The Washington Post informs us-
One-hundred-thirty members of Congress or their families have traded stocks collectively worth hundreds of millions of dollars in companies lobbying on bills that came before their committees, a practice that is permitted under current ethics rules, a Washington Post analysis has found. The lawmakers bought and sold a total of between $85 million and $218 million in 323 companies registered to lobby on legislation that appeared before them, according to an examination of all 45,000 individual congressional stock transactions contained in computerized financial disclosure data from 2007 to 2010.
It’s ok for Congress to do it because Congress makes it’s own rules for itself. If others do it, it’s called insider trading and they go to prison for it. Just ask Martha Stewart.
Almost one in every eight trades — 5,531 — intersected with legislation. The 130 lawmakers traded stocks or bonds in companies as bills passed through their committees or while Congress was still considering the legislation. The party affiliation of the lawmakers was almost evenly split between Democrats and Republicans, 68 to 62.
Party doesn’t matter- if they’re in Congress, they’re self-serving.
Sen. Tom Coburn (R-Okla.) reported buying $25,000 in bonds in a genetic-technology company around the time that he released a hold on legislation the firm supported. Rep. Ed Whitfield (R-Ky.) sold between $50,000 and $100,000 in General Electric stock shortly before a Republican filibuster killed legislation sought by the company. The family of Rep. Michael McCaul (R-Tex.) bought between $286,000 and $690,000 in a high-tech company interested in a bill under his committee’s jurisdiction.
Conflict of interest anyone? And these are the sorts of people you keep sending back to Washington. Don’t complain about them anymore if you vote for them. You are their enablers.
- Many lawmakers not mentioning word ‘Congress’ in campaign ads – The Washington Post (mbcalyn.com)
- OPINION: Congress Must Clearly and Unequivocally Prohibit ‘Congressional Insider Trading’ (gloucestercitynews.net)
- A Modest Proposal: Apply FOIA to the Legislative Branch (theamericanconservative.com)