I see in today's news that Congress is moving forward with a couple of pieces of legislation President Obama mentioned in his State of the Union address last week. The "Stop Trading on Congressional Knowledge Act" would prohibit members of Congress from buying/selling securities based on inside knowledge they learned during hearings, etc. Also, the "Buffett rule" is gaining headway, requiring those folks wealthy enough to have an adjusted gross yearly income of greater than $1M to pay a minimum of 30% of it in taxes.
I wonder if the "light" Congress has suddenly seen is the light bulb of a great idea that simultaneously clicked on in all their minds, or the light from all those torches being carried by the lynch mob assembled in the parking lot? I also wonder how many obscure, innocent-sounding loopholes they've planted in their legislation? (They're very good at that, you know.)
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I think Congress is responding to the light of the lynch mobs. I hope they don't saddle the bill with loopholes but I have my doubts. Still, this bill, in any form, is long overdue.
ReplyDeleteBut is it only the Senate or have the no-nothings in the House actually have joined in?
ReplyDeleteBruce....They say the House will buy in to the insider trading law as it is too popular not to, this being an election year. The Buffett rule, however, has a LOT of rich people fighting it (BIG surprise!), so I have my doubts about that one.
ReplyDeleteI think they should make one, simple law: if it would get one of us ordinary peeps arrested, it should get them arrested, too.
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