Bill Introduced In Senate To Outlaw Congressional Insider Trading On Same Day Book Is Released
What amazing timing…Kerry Picket of the Washington Times shows the affect we are having in Washington:
In the same week that the New York City Police Department moved in on Occupy Wall Street (OWS) protesters along with the city’s sanitation department, Hoover Institution fellow Peter Schweizer rocked Capitol Hill with his new book “Throw Them All Out.”
OWS supporters believed their movement against the bank bailouts and their support of many fiscal liberal causes would have a deep impact in the minds’ of lawmakers who would respond to the numerous occupy demonstrations across the United States. However, as the crimes and drug use associated within the occupy encampments continued to grow, their already vague message became marginalized. In the end, their encampments were dismantled, the protesters were evicted by the order of local liberal mayors, and nothing politically changed after two months of living in squalor among each other. The New York City Sanitation Department was finally able to disinfect Zucotti Park.
On the other hand, Mr. Schweizer, with the help of his research team, after two years of exhaustive data mining, managed to disinfect Capitol Hill and place sunlight on the fact that members of Congress do not have to play by the same insider trading laws that every other American must abide by. He showed how lawmakers on both sides of the aisle make millions by knowing how legislation they are involved in crafting or blocking will affect stocks they either buy or dump, for example.
House Minority Leader Nancy Pelosi, California Democrat, is on the defensive over a huge profit she and her husband made through Visa stock they bought. House Speaker John Boehner, Ohio Republican, was trading healthcare stocks during the 2009 health care debate. Bothe denied that their legisaltive actions on the hill had anything to do with any of their financial decision making.
As a result of Shweizer’s book, two bills in both chambers are already circulating around hill which would prohibit lawmakers from financially profiting from insiders’ information from legislative activity they’re involved in. Not bad for an author whose book has only been out for two days.
Source: Peter Schweizer
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