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    STOCK Act Is a Public Relations Puff Law

    By Andrew Riggio | Yahoo! Contributor Network – Fri, Feb 3, 2012
    This story comes from the Yahoo! Contributor Network, where individuals publish their unique perspectives on some of the world’s most popular websites.
    Do you have a story to tell? Become a Yahoo! contributor

    COMMENTARY | The United States Senate passed the Stop Trading On Congressional Knowledge (STOCK) Act on February 2 by a whopping 96-3 vote, according to the Associated Press. The Act reaffirms that it is illegal for high-ranking members of government to use inside information for financial gain. Politicians would have us believe they really, really mean to do the right thing, this time around. That's a wagon full of hogwash.

    Existing laws already cover insider trading and make it illegal. Political figures were already bound by them not to engage in such activities. "Bottom line, members of Congress have to live by the same laws everyone else does. With approval ratings of Congress at an all-time low, this bill represents an opportunity to build some trust with the American people," said Scott Brow, R-Mass., according to another Associated Press report. Golly, who would have guessed members of Congress have to obey the law?

    Why, then, the need for this new legislation? Is it to close gaping loopholes in existing law and force the highest possible standards of investment neutrality on government members? Not really. It's a public relations move to make people think their Senators and Representatives are trustworthy.

    A CNN report described the measure as "aiming to restore voters' faith in Congress." Brown's quote reinforces this view. It's as if our representatives and senators think America needs to be reminded that politicians have to obey the law too. In light of what was left out of the bill maybe it's the politicians that need a reminder.

    The Huffington Post says strong measures against abusing the investment system were left out of the bill. One example is requiring legislators to unload their investment portfolios to avoid temptation to vote on issues in ways that would enrich them. Brown supported the idea using a sports analogy about athletes not being able to bet on their own games.

    Joe Liebermann, I-Conn., opposed the measure that would have absolutely prevented insider trading. You can't commit insider trading if you don't own investments. Liebermann's side won out, predictably enough, and the amendment wasn't added.

    The best argument against the STOCK Act is that it needs more muscle. Make the new law effective, not a smokescreen to blind voters to political investment abuse.

     

    2 comments

    • Melanie
      Melanie  •  3 mths ago
      #$%$ ! Lobbyist set the prices on elected officials. They ( politicians ) accept cash or credit until America gets serious and really punishes 'em for selling out their elected position.
    • Sumflow
      Sumflow  •  Mililani Town, Hawaii  •  3 mths ago
      Members should be required to disclose all transactions in the same time as it is for everybody else. Business people have a two day limit to file but most corporates file in one day. If congress needs to continue a double standard, five days the same as the SEC, to file transactions should be enough.
     Post a comment
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