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130 Members of Congress Bought Stocks in Companies that Lobbied their Committees

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posted on Jun, 27 2012 @ 01:11 PM
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Do you expect anything less?

It's is not up to the time when they mandated the one gallon toilet flush but exempted themselves.

Unwilling to impose rules on themselves that they have on others in government, 130 congressional lawmakers have invested in company stocks while making legislative decisions impacting the very same corporate interests.

Federal laws adopted by Congress forbid officials in the Executive Branch from trading stocks in industries overseen by their agencies. But the same restrictions don’t apply to lawmakers.

As a result, during a three-year span, representatives and senators, 68 Democrats and 62 Republicans, traded stocks valued between $85 million and $218 million in 323 companies registered to lobby on legislation that appeared before them, according to The Washington Post.

posted on Jun, 27 2012 @ 01:48 PM
reply to post by oghamxx

And of course, they pass a law against it long after the damage was done, and only when the House had a Republican majority so Obama would appear to "look" like he was doing something right for a change !!!

They knew that "extra special" legislation would be limited now

from the White House website:

For Immediate Release
April 04, 2012
FACT SHEET: The STOCK Act: Bans Members of Congress from Insider Trading

“Send me a bill that bans insider trading by members of Congress; I will sign it tomorrow.” -- President Obama, State of the Union, January 24, 2012

In the State of the Union Address, the President laid out a blueprint for an economy where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same set of rules, including those who have been elected to serve the American people.

Today, the President signed into law the STOCK Act, a bipartisan bill that prevents Members of Congress from trading stocks based on nonpublic information they gleaned on Capitol Hill. While this is a good first step, the President will continue to work with Congress to do even more to help fight the destructive influence of money in politics and rebuild the trust between Washington and the American people.

OP source: 130 Members of Congress Bought Stocks in Companies that Lobbied their Committees

edit on Jun-27-2012 by xuenchen because: (no reason given)

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