Insider trading law repealed

[Iron-Hampster]

http://nyulocal.com/national/2013/04/15/congress-quietly-rep eals-congressional-insider-trading-ban/

or at least when they do it. To my knowledge, the law was designed to prevent politicians from profiting off of their policies using the stock market. So lets say they pass a law to increase agricultural subsidies, they can't invest in agriculture. The law required them to put all of their dealings on an online database to make this traceable.

This bill was passed unanimously and in an incredibly short period of time. Something like this should have had time to be questioned since its the ultimate conflict of interest.

[Korriken]

At 4/16/13 10:18 AM, Iron-Hampster wrote:

This bill was passed unanimously and in an incredibly short period of time. Something like this should have had time to be questioned since its the ultimate conflict of interest.

They only repealed the part where they had to submit the transactions to a searchable public database. They still have to submit their transactions to the proper authorities.

[Blue-SilverDragon]

I can definitely understand it from a security stand point to not have their information be in the general public because it could be used to someone else's advantage.

[aviewaskewed]

At 4/16/13 02:08 PM, Blue-SilverDragon wrote: I can definitely understand it from a security stand point to not have their information be in the general public because it could be used to someone else's advantage.

How? Who? Where? Why?

I'm not seeing how it's dangerous really to anybody other then the politician who might be using insider trading honestly. My reading is that it's confined to the stock market and stock purchasing. This is definitely a blow to Obama's promises towards government transparency. Plus, all these things are still PUBLIC RECORD anyway as the article pointed out. So if somebody was interested in compromising all these things they warn of, it can still be done anyway. This just seems like the government once again doing something that will harm the public trust in them.

[Camarohusky]

All that was changed was the reporting, which in the end is still accessible to the public. Not sure why this even warranted a news article.

[Blue-SilverDragon]

At 4/16/13 03:44 PM, aviewaskewed wrote: I'm not seeing how it's dangerous really to anybody other then the politician who might be using insider trading honestly. My reading is that it's confined to the stock market and stock purchasing. This is definitely a blow to Obama's promises towards government transparency. Plus, all these things are still PUBLIC RECORD anyway as the article pointed out. So if somebody was interested in compromising all these things they warn of, it can still be done anyway. This just seems like the government once again doing something that will harm the public trust in them.

Camarohusky is right in that its in the reporting, but I also agree in the transparency- but not to where it endangers government works. There needs to be a fair balance for that.