Congress Insider Trading Bill Backed By Harry Reid

WASHINGTON -- Senate Majority Leader Harry Reid (D-Nev.) said Tuesday night he would support legislation to end insider trading among members of Congress and saw no reason why the bill couldn't become law this year.

President Barack Obama called on Congress during his State of the Union address to swiftly pass legislation barring legislators from investing in companies whose business is affected by matters before the two chambers.

"Well, I think people should have enough sense not to do it without legislation, but I will support legislation," Reid told a handful of reporters after the speech.

Could the bill become law this year? "I don't see why it shouldn't," Reid said.

Senate Republicans were glad to hear of Reid's willingness to back the bill -- or at least his inability to see how its demise might come about.

"Oh good! I hope he schedules it for floor action," Sen. Susan Collins (R-Maine) said when told about Reid's backing.

Collins is the top-ranking Republican on the Senate committee that approved the legislation in question, the Stock Act. The committee chairman, Sen. Joe Lieberman, said he was glad to hear the president backs the bill.

"I think [the bill's prospects] were helped by the president's endorsement, but the bill came out of committee on a bipartisan basis," said Lieberman (I-Conn). "It's one of those things we can do to restore some trust and confidence in confidence."

The bill is casually referred to in the Capitol as "The 60 Minutes Act," a reference to a report by the television program about a series of insider trades by members of Congress. At the time, I wrongly reported that 60 Minutes' poor choice of targets for its report, and its clumsy attempt to connect specific trading to specific legislative action, set momentum for the bill back. Instead, in fact, the report propelled the legislation forward.

Still, during Obama's endorsement of the bill, the House floor was awfully quiet, belying the public offers of support.

And Reid wasn't exactly enthusiastic about embracing Obama's expansion of the bill to block all lobbyists from bundling political contributions, and all bundlers from lobbying. "I don't think he said that," Reid said. "He talked about bundlers and he talked about lobbyists, I guess, or some bundlers are lobbyists, I guess. I don't know.

Nevertheless, it's an easy bill to support. "I hope he brings it to the floor. I don't see a lot of controversy there," Sen. John Cornyn (R-Texas) said.

Comments

[leonardo2]

09:02 AM on 01/29/2012

Pass a law directed to our law makers on not doing illegal activities...Throw them all out !!!!!!

[Los Pepes]

12:40 AM on 01/28/2012

Throw Them All Out" by Peter Schweizer is the piece of investigat­ive journalism that put this issue on the national radar. Schweizer is Fellow at the Hoover Institutio­n and is an editor at a conservati­ve blog I will not name for fear it will trigger the HP’sCensor bot. Because of these conservati­ve ties when 60 Minutes featured Schweizer prominentl­y in a report on the issue this website as well as a host of other left publicatio­ns poo pooed the idea of congressio­nal insider trading being an important issue because leftist publications like HP and Media Matters want to delegitimize conservative journalists. Could it also be because Pelosi is one of the major offenders?”

[wmechaneer]

12:38 AM on 01/26/2012

One has to wonder if Prince Harry has managed to get all he wants, and now can support denying other politicians the same greedy pursuits he enjoyed.

[wmechaneer]

12:36 AM on 01/26/2012

Republicra­ts and Demilcans alike are but warring factions of America's own one party political system, the Big Government Party. Please vote, NO REPEAT OFFENDERS, including from the local dog catcher to President Obama himself.

Politician­s are like underwear; unless changed frequently they develop a powerful stench and can spread diseases. When all candidates for office are "virgins," none have any power worth bribing, and there's just too many of them for anyone to afford bribing them all.

Instead of clamoring for more taxation on the so-called "rich," scream long and loud that you get to enjoy THEIR tax rates. More of your own ca$h in your own pocket naturally translates to an ability to take care of your own family, and direct charity as you see fit, not some money-grub­bing bureaucrat­'s ideals in lining his and his master's pockets with your money.

[Crisdean Wulver]

03:04 PM on 01/26/2012

Have you checked out The Reform Party lately? I like what they are saying.

http://reformparty.org/

[wmechaneer]

09:00 PM on 01/27/2012

I'm an independent Constitutionalist, and eschew all political parties. Jefferson warned us of political parties and those who run for office. He said one would cause fractional factions, and the other were "ambitious men" and never to be trusted. Old Tom was a wise man.

[rich08533]

08:35 PM on 01/25/2012

http://news.yahoo.com/visas-courtship-nancy-pelosi-032100907.html

Pelosi is the first one they should investigate. How many more did the Pelosi's do that were under the radar?

[smburwick]

07:05 PM on 01/25/2012

opiniongirl18: It just so happens there was no draft while the Ronmey boys were growing up, and the military was purely voluntary. Does that answer your rant?

