Our Insanely Corrupt Congress
Insider trading based on legislative maneuvering is as prevalent as ever.
3:12 PM, May 19, 2017 | By Mark Hemingway
Sen. Sheldon Whitehouse, D-R.I.
Of all the crazy ways that members of Congress are above the law, the fact that politicians and their staff are largely immune from insider trading laws has to be near the top of the list. (Oh and it's also a problem for federal employees.) It boggles the mind to think of the conflicts of interest created by trading shares of businesses that are affected bylegislation that you're involved in writing, and it's legal. Earlier this year, Buffalo congressman Chris Collins, known for making suspect trades on congressional knowledge, was overheard by reporters bragging in an elevator, "Do you know how many millionaires I've made in Buffalo the past few months?" And HHS Secretary Tom Price was grilled about insider trading during his recent confirmation hearings—he and Collins had even invested in the same small biotech firm, while Price sat on committees that affected its business.
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