Yay! Corporatism, here we come!

This must be why Rick Santorum is still upset about the French Revolution.

How hard is it to fix this problem?

Step 1: You get sworn into Congress
Step 2: Your (and your spouses'), stock portfolios and investments get liquidated (perhaps within say 6 months), and put into a Senate/Congressman account held by the US government, where it will grow at a few percent a year. You are not allowed to iinvest in anything else.
Step 3: You retire from congress and can cash out your account.

Obviously, nothing uttered by Cantor would qualify as political intelligence or, for that matter, intelligence of any kind.

GAT_00: Simple. The majority leader, who has pretty large control over what actually gets voted on and has a personal stake in still being able to do insider trading, decided he didn't want to follow the rules.

If you followed the news you'd know that most folks in Congress, not just Republicans, are involved heavily in insider trading...

This deal would never pass with any teeth no matter who was the majority.

So...what does the bill actually do?

The legislation would make it clear that lawmakers and key staffers are bound by the insider trading laws that affect everyone. The House bill also adds a provision to bar lawmakers from participating in IPOs. The bill passed 417 to 2.

Ok, that seems reasonable. I wonder who the 2 were.

But the House bill cut a provision that was in the Senate version requiring people who collect and trade so-called political intelligence [...] to register just like lobbyists if they want to talk with covered officials in Congress and the executive branch so that the public knows who they are and what they're doing.

Well, alright I guess, since they're not members of Congress...

It also cut a provision that cracks down on officials guilty of taking actions on the job to benefit themselves.

Oh well. It was a good try.

The Onion is prophetic: House Majority Leader Eric Cantor (R-Va.) defended the revisions, saying his work on the legislation -- which was done in secret and ignored another version of the House bill that had nearly 300 co-sponsors -- strengthened the measure. He singled out the political intelligence provision.

I'm not too up-to-date on how bills get voted on... but how can they just ignore a bill that is co-sponsored by over half of the house?

One fall guy to cover the backside of the 300. Cantor looks like a jerk but he is in a safe district while everyone else gets to go home and say that they supported reform.... shoot it will probably breeze through the senate 96-1.

Karac: How hard is it to fix this problem?

Step 1: You get sworn into Congress
Step 2: Your (and your spouses'), stock portfolios and investments get liquidated (perhaps within say 6 months), and put into a Senate/Congressman account held by the US government, where it will grow at a few percent a year. You are not allowed to iinvest in anything else.
Step 3: You retire from congress and can cash out your account.

Peg the growth in #2 to the GDP growth. GDP doesn't grow? Sorry. GDP grows massively? Bonus!

qorkfiend:
But the House bill cut a provision that was in the Senate version requiring people who collect and trade so-called political intelligence [...] to register just like lobbyists if they want to talk with covered officials in Congress and the executive branch so that the public knows who they are and what they're doing.

Well, alright I guess, since they're not members of Congress...


They're not current members of Congress. I'm assuming the reason the House cut that provision is because it potentially limits what they can do once they leave Congress.

I'm beginning to honestly believe that Cantor & Boehner's goal is to get the Congressional approval rating under 5%.

Call me crazy, but isn't insider trading already illegal? Why would they have to pass a bill to make it illegal for politicians (obviously tis is news to me)

Also, do you really expect this to pass with all provisions when the speaker of the house has money invested in all 7 companies involved in the Keystone XL pipeline.
SCUMBAGS!

Aarontology: I'd be surprised if this wasn't the plan all along.

People get to ACT like they're tough on this with the full knowledge that nothing will change in the end.

They all make too much money to give this up. Pelosi alone has made millions. Everyone in DC is a crook. The state is an enemy of the people.

There's a much easier way to prevent all of these crazy shenanigans than the ludicrously complicated machinations in either the House or Senate versions of the STOCK Act. Pass Rep. Sean Duffy's (R-WI07) RESTRICT Act. It forces politicians to either disclose all business transactions within 3 business days or place all of their financial holdings in a blind trust.

/can't believe I'm supporting a Tea Partier's bill

apoptotic: qorkfiend:
But the House bill cut a provision that was in the Senate version requiring people who collect and trade so-called political intelligence [...] to register just like lobbyists if they want to talk with covered officials in Congress and the executive branch so that the public knows who they are and what they're doing.

Well, alright I guess, since they're not members of Congress...


