If we are going to restore the trust the American people have in Congress and rebuild their faith in government, increasing transparency and accountability in many aspects of how Washington does business is imperative. The STOCK Act is just a start.
Six long, weary years after Louise Slaughter proposed a law to ban insider trading by members of Congress, the Senate approved the House version of the STOCK. All it ultimately took were the magic words, "60 Minutes is here to see you."
Strong improvements to the bill, from both Senator Rand Paul (R-KY) and Senator Sherrod Brown (D-OH), were blocked. The weakened STOCK Act, which President Obama says he will sign, does little to address any real corruption in Congress.
In the weeks following an explosive 60 Minutes exposé on congressional insider trading, both chambers of Congress nearly unanimously passed the "Stop Trading on Congressional Knowledge" (STOCK) Act. But there is still no law. What's the holdup?
I find it intriguing that well-educated, successful people would engage in this conduct. It raises these questions: If hedge fund managers have the secret mojo that permits them to obtain outsized returns without taking commensurate risks, why do they have to resort to illegal conduct?