[opiniongirl18]

08:13 PM on 01/25/2012

smburwick=== i don,t care but seems like the rich kids goes to college or have daddy bill their asses out the poor fights till death to keep people like you and mormon boys saved sleping nice and warm making ugly babies lol they can sign out atanytime no need to be draft my dad iwas a commander in army and i know that no need a war or draft to sign up is that anser your question and i can,t care less about those people they don,t exist to me is that ansers you? unlist if the military in USA is deferent then ours in Brasil here they sign up whathever they wanna to we also go to USA and my dad also have friends in the military and kids in usa are signing every day only because they wanna be ready to fight for the country that they love only the poor love their country and respect their FLAG AND THEIR COUNTRY AND THEIR PEOPLE mitt boys frefer staying in daddy mansion and listing to the ocean waves when the rest are dying so they can enjoy beying rich and listin to the waves === duh==

[Knute5]

06:51 PM on 01/25/2012

Cantor blocks the bill?

http://www.reddit.com/r/politics/comments/owbkz/we_need_an_uproar_on_eric_cantors_actions_he/

[treasuredtrophie]

05:52 PM on 01/25/2012

They will find another way to make more money. No one goes out poor only rich.

[XB2500]

05:12 PM on 01/25/2012

It is somewhat shocking this was addressed so openly, without question this should be more than a bill and instead prompt and SEC investigation.

[krist6804]

03:42 PM on 01/25/2012

It really is a form of white collar crime made legal by congressman and they will not stop unless there is law against this process. The lobbyist and congressman do have inside information on upcoming corporate legislation that possibly affects the stock price of these companies in a financially beneficial way for an investor.

Congress has never been shy about grabbing up preferential goodies for themselves. Their individual egos are the size of the Hindenburg.

[Karma2U]

03:39 PM on 01/25/2012

It's your move congress. Time to start working for the American people, and get off your insider trader and corporate welfare.

You will remain the worst congress in history until you listen to the President and stop your unlawful trading, submit a bill to put Americans back to work, appropriate funds to rebuild and modernize America's infrastructure and schools.

Or you can just remain the most disgraceful congress in history. We the people are watching and waiting.

[fworfe]

02:58 PM on 01/25/2012

Wow, a ray of common sense on Capitol Hill!
Almost enough to make one suspicious.
But wait, given a little time, you can depend upon the Tea Party Republicans to figure out a way to gum up any such legislation six ways to Sunday.
And they'll somehow spin it with protecting the rich from paying taxes, anti-abortion, anti-stem cell research, anti-gay rights and anti-gun control of any kind. You know; the usual boilerplate anti- stuff of conservative family-value land that enthralls all the righties so much.

[dzkar]

02:39 PM on 01/25/2012

Wow such honesty from Reid....LOLOL....Please!

[opiniongirl18]

03:05 PM on 01/25/2012

REIDis a honest man all Democrata are honest people MAYBE REPUBLICANS SHOULD LEARN TO BE HONEST AND WORK FOR THE PEOPLE WHO ELECTED THEM THESE ISN,T REPUBLICANS COUNTRY OR WORLD THIS COUNTRY BELONGS TONOONE IT WAS GIGING TO ALL THE PEOPLE BY god FOR THE PEOPLE PLEASURE AND ENJOY IT only if republicans become more caring and honest these country would be a better place for everyone== think about it==DZKAR====

[longnkrnch]

03:11 PM on 01/25/2012

Yea, right. Dream on. Reid is probably the most dishonest of all the politicians in Washington.

[dzkar]

03:19 PM on 01/25/2012

Yeah, Reid this story....LOL I crack myself up some times, what a great pun..

http://www.washingtonpost.com/wp-dyn/content/article/2006/10/11/AR2006101101640.html

[smburwick]

02:35 PM on 01/25/2012

When Harry Reid first went into Congress what was his worth? Anyone know? He's a Morman----did he give as much as Mitt did? Cause now he is worth millions or billions.

[opiniongirl18]

03:11 PM on 01/25/2012

HIS A MORMON? DO YOU GO TO THE MORMON CHURCH WITH HIM? maybe mitt should take some of that 4 million that he gives to the church of evil and help the veterans who fought for over 9 years when his boys were home making babbies and living with daddy in the mansion by the ocean listing to the waves when the troops were dying in the wars based by criminal bush boy lies where was mitt boys? hiding under mommy skirts sucking bobbies? when everybody else kids were dying so mitt boys could be nice and warm in their beds making ugly mormon babies huh?

[smburwick]

03:53 PM on 01/25/2012

LOL! What an attack on Mitt and he goes to the same church as Harry! In your world, Harry is not associated with the Morman church and is honest. but Mitt is not. Some logic. whew! How do you know his kids were not in reserve or had health issues? When the draft was on when I was in college, no liberal ever enlisted, and ran to Canada.

[smburwick]

03:54 PM on 01/25/2012

Ugly babies! now that is one for the book! Romney family is beautiful!!!!!!!

[smburwick]

02:34 PM on 01/25/2012

Now all of the money each side made on the insider trading should give it to the taxpayers.