Insider Trading by Congress

Apparently members of Congress and their staff can make trades using non-public information obtained through their official positions.

House Rules Committee Chairwoman Louise M. Slaughter, D-N.Y., and Brian Baird , D-Wash., are sponsoring what they call the Stop Trading on Congressional Knowledge Act (HR 682) that would prohibit Members of Congress and their staffers from using nonpublic information obtained through their official positions to benefit themselves financially.

In a statement, the two said the legislation  is more important now, given the amount of money Congress has authorized to help right the economy under the financial services bailout program.

See also:

• Reps. Slaughter and Baird Again Sponsor “Stop Trading on Congressional Knowledge Act” by Securities Docket
• A Crackdown on Info Trading by CQ Politics
• OpenCongress Tracking of the Bill
• Text of the Bill (not available at the time of this post)