In the wake of a 60 Minutes report concerning possible insider trading by members of Congress, a Senate panel has set out to determine how insider trading laws apply to politicos. Led by Senator Joe Lieberman (I-Conn.) and Susan Collins (R-Maine), the Senate Homeland Security and Governmental Affairs Committee will take up the issue next week, “to clarify the laws and rules that govern members of Congress who may profit personally from non-public information they learn in the course of their work.”
A press release by the Committee indicated that the 60 Minutes story “sparked” the examination. The story focused in particular on possible improprieties by Nancy Pelosi, Spencer Bachus, and John Boehner, all of whom have dismissed the report.
“Insider trading by members of Congress – if it occurs — is a serious breach of the public trust,” Lieberman said in a statement. “No one in Congress should be enriching themselves based on information to which the general public has no access. Our hearing will set the record straight about how existing laws and ethics rules apply to Congress and whether they are sufficient to prevent unethical market trading.”