I previously wrote about the federal lawmakers exemption from insider trading laws, allowing them the ability to buy and sell stocks, bonds and real estate using inside information. The lawmakers have access to privileged information that helped many of them to become multimillionaires, peddle influence, and secretly make the information available to hedge-fund managers that only the very wealthy can invest in. If anyone else traded on inside information, it is a felony which brings possible fines and imprisonment.
The Stop Trading on Congressional Knowledge Act, also known as the Stock Act has been floating around for several years, would make this practice illegal, has passed the Senate, and is moving to the House, and could be voted on as early as next week. Lets hope that this bill gets passed and becomes law.