Editorial: Congressional insider trading should be illegal

Though many eyes have been on Wall Street — or the occupation thereof — this week, one issue that’s been gaining attention is that of Congressional insider trading.

U.S. Senator Debbie Stabenow announced Wednesday that she will be introducing legislation to prohibit Congressional lawmakers from engaging in insider trading.

The Stop Trading on Congressional Knowledge (STOCK) Act legislation redefines insider trading to include knowledge gained from Congressional work and service, creates transparency rules and reporting requirements, and requires “political intelligence consultants” to register as lobbyists.

Currently, insider trading by members of Congress and their staffs is not prohibited by the Securities Exchange Act or Congressional rules.

“This law makes crystal clear that Members of Congress must not be exempt from laws everyone else has to follow,” Stabenow said. “Any Member of Congress abusing his or her position for financial gain must be held accountable. Congress needs to fix this glaring inequity immediately.”

Full story >>>