House panel debates bill that would limit lawmakers’ stock trades

[alp227]

Source: WaPo

A deeply divided House committee debated Tuesday whether to pass a high-profile bill that would prohibit members of Congress from buying and selling stocks based on non-public information they learn about through their work on Capitol Hill.

Several panel members — backed in part by the testimony of a Securities and Exchange Commission official — said the measure is not needed because existing laws and congressional ethics rules ban such action. They also said they worry that the bill, known as the Stop Trading on Congressional Knowledge (STOCK) Act, could be used to unfairly tarnish members.

“I’m concerned that this could become a witch hunt,” Rep. Carolyn McCarthy (D-N.Y.) said during the two-hour Financial Services Committee hearing. “Members are not out to make a quick buck.”

The resistance prompted Rep. Tim Walz (D-Minn.), a key co-sponsor of the legislation, to chastise his colleagues.

Read more: http://www.washingtonpost.com/politics/house-panel-debates-bill-that-would-limit-lawmakers-stock-trades/2011/12/05/gIQAKwAgaO_story.html

[russspeakeasy]

1. "This could become a witch hunt" WTF ?

I would think with your approval rating in the toilet, you would welcome any legislation that makes it "look like" you are doing the responsible thing.

[DCKit]

2. We're not allowed to do it, why are they? nt

[Sienna86]

3. What is there to debate?

More proof we truly live in bizarro world.

[Lugnut]

4. “Members are not out to make a quick buck.”

Oh no? Then what's your point, Rep McCarthy?