After numerous media reports revealed that in addition to the health care and pension entitlements that Congressional members already receive, taxpayers learned that lawmakers were further enriching themselves through insider trading practices. Practices that are illegal for the average American citizen.
If the numerous media reports had not revealed this Congressional insider trading practice, it would still be ongoing.
So last Friday, hoping to stem Congress’ low approval ratings, the Senate passed the Stop Trading On Congressional Knowledge Act, which bans lawmakers from using information gained in the halls of congress when trading stocks. The act will now head to the House.
With this act, taxpayers, once again, see the “shut the barn door, the horse is out” mentality of Congress. This act really should be called the “Save-Us-From-Ourselves-Act” because we are unable to see that what we are doing is dishonest.
Rather than another law, these elected officials need to practice one simple principle, “personal integrity,” which would do far more for Congress’ low approval ratings than another save-us-from-ourselves law.
