More Scrutiny Coming on Government Insider Trading
Yesterday, we ran a piece pointing out that there’s really nothing stopping lawmakers, congressional staffers and other government employees from using the
Jul 31, 202055.1K Shares765.2K Views
Yesterday, we ran a piecepointing out that there’s really nothing stopping lawmakers, congressional staffers and other government employees from using the non-public information they gather from their daily duties to guide investments and reap enormous profits. Although a House bill — the Stop Trading on Congressional Knowledge Act— takes steps to end the practice, support on Capitol Hill has been less than enthusiastic. Indeed, only four of 435 House members have endorsed the proposal, leaving even public-interest advocates to write off its chances of going anywhere.
Today, however, Rep. Dennis Moore (D-Kans.), who heads the House Financial Services Oversight and Investigations Subcommittee, announced that his panel will take a closer look at just how prevalent government insider trading really is. The hearing, entitled “Preventing Unfair Trading by Government Officials,” is scheduled for July 13.
Expect attendance to be spare.
Rhyley Carney
Reviewer
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