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VICTORY: Breitbart Editorís Battle Against Insider Trading Forces Presidentís Hand
Big Government ^ | 01/25/2012 | Wynton Hall

Posted on 01/25/2012 1:06:49 AM PST by Jerome Hudson

In a State of the Union speech devoid of clarity or specifics, President Barack Obama offered but one shining exception: a direct call for members of Congress to send him a bill to ban congressional insider trading.

(Excerpt) Read more at biggovernment.com ...


TOPICS: Constitution/Conservatism; Crime/Corruption; Government; News/Current Events
KEYWORDS: congress; insider; trading
In a State of the Union speech devoid of clarity or specifics, President Barack Obama offered but one shining exception: a direct call for members of Congress to send him a bill to ban congressional insider trading.

“Send me a bill that bans insider trading by members of Congress and I will sign it tomorrow,” President Obama said to applause. “Let’s limit any elected official from owning stock in industries they impact.”

Since the release of “Throw Them All Out,” Breitbart editor Peter Schweizer has been a one-man battalion fighting for members of Congress to abide by the same insider trading laws that apply to all Americans. President Obama’s speech Tuesday night is evidence that Schweizer’s battle against congressional insider trading and cronyism has scored a critical victory.

“It appears that our message has finally broken through,” said Schweizer in an interview Tuesday night with Breitbart News. “Thousands of citizens across America have called and written their representatives and the White House demanding a ban on congressional insider trading.

The President’s speech tonight is proof that their efforts were not in vain. Now is the time to apply maximum pressure and get behind Rep. Sean Duffy’s (R-WI) RESTRICT Act. It’s the best proposal I’ve seen to date.”

The RESTRICT (Restoring Ethical Standards, Transparency, and Responsibility in Congressional Trading) Act (H.R. 3550) would require members of Congress to either establish blind trusts or submit to a three day public disclosure of any and all investments. According to Schweizer, the bill is preferable to other bills, such as the STOCK (Stop Trading On Congressional Knowledge) Act, which Schweizer believes do not go far enough to remedy the problem.

Since November, Peter Schweizer and Breitbart News have published numerous articles detailing bipartisan instances of congressional insider trading that have included Rep. Spencer Bachus (R-AL), Rep. Nancy Pelosi (D-CA), Sen. John Kerry (D-MA), all of which were featured in a special report by 60 Minutes.

“There’s still much work to be done,” said Schweizer. “We need to get behind Rep. Duffy’s RESTRICT Act and let our leaders know that we will not stand idly by as members of Congress profit off of access to material, nonpublic information.”

1 posted on 01/25/2012 1:06:53 AM PST by Jerome Hudson
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To: Jerome Hudson

wow, big wup. This brought to you by the most narcissistic President and his money-grubbing wife

This man-child is delusional.


2 posted on 01/25/2012 1:31:02 AM PST by ChiMark (chewed up his body for a decade)
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To: ChiMark

Wow, I’ve always been told by the libs “you can’t legislate morality”. Will this work?


3 posted on 01/25/2012 1:53:54 AM PST by The_Media_never_lie
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To: The_Media_never_lie

Sounds like pillow talk to me. The corrupt will simply perform these trades in their wives or family members names. You cannot legislate the corrupt... I mean, who will write this bill? The corrupt. Down South we call this the fox guarding the hen house. If you honestly think they will write themselves a bill cutting off the gravy train, we are all just lost. I do not buy it one second. Term limits would work, somewhat. These are the same folks who vote themselves raises. Who does that on someone else’s dime?


4 posted on 01/25/2012 2:06:37 AM PST by momincombatboots (Back to West by G-d Virginia.)
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To: The_Media_never_lie

This only works when you have honest people involved, as with any law. Seems the congresscritters go to DC to feather their own nest and our country is last in their to-do list.


5 posted on 01/25/2012 2:10:36 AM PST by winkadink (During times of universal deceit, telling the truth becomes a revolutionary act. George Orwell)
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To: Jerome Hudson

Big Gov & Andrew Breitbart deserve a lot of credit for getting the biggest inside trader, BHO to admit it is wrong for politicians to break the law is Major Coup! BG is doing the job that other media fails to do.


6 posted on 01/25/2012 2:17:12 AM PST by iopscusa (El Vaquero. (SC Lowcountry Cowboy))
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To: Jerome Hudson
Someone on FR posted a while back (a month or so maybe?) that the Republican leadership had shut down such a proposed bill. I'm not familiar with Jay Bookman, the source, but FWIW, here's the link: GOP leadership blocks congressional insider-trading ban
7 posted on 01/25/2012 2:23:03 AM PST by maryz
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To: Jerome Hudson
How much did Buffet send Obama's way for cancelling the Keystone pipeline?

Might not be insider trading, but still unethical.

8 posted on 01/25/2012 2:32:47 AM PST by chemicalman (The more support I see,the harder I want to work,and the more determined I am not to let folks down.)
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To: Jerome Hudson

The Democrat will just ignore a law like every other law they ignore.


9 posted on 01/25/2012 2:40:07 AM PST by bmwcyle (I am ready to serve Jesus on Earth because the GOP failed again)
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To: iopscusa

And a hat tip to Sarah Palin as well, she was all over this as part of the Crony capitalism argument..and the author is part of her advisory committee.

And to those in the media and in government that think she doesn’t have influence...pffft.

Go Sean Duffy, don’t let this get watered down by Reid and company.


10 posted on 01/25/2012 4:26:24 AM PST by SueRae (I can see November from my HOUSE!!!!!!!! 11.06.2012, the Tower of Sauron falls,)
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