Editor of the Yale Law Journal and JD Candidate at Yale Law School
Con to the question "Should Insider Trading by Congress Be Allowed?"
"We suggest that Congressional insider trading should be regulated... There is credible evidence that Congressional insider trading has occurred in the past, and that the current patchwork of laws and norms is inadequate to stop its future practice. There is also a presumption, based on the feelings of Americans and the obvious analogy to corporate insider trading, that Congressional insider trading is inequitable and should be illegal. The best arguments for corporate insider trading are not applicable enough to Congressional insider trading to overcome this presumption. Thus, the legality of Congressional insider trading constitutes an unfortunate gap in securities law—one that should be filled by an amended version of the STOCK [Stop Trading on Congressional Knowledge] Act, or some other similar regulation."
"Insider Trading in Congress: The Need for Regulation," Social Science Research Network (SSRN) website, updated Feb. 9, 2009