Last November, I alerted readers to the hypocrisy that “members of Congress are not subject to insider trading laws, despite having access to far more material, non-public information than the average American, or, for that matter, the typical hedge fund manager.”
The Senate made a move to end this glaring loophole by passing an insider trading ban for Congress and administration officials today by a 96-3 vote. The Senate sent the bill to the House, which would consider the legislation next week.
Who could have possibly voted against this bill?
Senator Jeff Bingaman, a New Mexico Democrat, and Republican Senators Tom Coburn of Oklahoma and Richard Burr of North Carolina.
I hope their phones start ringing as angry constituents ask them to explain why they believe Congress is above the rest of the American people.
Aside from these three haughty aristocrats, I am happy to see Republicans and Democrats working together to do the right thing for the nation.