They're not current members of Congress. I'm assuming the reason the House cut that provision is because it potentially limits what they can do once they leave Congress.

Excellent point.

Serious Black: There's a much easier way to prevent all of these crazy shenanigans than the ludicrously complicated machinations in either the House or Senate versions of the STOCK Act. Pass Rep. Sean Duffy's (R-WI07) RESTRICT Act. It forces politicians to either disclose all business transactions within 3 business days or place all of their financial holdings in a blind trust.

/can't believe I'm supporting a Tea Partier's bill

The Tea Partiers and OWS have a whole lot in common at the end of the day.

Karac: Step 1: You get sworn into Congress
Step 2: Your (and your spouses'), stock portfolios and investments get liquidated (perhaps within say 6 months), and put into a Senate/Congressman account held by the US government, where it will grow at a few percent a year. You are not allowed to iinvest in anything else.
Step 3: You retire from congress and can cash out your account.

1. Stocks are converted to treasury bonds when they are sworn in. Hell, we can even be nice and waive capital gains on that transaction.
2. No new investment other than the purchase of treasury bonds is allowed including real estate with the exception of the primary residence.

Monkeyhouse Zendo: Karac: Step 1: You get sworn into Congress
Step 2: Your (and your spouses'), stock portfolios and investments get liquidated (perhaps within say 6 months), and put into a Senate/Congressman account held by the US government, where it will grow at a few percent a year. You are not allowed to iinvest in anything else.
Step 3: You retire from congress and can cash out your account.

1. Stocks are converted to treasury bonds when they are sworn in. Hell, we can even be nice and waive capital gains on that transaction.
2. No new investment other than the purchase of treasury bonds is allowed including real estate with the exception of the primary residence.

I think tar and feathers works alright.

Monkeyhouse Zendo: Karac: Step 1: You get sworn into Congress
Step 2: Your (and your spouses'), stock portfolios and investments get liquidated (perhaps within say 6 months), and put into a Senate/Congressman account held by the US government, where it will grow at a few percent a year. You are not allowed to iinvest in anything else.
Step 3: You retire from congress and can cash out your account.

1. Stocks are converted to treasury bonds when they are sworn in. Hell, we can even be nice and waive capital gains on that transaction.
2. No new investment other than the purchase of treasury bonds is allowed including real estate with the exception of the primary residence.

Even better: skip the real estate and have them live in the Congressional dorm. Or, sleep in their offices; most are opulent enough as it stands.

make me some tea: GAT_00: make me some tea: Sh*t like this makes me want to set things on fire.

Start with Congress if you're going to.

Ready when you are...

As they say back home: I'd like a piece of that action.

Look, by weakening the bill and removing the few pathetic teeth it had to begin with, we strengthened the bill. How? Fark you, that's how. What are you gonna do about it? Vote for the other guy? BWAHAHAHA!

Dubya's_Coke_Dealer: Serious Black: There's a much easier way to prevent all of these crazy shenanigans than the ludicrously complicated machinations in either the House or Senate versions of the STOCK Act. Pass Rep. Sean Duffy's (R-WI07) RESTRICT Act. It forces politicians to either disclose all business transactions within 3 business days or place all of their financial holdings in a blind trust.

/can't believe I'm supporting a Tea Partier's bill

The Tea Partiers and OWS majority of Americans have a whole lot in common at the end of the day.

FTFY&M

qorkfiend: Karac: How hard is it to fix this problem?

Step 1: You get sworn into Congress
Step 2: Your (and your spouses'), stock portfolios and investments get liquidated (perhaps within say 6 months), and put into a Senate/Congressman account held by the US government, where it will grow at a few percent a year. You are not allowed to iinvest in anything else.
Step 3: You retire from congress and can cash out your account.

Peg the growth in #2 to the GDP growth. GDP doesn't grow? Sorry. GDP grows massively? Bonus!

That's stupid; it's like the Fortune 500 companies who peg CEO compensation to revenue and then are surprised when the guy quits 6 months in and leaves it for the next guy to pay for all their short term profit maximizing moves. We just had a severe economic crash caused primarily by expansionary monetary policy being used pro-cyclically leading to a housing bubble, we don't need more incentive for expansionary fiscal policy from people that hope to get out before the bubble they made pops. Besides, reelection is usually enough incentive to make taking the economy seriously a big deal.

Blind trust, mix of corporate stocks and public bonds, you get your cut at the end.