Tuesday, December 13, 2011

STOCK Act - Stop Trading on Congressional Knowledge Act

Dec. 13, 2011

An unassuming congressman, Rep. Tim Walz (D-MN), appeared on CSPAN’s Washington Journal about a week ago. His legislation, the STOCK (Stop Trading on Congressional Knowledge) Act, appears to be a hit. It’s what we all want. Congressional insider trading is unfair and unethical. Both sides are in complete, 100% agreement on this. You can read this fascinating article on the STOCK Act at this link.

Walz, at first glance, seems the hero of the piece. He comes off as a likeable, fair-minded, friendly fellow with great intentions. His legislative bill, from last March, H.R. 1148 (147 Democrat sponsors, 75 Republican sponsors), has been floating around in various forms, such as H.R. 5015 (12 D, 2R) for at least five and a half years. It seeks to amend the 59-page Securities Act of 1933. H.R. 2341 (9D, 1R), from May, 2007 and H.R. 682 from Jan. 2009 (10D) are also previous versions. H.R. 1871 (7R), and H.R. 1903 (16D, 4R) are both from Nov., 2011. So, what’s the problem?

The MSM (Main Stream Media) says that the mean, nasty and wascaly old Republicans, like Rep. Eric Kantor (R-VA), are holding things up as usual, but unlike the MSM, concerned citizens must ask, “Why?” And we dig for viable answers as they slander and take pot shots. Look at the lopsided sponsorship, made up of mostly Democrats. Watch the oncoming rush to “pass this bill.” See the pressure applied by the MSM to support and pass it. Why the rush? Where’s the fire? What’s in it? I don’t trust Congress, nor do I know legalese, but all five bills must be compared with the others (for sneaky stuff). I don’t have the time, so I’ll leave it up to Congress to do its job.

Peter Schweizer is the author of Throw Them All Out: How Politicians And Their Friends Get Rich Off Insider Trading, Stock Tips, Land Deals and Cronyism That Would Send The Rest of Us to Prison (scroll down past the video). He says that the SEC (Securities and Exchange Commission), a regulatory agency, doesn’t have the guts to enforce a bill like Walz’ – if it becomes law. We all wish they would, but, I agree, why should they? Congress might pass it, but, in a fit of irony, Congress itself is the agency which funds the SEC.

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Keywords: Conservatism, Conservative blog, Mark A. Cohen, From The Left to the Right, Stock Act, Stop Trading on Congressional Knowledge Act, Rep. Tim Walz, CSPAN, Washington Journal

Keyword Phrases: "Conservatism”, “Conservative blog”, “Mark A. Cohen”, “From The Left to the Right”, “Stock Act”, “Stop Trading on Congressional Knowledge Act”,
“Rep. Tim Walz”, “CSPAN, Washington Journal”

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