You’d be in prison if you traded like Congress. Senate may sabotage the fix
I’ve spent 30 years managing money for wealthy families, and every one of those years I’ve operated under fiduciary rules that would land me in front of the Securities and Exchange Commission if I traded ahead of information my clients didn’t have. So, when the House passed the Stop Insider Trading Act on July 22, barring members of Congress, their spouses, and their dependent children from buying new individual stocks, my first reaction wasn’t celebration. It was closer to relief that Congress is finally catching up to a standard the rest of us have lived under for decades.The bill, sponsored by Rep.
- ▪I’ve spent 30 years managing money for wealthy families, and every one of those years I’ve operated under fiduciary rules that would land me in front of the Securities and Exchange Commission if I traded ahead of information my clients didn
- ▪So, when the House passed the Stop Insider Trading Act on July 22, barring members of Congress, their spouses, and their dependent children from buying new individual stocks, my first reaction wasn’t celebration.
- ▪It was closer to relief that Congress is finally catching up to a standard the rest of us have lived under for decades.The bill, sponsored by Rep.
Washington Examiner files mainly under politics. We currently carry 1,934 of its stories.
Opening excerpt (first ~120 words) tap to expand
I’ve spent 30 years managing money for wealthy families, and every one of those years I’ve operated under fiduciary rules that would land me in front of the Securities and Exchange Commission if I traded ahead of information my clients didn’t have. That’s not a courtesy I extend. It’s the law. So, when the House passed the Stop Insider Trading Act on July 22, barring members of Congress, their spouses, and their dependent children from buying new individual stocks, my first reaction wasn’t celebration. It was closer to relief that Congress is finally catching up to a standard the rest of us have lived under for decades.The bill, sponsored by Rep. Bryan Steil (R-WI), passed 232-198. It doesn’t force members to sell what they already own.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Washington Examiner.
Discussion
0 commentsMore from Washington Examiner
