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发帖数: 29846 | 1 By Sarah Palin
Updated 5d 17h ago
Thanks to the solid new research and recent revelations in Peter Schweizer's
book Throw Them All Out and the subsequent coverage on 60 Minutes, we have
concrete proof to explain how members of Congress accumulate wealth at a
rate astonishingly faster than the rest of Americans and have stock
portfolios that outperform even the best hedge-fund managers'. (Full
disclosure: Schweizer is employed by my political action committee as a
foreign policy adviser.)
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From sweetheart land deals to initial public offering (IPO) stock gifts to
insider trading with non-public government information, the methods of
unethical wealth accumulation for our permanent political class are endless.
The reaction from the Beltway establishment to the revelations concerning
insider trading among members of Congress was predictable. First they denied
it, then they dismissed the problem as much ado about nothing. Some said
there was no need for new laws or action because the Securities and Exchange
Commission could prosecute members of Congress under existing laws against
insider trading.
But under current law, there is no way the SEC will ever go after a powerful
congressman or senator. The SEC never has, even though insider trading
prohibitions have existed since the 1930s. Here's why: Congress sets the SEC
's budget, and senators approve the head of the SEC. Congress uses its power
of the purse strings to threaten federal agencies that get in their way.
For example, in 2006 the FBI got a search warrant from a federal judge to
comb former congressman William Jefferson's office. The FBI already had
evidence that Jefferson was taking bribes. Congress was furious that the FBI
would dare search a fellow member's office. Members claimed the search was
unconstitutional. They even threatened to cut the Justice Department's
budget in retaliation. All this despite the fact that 86% of Americans
supported the FBI raid.
A hands-off SEC
Does anyone really think the SEC under current law will have the courage to
investigate the insider trading in Congress? Remember that this corruption (
and failure to deal with it) encompasses both sides of the aisle. We fool
ourselves thinking we can trust an agency dependent on Congress for its
budget to investigate Congress.
I hate the idea of more laws, but because our politicians have shown a
failure of ethical leadership, we must reassert the rule of law through
strong new legislation that holds Congress accountable and prevents
retaliation against whistle-blowers and regulatory agencies investigating
corruption. Legislation has been put forward, but there are serious concerns
that these bills contain major loopholes in stopping congressional insider
trading and the gifting of IPO stocks from companies seeking to influence
policy. In fact, Robert Khuzami, the SEC's director of enforcement,
testified that the bills as written only make stock transactions related to
pending or prospective legislation illegal, not any other insider
information trading; and they only cover stock transactions, not options
trades, exchange traded funds or mutual funds.
The bills by Sens. Scott Brown, R-Mass., and Kirsten Gillibrand, D-N.Y., are
particularly weak. Members of Congress should disclose all trading
activities immediately, not after 90 days as their bills propose. More
immediate disclosure deadlines (similar to the strict deadlines corporate
executives adhere to when trading certain amounts of stock) are imperative
for real transparency.
Members of Congress must be required to put their assets into blind and "
deaf" trusts. Deaf because we must make it illegal both to trade on non-
public government information and to pass on such information. It does no
good to set up a blind trust run by a friend, family member, or acquaintance
and then casually pass on information to that person. Technically, members
of Congress can claim they weren't actually making the trade or ordering
another person to make the trade; they were simply "having a conversation"
concerning information any competent trader would know what to do with.
The House bill by Rep. Sean Duffy, R-Wis., is a step in the right direction
because it calls for every member of Congress to either establish a blind
trust or abide by a three-day disclosure deadline for all trades. (
Personally, I'd like to see even stricter deadlines like the ones for
corporate executives.) We should insist on tougher provisions to close all
insider trading loopholes and IPO stock gifts, and to protect whistle-
blowers and regulators against congressional retaliation.
Other congressional ailments
Also, remember that insider trading isn't the only corruption problem in
Congress. Crony capitalism has run rampant for too long and is bankrupting
our country. We need conflict of interest provisions on earmarks and other
legislation to stop sweetheart land and construction deals.
Our permanent political class relies on an apathetic and uninformed public
to get away with this stuff. But if there is one issue that unites Americans
across the political spectrum, it's absolute disgust with the corruption of
our elected leaders. Congress and the White House need to earn the American
people's trust again. We the people are not going to give up until we get
the sudden and relentless reform we deserve or, as the book says, "we throw
them all out" in 2012.
Sarah Palin is the former governor of Alaska and Republican vice
presidential nominee in 2008. |
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