Bipartisan support is growing in the U.S. Congress for new rules banning insider trading by lawmakers amid concerns about waning trust among the public. The number of co-sponsors for a measure explicitly banning such trading has grown from nine last month to 171 “and counting,” Representative Louise Slaughter, a New York Democrat, told the House Financial Services Committee yesterday. She first introduced similar legislation five years ago and never garnered more than 14 co-sponsors.
The issue took on new urgency after the CBS News program “60 Minutes” reported last month that members of Congress bought stock in companies during debates on legislation that might affect the businesses. None of the questioned investments was illegal, the report said.
“This is about restoring faith,” said Representative Tim Walz, a Minnesota Democrat, who is sponsoring the legislation Slaughter supports. “If you think 9 percent approval rating is bad, don’t do anything, drag it out and watch what happens,” he said, referring to polling on Americans’ approval of Congress. There is a public perception that lawmakers are benefiting from nonpublic information whether they are or not, he said....
http://www.bloomberg.com/news/2011-12-06/insider-trading-rule-needed-to-restore-trust-u-s-lawmakers-say.html...
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