What's this you say?
Members of Congress trade stocks on "Insider Information"?
Yes they do.
For members of Congress it is legal and frequently done.
On November 13, 2011 CBS-60 minutes aired a segment about
members of Congress trading stock on inside information..
members of Congress trading stock on inside information..
Why is it legal?
Inside information is also called non-public information.
Following is a qoute from:
http://www.cbsnews.com/8301-503544_162-57325280-503544/senators-introduce-stock-act-to-stop-insider-trading-in-congress/
"Like everyone else, members of Congress
are subject to current insider trading laws.
"Like everyone else, members of Congress
are subject to current insider trading laws.
However, current insider trading laws do not apply to nonpublic information
about current or upcoming congressional activity --
that's because members of Congress aren't
technically obligated to keep that information confidential.
about current or upcoming congressional activity --
that's because members of Congress aren't
technically obligated to keep that information confidential.
So, for instance, if a lawmaker learns an upcoming bill
will grant a company a large government contract, which could boost that company's stock,
he or she is free to buy that stock ahead of the bill's public introduction.
This form of "insider trading" is one of the reasons
why there are so many wealthy members of Congress."
If you would like to keep track of Congress you can point your browser to:
It is an interesting web site to keep track of the happenings on Capitol Hill.
To keep track of H.R.1148 also called the "Stock Act' visit
In the right hand margin you can select to email your Congressional representative
or share the page with friends.
Submitted by George Vanderwoude
