Just The News: Peter Schweizer, author of the 2011 book “Throw Them All Out,” said it’s still “very hard” to prove a member of Congress has engaged in insider trading despite the passage of the STOCK Act almost 10 years ago.
Schweizer called on Congress to ban lawmakers from buying and selling individual stocks.
“What they essentially did was loosen the law where it described insider trading,” he told the John Solomon Reports podcast. “It’s very, very hard now to prove that an elected official is engaged in insider trading. That part of the law is almost meaningless. And even as it applies to the frequency of disclosures, as you’ve pointed out, a lot of them just fail to file those reports.”
According to a recent NPR report, lawmakers on both sides of the aisle have failed to disclose stock purchases that they or their spouse made. Disclosure is required under the STOCK Act.
Schweizer noted that House Speaker Nancy Pelosi’s husband has purchased a great deal of tech stock this year. According to a Forbes report in July, Paul Pelosi made millions on “timely” bets on Big Tech stock purchases in advance of an antitrust bill stalling in the House. Retail traders are reportedly tracking Pelosi’s trades to decide which to buy.
“They still sort of continue to blatantly trade in stocks,” Schweizer said. “So in the case of the Pelosis, for example, she’s the Speaker of the House, legislation that’s going to affect Big Tech in a positive way or big contracts going to Big Tech, her husband’s not only buying and selling stock in Big Tech, he’s actually buying options, which are sort of leveraged bets that the stock is going to go one way or the other. And, of course, Paul Pelosi Sr. just happens to be really good at making those predictions.” more
They will always find a way to cheat.
Yes. Hell yes. If you’re an elected official insider trading is fine. Fuck these ass holes.
Oh yeah, this will happen right after passing term limit legislation. My question has always been this: were they corrupt psychopaths before getting elected or become one after being elected? I really want to know.
It’s not insider trading Paul places the stocks bet and then Nancy fixes the law to benefit them. Reverse InsiderTrading. Like Reverse Racism, it doesn’t exist. Mum’s the word. Say no more.
When you write the laws which regulate YOU?
It ain’t “cheating” any more – it’s perfectly legal.
They (Congress) have legitimized corruption – institutionalized it, in fact.
mortem tyrannis
izlamo delenda est …
Then the companies that want favors will form funds together so individual stock buying won’t be a problem.
Trump was forced to stop doing the business, all of the federal Reps and bureaucrats and families should be forced to do no business involving investments while in office.
Rots A Ruck!
We can’t even get them to talk about term limits!
What makes anyone think they are going to consider this??
While we’re at it, ban lawyers from being elected or appointed officials.
While we’re at it, take my advice!
While we’re at it, prosecute Cankles!
They will then form a hedge fund and continue to engage in “insider trading” and move it further into the shadows.
I know! Let’s have the IRS (American terrorists) tell the banks to flag every $100 going in and out of every bank account linked to a congressman, his family, and his in-laws. Oh, and the bank accounts of anyone he has known over 5 years.