Raise Congressional Pay — and Tax the Rich

Source: Garrison Center
by Thomas L Knapp

“‘Young investors have a new strategy,’ National Public Radio’s Tim Mak reported on September 21:  ‘Watching financial disclosures of sitting members of Congress for stock tips.’ … The obvious implication is that members of Congress often engage in ‘insider trading,’ using information they receive pursuant to their duties, or information concerning the likely effects of upcoming legislation, to buy and sell (or have family members buy and sell) profitably and mostly with impunity (there’s an occasional ethics investigation, but seldom serious punitive action). No wonder Congress is one of the wealthier groups in America. … There’s a way to fix that. Don’t hold your breath awaiting its adoption — the very members of Congress who benefit from insider trading would have to pass rules implementing it — but it’s still worth suggesting.” (10/11/21)