Congress Exempt from Insider-Trading Laws?

For Bill on Lawmaker Trading, Delay Is Long and Short of It: Wall Street Journal: “The legislation, by Democratic Reps. Brian Baird of Washington and Louise Slaughter of New York, would prohibit lawmakers from trading in financial markets based on nonpublic information they learn on the job. It would also require them to make their financial transactions public within 90 days of a purchase or sale. Currently, those disclosures are filed once a year, and insider-trading laws generally do not apply to lawmakers, leaving them free to trade on nonpublic information.”

Insider-trading laws generally do not apply to lawmakers? Did I get that quote right? Ok, let’s see, if I’m privy to insider information and trade big based on that information and make a boat load of cash in the process then I go to jail. Period. Seems fair enough. I’d be breaking the law, after all, right? But if our brave leaders in Congress do the exact same thing they get to skip the jail part and just go straight to getting rich — no questions asked. What a kick. In the stomach, that is. More info here and here. Go gag on it.


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