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July 19th, 2012
09:40 PM ET

CNN exclusive: Possible Congressional insider trading loophole

It was a rare show of bipartisanship - President Barack Obama, flanked by Democrats and Republicans in April, signing into law a bill that would ban insider trading on Capitol Hill. The measure, known as the STOCK Act, had passed the House and Senate in warp speed.

"The powerful shouldn't get to create one set of rules for themselves and another set of rules for everybody else," the president said at the time.

Lawmakers proclaimed that the bill, officially called the Stop Trading on Congressional Knowledge Act, would restore trust in government. It also applied new rules to some employees of the executive branch.

But CNN uncovered that the law that members of Congress thought they voted for earlier this year isn't exactly as advertised. A loophole could still allow family members of some lawmakers to profit from inside information.

Read more...

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Filed under: Congress • Keeping Them Honest
soundoff (5 Responses)
  1. Troy Owen Mecham jr

    I think james holmes enjoyed it like the character " the joker " that he portrays himself as. He is twisted I believe he wanted to get arrested and watch people fall apart around him for pleasure. But I wonder if they will close theater 9 down in memory of the victims? which they should.

    July 20, 2012 at 9:05 pm |
  2. Juanita Martin

    Is it possible Romney's tax reports he refuses to give up might reveal his personal gain during Bain's forcing companies into bankruptcy?? WOW! Wouldn't that shoot his ads and lies?

    July 20, 2012 at 7:49 pm |
  3. MauiBear

    oopps...Cantor caught with his hand in the cookie jar. How shocking!!

    July 20, 2012 at 11:10 am |
  4. John

    A loophole!...well imagine that! "It was not the intention of the House to differ with the Senate-passed bill..."
    more like it was not the intention of the House to get caught in such an ignominious act. Cantor has no shame. He needs to be voted out.

    July 20, 2012 at 1:32 am |
  5. Robert Martinez

    In response to Insider Trading how come CNN is talking about why the law makers have 45 days to report trading vs someone whom works on wall street has only 15 days. They should have 15 days also not 45 days lets get this fixed also. I would like to see this spoken about as well!

    July 19, 2012 at 11:19 pm |