Rep. John Kline (R-MN) on insider trading by members of congress (and congressional pay)
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Uploaded on Jan 31, 2012
At a district town hall in Shakopee, MN, on January 30, 2012, a constituent asked Congressman John Kline about special treatment House members receive. Kline responded first by bashing the notion that members of Congress can engage in insider trading, reviewed the House benefits system, and said that he hadn't gotten a raise in 2011, 2010, 2009 or 2008. He defended the House ethic committee, though he thought that having an equal number of Republicans and Democrats serving on it was a problem.
The first statement would be a surprise to the producers of 60 Minutes, whose report on insider trading in Congress caused a uproar last November. On the very day of Congressman Kline's town hall, The Hill reported that "Current laws do not prohibit lawmakers from profiting from nonpublic information they learn in the course of their duties."
What's more, that very day, CBS News reported, "In a move aimed at improving transparency and voter confidence in Congress, the Senate on Monday voted to advance a bill to stop so-called "congressional insider trading."
By a vote of 93 to 2, the Senate agreed to proceed with debate on the Stop Trading On Congressional Knowledge, or STOCK Act. The legislation specifically prohibits federal lawmakers from trading stocks based on nonpublic information they have obtained in the course of their congressional work."
"Congress: Trading stock on inside information?," 60 Minutes, November 13, 2011,
"What counts as "inside information"?" 60 Minutes, November 13, 2011,
"Democrats see new weapon in congressional insider-trading bill," The Hill, January 30, 2012
While Congress voted to stop their automatic raises in 2011 and 2010, they did receive raises in the two prior years 2009 and 2008. See data at: http://www.legistorm.com/member_of_co...
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