Interesting email from President Obama’s campaign today on banning insider trading by members of Congress. Regardless of your brand of politics, this seems like a no-brainer to get behind. You can sign your name at President Obama’s campaign site here. If you’d prefer to contact your Representative directly and not through President Obama’s site, you can do so at http://writerep.house.gov. Just make sure you do it.
Right now, members of Congress can make personal investment decisions based on confidential information they get in the course of regulating industries and doing their work.
It’s kind of unbelievable that this isn’t already illegal. President Obama wants to make it illegal once and for all — no one should profit from inside information about the very businesses they’re supposed to be regulating.
Today, the Democratic leadership in the Senate voted to move forward on a bill to extend to Congress the same strict rules that apply to anyone else whose job gives them access to sensitive information about businesses. This legislation is expected to pass the Senate with bipartisan support later this week.
But Republicans in the House have yet to move on it.
There aren’t a lot of good reasons to disagree with this bill. So the question here isn’t how many people we have to persuade, but simply how loudly we can speak up to prevent the House Republicans from dodging this issue.
Say you support the President on banning insider trading in Congress: