The PELOSI Act, which BANS Congressional stock trading, has just passed out of committee, 8-7. I have personally been asked by a Congressman who is no longer there for information. “The number one question from my constituents is where to put their money these days.” I did everything to prevent myself from laughing. When the Insider Trading nonsense was crafted, they deliberately excluded themselves.
Yet I advised on so many takeovers, and the Assistant US Attorney, Richard Owens, tried so hard to come up with a charge to cover up what they did, and I did not even have a trading account for stocks, which really pissed him off. He checked my entire family. He was angry because he could not find anything and said, “You are one smart SOB.” Yet, I was not a member of a board and was informed of what they wanted to do, which would be indistinguisable from a person in Congress.
I got my son a summer job in a brokerage house while he was in college. They had to vet not just him, but me for a simple job for the summer. Yet Congress is exempt, and I suspect they will ensure that exceptions for spouses and trusts (not so blind) will be in there. That does NOT apply to those of us outside of Congress.
