Wednesday, February 1, 2012, 6:58 AM
[The Body Politics
I email those who represent me in Congress, regarding the new STOCK ACT Provisioin.
I stated the fact, that Congress always claims that no one is above the law. I asked why the need for a bill to be considered, if those in Congress are supposed to hold themselves to a higher standard of ethical behavior, than those they represent ( Please understand, I dont believe anyone should be exempt from responding to their Highest Good) But all I was asking was why they needed this new act.(act, maybe having more meaning here, than one would think)
This is Senator Schumer's reply (in part) to me:
" Currently, the Securities Exchange Act of 1934 ( a little old to be what they base their jusisdiction on, with the hy-jinks of stock trading tricks today) requires the Securities and Exchange Commission and the Justice Department to investigate and prosecute insider trading cases based on general anti-fraud provisions that apply across the board to all Americans including members of Congress. However, the Stop Trading on Congressional Knowledge (STOCK) Act would reaffirm that ban by expressly prohibiting members of Congress from participating in insider trading."
If I have this right, the STOCK ACT is just a reaffirmation ..that EXPRESSLY PROHIBITS MEMBERS OF CONCRESS FROM PARTICIPATING IN INSIDER TRADING. HUH? I thought the SEC Act of 1934 gave the justice dept the right to investigate and prosecute... it says nothing to Congress as a "do not!"
So where is the idea of a reaffirmmation come into play..when there never was a "do not..it will be seen as a conflict of interest!"
Soooo, all along, only those who may have already done the deed fell under the jurisdition of the Justice Department .I can only suppose this new " affirmation" is to now tell CONGRESS that they now have to play by the same standards as, Martha Stewart! I'm sure she'll be happy to hear that! I sure am!
Senator Schumers continued: "The STOCK Act was recently approved by the Senate Homeland Security and Government Affairs Committee and has been referred to the Senate floor for consideration. I will continue to monitor this bill as it makes its way through the Senate." Sadly he didnt say, he would be leading the charge with his vote!
The good thing is, I got a response, as well as a better understanding. I'm still amazed that a Congress, who rights OUR LAWS need special ACTS as MORAL REMINDERS? One would believe those who love the law, would be ethical enough not to need laws for them to live by? But that comes from my understanding of what a man of CHARACTER MEANS..not all men are equal to that standard.... even though I pray they one day find their way.