Lieberman: SEC Says Congressional Insider Trading Illegal

Thursday, 01 Dec 2011 04:43 AM

By Hiram Reisner

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Connecticut Sen. Joe Lieberman said Wednesday the Securities and Exchange Commission (SEC) will file a statement with a Senate committee, saying insider trading by members of Congress is illegal and the SEC believes it has the authority to punish those found engaging in the practice. The Senate Homeland Security and Governmental Affairs Committee is holding a hearing on a bill today to prohibit insider trading by members of Congress and their employees.
 
The bill — introduced by Massachusetts GOP Sen. Scott Brown — would bar members or employees of Congress and the executive branch from using nonpublic information obtained through their public service for the purpose of investing for personal financial gain.

Despite the SEC filing, Lieberman says he is “still concerned that the law is not clear when it comes to the possibility of insider trading by members of Congress or our staffs — and, therefore, in the interest of perception, prevention, and punishment, we ought to be adopting a law to specifically make insider trading by members of Congress illegal.”
 
The insider trading probe gained steam with the publication of a new book, “Throw Them All Out,” by conservative author Peter Schweizer, a research fellow at Stanford University’s Hoover Institution, who details alleged abuses by members of both the House and the Senate.

The book was heavily featured on “60 Minutes” with reporter Steve Kroft going after leaders of the two parties in the House on camera. Both Speaker John Boehner and former Speaker Nancy Pelosi denied they had done anything wrong.
 
Lieberman said the strong denials were an impetus for the legislation.

“I’ll tell you what my feeling is about this: That everyone has risen so strongly to defend themselves, that I think we are going to pass a bill to make insider trading by members of Congress or our staffs illegal,” Lieberman said. “And we’re going to set up some mechanisms to make it less likely.
 
“Here are a couple of things we could do: We could try to make the filings more detailed. Second, instead of having them filed once a year, we could have a requirement for transparency or disclosure of stock transactions within a shorter period of time after they happen,” he said. “All of it in an attempt to open up this trading by members of Congress in stocks and other investments to sunlight.

“And when you know that that is going to happen, you’re less likely to take a chance . . . on doing something wrong,” Lieberman continued. “I mean, this is a classic case where whether or not members of Congress have benefited personally — financially — from information they have here on the inside, in some sense, it is not that it doesn’t matter. It does matter. But the perception of the public probably is that this is happening.”

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Send me more news as it happens.
 
 
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Tapeworm in Brain of Man for 4 Years Removed by Surgeons

Saturday, 22 Nov 2014 17:33 PM

A tapeworm that not only lived in a man's brain for four years but traveled from one side of the brain to the other has  . . .

Window Washer's 11-Story Fall Ends Atop Car - He Survived!

Saturday, 22 Nov 2014 17:14 PM

A window washer survived with critical injuries after falling 11 stories from the roof of a San Francisco bank building  . . .

Georgia O'Keefe $44 Million Painting Most for Woman Artist

Saturday, 22 Nov 2014 16:49 PM

A new world auction record for women artists was set when a painting by late American artist Georgia O'Keeffe sold for m . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved