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Old 04-22-2013, 10:19 AM   #1
alkemical
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Default Insider Trading: We can, but you can't

http://politicalticker.blogs.cnn.com...r-trading-law/

http://www.politicususa.com/congress...r-trading.html

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To that end, late last week, your congress quickly approved a measure that modified (aka, killed) a part of the STOCK Act (Stop Trading on Congressional Knowledge Act ), which was only enacted a year ago. The STOCK Act was supposed to address shady stock trades based on insider information.

Senator Harry Reid (D-NV) is taking credit for sponsoring the measure, but clearly he got no pushback from either side of the aisle. Check out the fast movement of this bill, and tell me if you’ve seen anything fly through like this in recent years, sans committee referrals and Speaker John Boehner’s (R-OH) deep debate over what he can even allow for a debate about a vote:

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4/11/2013 Introduced in Senate
4/11/2013 Passed/agreed to in Senate: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.
4/12/2013 Passed/agreed to in House: On passage Passed without objection.
4/12/2013 Presented to President.

On Tuesday the 15th, the President signed the legislation.

The Sunlight Foundation notes that the amendment passed with unanimous consent, though many members had gone home already. Huh. This doesn’t seem to work for measures that protect the security of the American people, like say, jobs. The Sunlight Foundation also pointed out what might be seen as a precursor of times to come, “The bill was not available to the public on the Library of Congress website until after the vote.” NPR noted that it took the House all of 30 seconds. “NPR’s Tamara Keith tells us the House procedure took exactly 30 seconds.”

The STOCK Act took aim at insider trading and insider information, and also required some 28,000 federal employees from the congressional and executive branches post their conflict of interest disclosures online. It followed “a ’60 Minutes’ report on how many members of Congress are making money on stock trades that are illegal for everyone else, correspondent Nancy Cordes reports a bill to ban lawmakers from insider trading is now on the fast track.”
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Old 04-22-2013, 10:24 AM   #2
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As posters often don't bother to click on links, here's the issue.

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The U.S. House on Friday eliminated a key requirement of the insider trading law for most federal employees, passing legislation exempting these workers, including congressional staff, from a rule scheduled to take effect next week that mandated online posting of financial transactions.
Unbelievable!
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Old 04-22-2013, 10:43 AM   #3
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4/11/2013 Introduced in Senate
4/11/2013 Passed/agreed to in Senate: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.
4/12/2013 Passed/agreed to in House: On passage Passed without objection.
4/12/2013 Presented to President.

On Tuesday the 15th, the President signed the legislation.

They presented it to the Prez on Friday, 4/12. The 15th was on a Monday. How many times is he going to break this promise?

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I will not sign any bill without giving the American public an opportunity to review and comment on the White House website for five days.
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Old 04-22-2013, 11:59 AM   #4
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Obamas promise of transparency and public comment on bills was a joke.
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Old 04-22-2013, 12:05 PM   #5
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Originally Posted by cutthemdown View Post
Obamas promise of transparency and public comment on bills was a joke.
You must have missed this part.

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The president, vice president, Cabinet secretaries, deputy secretaries, as well as members of Congress and candidates for Congress, would still need to post their financial transactions online.
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Old 04-22-2013, 12:33 PM   #6
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Originally Posted by DenverBrit View Post
You must have missed this part.
yeah that is good. People do need to realize this is only for staff. My point stands though telling Americans you can debate for 5 days before i sign a bill was a joke. Once Obama saw how much work he had to do, how hard it is to be president, he quickly learned that the public online debate was a stupid idea.

Also he is no more transparent then other Presidents and in many ways less so. he quickly learned once in power you can get more down not being so transparent. Letting out every lobbyist that comes to the white house? Nope we will just start meeting with them outside of the white house and then we can keep it a secret.

i don't blame him one bit. Once President you haven't time for worrying about having to debate every little thing you talk about, think about, or do as President. But i do blame him for lying about it and making people think he would be a different. You can't be different when it comes to kissing the ass of the lobbyists until we get the money out of elections.
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Old 04-22-2013, 01:38 PM   #7
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Originally Posted by cutthemdown View Post
yeah that is good. People do need to realize this is only for staff. My point stands though telling Americans you can debate for 5 days before i sign a bill was a joke. Once Obama saw how much work he had to do, how hard it is to be president, he quickly learned that the public online debate was a stupid idea.

Also he is no more transparent then other Presidents and in many ways less so. he quickly learned once in power you can get more down not being so transparent. Letting out every lobbyist that comes to the white house? Nope we will just start meeting with them outside of the white house and then we can keep it a secret.

i don't blame him one bit. Once President you haven't time for worrying about having to debate every little thing you talk about, think about, or do as President. But i do blame him for lying about it and making people think he would be a different. You can't be different when it comes to kissing the ass of the lobbyists until we get the money out of elections.
That would be an important change in the 'system,'....actually, more like 'essential.'
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