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CREW: Stopping the Inside Game


March 18, 2011- It shouldn’t come as a surprise to anyone that members of Congress and their staff are privileged with non-public information about corporate America on an almost daily basis. What might surprise you to learn, though, is that there is no law that would prevent them from using that knowledge to make a fortune in the financial markets.

A 2004 report from Georgia State University showed that United States Senators received investment returns that were approximately 25% higher than what typical Americans were able to achieve. Are they smarter that the rest of us? Or were maybe they were playing with a stacked deck?

It’s time to put an end to this. Today CREW joined with Common Cause, Democracy 21, Public Citizen and U.S. PIRG strongly urging the passage of the “Stop Trading on Congressional Knowledge Act” (STOCK Act), sponsored by Reps. Timothy Walz (D-MN) and Louise Slaughter (D-NY). 

The STOCK Act (H.R. 1148) would also enable enforcement authorities – and the public – to keep tabs on lobbyists and other politicos to glean whether they also are attempting to cash in on insider information attained during interactions with members and their staff.

FULL STORY HERE:

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