Con to the question "Should Insider Trading by Congress Be Allowed?"
Reasoning:
"...Common Cause, Democracy 21, League of Women Voters, Public Citizen and U.S. PIRG – strongly support passage of the 'Stop Trading on Congressional Knowledge Act' (H.R. 682)...
The legislation would prohibit members of Congress, congressional staff and other federal employees from using non-public information obtained through their official duties for personal gain in the stocks and commodities markets. It would also prohibit private individuals and firms who attempt to mine such information from public officials to use it for insider trading. This legislation is critically important as the federal government increases its regulation and oversight – and invariably insider knowledge – of prospective business opportunities of banks and financial services companies...
With the federal government assuming a far greater role over the financial services industry, the opportunity and temptation for federal employees to cash in on their insider knowledge of legislation, rules and even business trends that can have a dramatic and immediate effect on the stock market will become all the more dangerous. Members of Congress and federal employees should be required to live by effective restrictions on insider trading."
Letter to US Representatives Brian Baird (D-WA), Louise M. Slaughter (D-NY), and Tim Walz (D-MN), www.citizen.org, Mar. 4, 2009
Organizations/VIPs/Others Individuals and organizations that do not fit into the other star categories.
Description:
"Democracy 21 is a nonprofit, nonpartisan organization dedicated to making democracy work for all Americans.
Democracy 21, and its education arm, Democracy 21 Education Fund, work to eliminate the undue influence of big money in American politics and to ensure the integrity and fairness of government decisions and elections. The organization promotes campaign finance reform and other political reforms to accomplish these goals.
Founded by Fred Wertheimer in 1997, Democracy 21's efforts have been recognized by The Wall Street Journal which observed that Wertheimer is 'perhaps the capital's longest-toiling advocate of reducing the role of money in politics' and by Washington Post columnist E. J. Dionne, who has described Wertheimer as 'the eminence grise of the campaign reform movement.'"
"Democracy 21 provides the public and media with the latest information and analysis on money and politics, and focuses its activities on:
Promoting campaign finance reforms, including closing loopholes in the campaign finance laws, reforming the Federal Election Commission, and fixing the presidential public financing system;
Ensuring that the campaign finance laws are effectively implemented and enforced;
Defending campaign finance laws in the courts; and
Promoting effective congressional ethics rules and enforcement."
