. They are the ultimate insiders. They can manipulate the market at will.

[Zhang Fei]

[There is a law, but no consequences, Troll. As long as they report the insider trade within 60 days, it’s A-OK. We peons would go to jail. Ask Martha Stewart.]

---

Chris Collins would disagree.
https://www.cnbc.com/2020/01/17/chris-collins-sentenced-to-26-months-for-insider-trading-tip.html

The article highlights the fact that sales no longer have to be made public. The SEC doesn’t need public info to go after insider trading. It has access to the entire DTC database.

[Professional]

Lamp posts...

[yoe]

It would seem that Ms. Feinstein doesn’t exist....all articles start with Senator Richard Burr....