Monday, January 30, 2012

Congress tries to police itself on insider trading; Open thread

WASHINGTON (AP) — Aware that most Americans would like to dump them all, members of Congress hope to regain some sense of trust by subjecting themselves to tougher penalties for insider trading and requiring that they disclose stock transactions within 30 days.

A procedural vote Monday would allow the Senate later this week to pass a bill prohibiting members of Congress from using nonpublic information for their own personal benefit or "tipping" others to inside information that they could trade on.

Having Congress police itself on insider trading is like hiring the local burglar to patrol the neighborhood. We need a gov't watchdog.

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