Proposal for Saturday 12/10 General Assembly: Chris – End Congressional Insider Trading Statement

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End Congressional Insider Trading Statement

Currently, members of Congress are exempt from insider trading laws that everyone else has to follow. If anyone else used private information to bolster their portfolios, they would be the subject of a federal investigation and could quite possibly go to jail. If you’re a member of Congress, however, doing the exact same thing will result in absolutely no legal consequences whatsoever. This fact is a perfect symbol for everything we’re against: the collusion of finance and government, separate sets of rules for the 1 percent and everyone else, and a total lack of accountability for those in positions of financial and governmental power. My proposal is to kick off a campaign to stop this before the current legislative session concludes at the end of this year.

I’d like the General Assembly to approve a press release that will be distributed across all major media channels, speaking with the voice of the NYC GA, that will call for:

1) The passage of the STOCK Act, legislation currently in Congress that would end this practice for legislators and their staff.
2) That the bill be strengthened to prevent ANY member of Congress from trading in ANY security, be they stocks, bonds, commodities or derivatives, during the course of their terms and for one year after.
3) That Rep. Spencer Bachus, chair of the House Financial Services Committee, which will be reviewing the bill, recuse himself from any discussion or voting on the legislation due to him having engaged in insider trading activity that would have ordinarily constituted a criminal act. Further, that any other member of Congress having done the same do so as well.
4) That the SEC launch a full investigation of Congress to determine which lawmakers have engaged in what would have otherwise been criminal insider trading activity, and upon the probe’s conclusion, require that these lawmakers give away the money they made from doing so, and refuse any tax breaks that they may be eligible for in so doing.

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