Tuesday, May 16, 2017

Congress Still Trading On Non-Public Information?

"Even a looming scandal wouldn’t deter some of Congress’ most eager stock traders."

This article from Politico details the outrageous trading patterns of some members of Congress, who despite the STOCK Act, continue to trade in the securities of companies who are the influenced by their investigations and legislation.

The Stop Trading On Congressional Knowledge Act became law in 2012 and was designed to prohibit members of Congress and employees of Congress from using nonpublic information derived from their official positions for personal benefit, and for other purposes.

While the Act was put into law after a growing public concern over members of Congress trading on the equivalent of inside information if the Executive Branch doesn't enforce the law, what good is it? Apparently, with a wink and a nod, or with no one caring to look, insider trading is still running rampant in Congress, with our Congressmen getting richer by violating the law.

Read the Politico article for the details.
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