Sen. Gillibrand Introduces Bill Allowing SEC To Prosecute Members Of Congress

[cal04]

Sen. Gillibrand Introduces Bill Allowing SEC To Prosecute Members Of Congress For Insider Trading: ‘It Has To Be Illegal’

With his ear to the ground in Massachusetts, Sen. Scott Brown (R-MA) is bolstering his Wall Street reform cred with a new bill to stop members of Congress from participating in insider trading. Responding to a 60 Minutes report citing lawmakers who earned thousands from trading on information learned in private briefings, Brown’s Stop Trading On Congressional Knowledge (STOCK) Act of 2011 requires lawmakers to report transactions of at least $1,000 in bonds, commodities or stocks within 90 days. Today, Sen. Kristin Gillibrand (D-NY) took it one step further with a bill that will not only ban insider trading for congressional members but will “empower the Securities and Exchange Commission to prosecute lawmakers for insider-trading cases as well as make insider trading against the rules of the House and the Senate.”

Noting that “the American people don’t have a lot of trust in Congress,” Gillibrand told CBS’ Early Show host Chris Wagge that “it’s incumbent upon us to make the kinds of changes that the American people would expect we would make so that we live by the exact same exact rules that everyone else does.” While there is disclosure now, she said, “it has to be illegal, just like it’s illegal for everyone else.” Watch it:

http://thinkprogress.org/economy/2011/11/17/371510/sen-gillibrand-introduces-bill-allowing-sec-to-prosecute-members-of-congress-for-insider-trading-it-has-to-be-illegal/

House Speaker John Boehner (R), however, thinks that such laws are unnecessary as “there are already guidelines for congressional investments,” adding, “I have not made any decisions on day-to-day trading activities in my account and haven’t for years.”

[closeupready]

1. K&R

She's a wonderful Senator.

[cal04]

3. Yes she is and I'm proud

that she's my Senator too.

[Sarah Ibarruri]

2. I doubt they'll pass this. Why would they? When you've got the foxes guarding the henhouse...

I don't think Congress will pass anything until things get very, very bad with the protests and people throughout the nation are just royally PISSED.

[SoCalDem]

4. I'm glad she's shining a light on this, BUT

it will never happen:(

The solution is term limits..2 house terms @ 4 yr each...2 senate terms @ 6 yr

no pension or retirement perks unless 20 consecutive years are served..

that would mandate service in BOTH houses of congress to get a pension

the long-timers get too comfy and feel entitled to connive their way to wealth because they can get away with it.

How many lobbyists would waste tons of money on a man/woman who won't be there all that long?

[ProSense]

5. Get

this to the floor immediately and watch the Republicans run for cover. The media loves to pretend that this is a case of everyone does it, and as long as there is no real impetus to act, they will hype bullshit stories focusing solely on Democrats.

Oh, and Scott Brown is still going to lose!

[Zorra]

6. Awesome. However

Quis custodiet ipsos custodes?

Who will guard the guards?

[Uncle Joe]

7. Kicked and recommended.

Thanks for the thread, cal.

[Donnachaidh]

8. YEAH!

Personal responsibility -- can we have a Cantor perp walk please please?????

[aquamarina]

9. Now this is a bill I can get behind.

[DonCoquixote]

10. Gilli is my fave

for 2016. She has served this country well.

[BlancheSplanchnik]

11. very glad she's my Senator

:thumbsup: