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Holman: Stock Act is Good, Just a Missed Opportunity

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  • Description

    Government Affairs lobbyist Craig Holman weighs in on the Stock Act battle.

  • Duration 3:23
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This transcript is automatically generated

Right now -- President Obama expected decide -- stopped trading on congressional knowledge.

What stock act into law this week it -- to stop insider trading in congress.

But our next guest calls it a missed opportunity.

-- the government affairs lobbyist for public citizen doesn't go far enough.

It's a good bill it just it could've been a great bill.

Originally when that senate approved its original version it -- three key components to it.

One is it straightforwardly.

Applied to the laws against insider trading to congress in two congressional staff which surprisingly has never been done before.

Secondly it would have required these Wall Street operatives who literally -- the halls of congress to try to get inside information.

To register and disclose who -- clients are and what their activities are.

And thirdly it -- It toughen the anti corruption enforcement laws.

So it would be easier to try to prosecute members of congress -- -- before ethics transcriptions.

The last two components -- political intelligence component and the ethics enforcement the key component was removed from the final version of the bill.

It's still a good it's a good bill it's still a good bill -- mandate could have been a great bill that was -- that was a big opportunity that was missed.

Because you're you're obviously ended this stuff you've been pushing hard for itself -- you feel good morning in the rose what was that -- -- It's been six long years try to get this bill nobody knew about it.

I mean nobody in the makes admit it -- it was out there but people just weren't talking about it -- I will help that's our fault the media I would assume and and other places but it just was not getting publicize and of course.

Sixty minutes to its credit to the big piece on it with us Steve -- yet Nancy Pelosi out there in the whole thing talking about it and everybody else and then all of -- sudden.

People sort of say wait you're talking -- members of congress are allowed.

-- you can you essentially.

Trade on inside information and the rest of us aren't so I mean at least for -- that right so it is a small victory.

It is a victory I don't want it to mean.

In the achievement that's gone on here.

I mean as of Wednesday morning it's -- be illegal for members of congress to trade on insider knowledge.

That is a big victory and by the way that trading was going on extensively you literally had a third of this site and half full house actively trading on the market.

And they were enjoying -- 12% higher rate of return in the market.

I mean obviously something was going on here and finally that's going to be she.

It -- think it's just.

-- I just want to miss an opportunity that they could have just -- Smart investors -- -- -- but the idea that there.

There either geniuses -- they -- something that the rest of us didn't know well they've analyzed for of that and other subjects that the not necessarily geniuses all the time there -- congress but so maybe.

Draw your own conclusions I guess not real quick on these other issues that you wanna get done -- they get done separately are you pushing for that.

They have they have been introduce a separate legislation Charles Grassley is heading up the political intelligence provision.

On the senate side.

Louise Slaughter in two walls -- also introduced legislation separately on the house side.

So and the battle isn't over yet will come back to that crackled and thanks a lot appreciate it.

Pleasure from public citizen these.

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