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Our top story tonight insider trading getting a pass in Washington.
With the stroke of his pen President Obama quietly overhauling the insider trading law.
Legislation he signed just last year now the old -- prevented government officials and employees from engaging in insider trading.
The new lot stops high ranking federal employees from having to disclose their financial info on line.
Congress and President Obama worked together to make this happen quick and silently.
Making it probable that the only bipartisan thing BC has done quickly and quietly in recent years with more on this Tim Carney.
Senior political columnist for the Washington examiner -- -- Coleman.
A government affairs lobbyist for public citizen -- I'll start with you.
You call -- knee jerk reaction -- changed a lot.
It took only one year for congress to start repealing major portions of -- congressional insider trading law.
You know this law was never popular with congress in the first place if you recall the story after.
-- -- do it right -- that before it became a law we only had nine co sponsors on the bill to ban congressional insider trading.
Suddenly sixty minutes did this great excellent -- say and within two days later we had 285.
And the law and then in the build quickly became law thereafter.
Congress did not want this in the first.
Now they didn't kinda that's absolutely right Craig let's and the -- their opposition a chance to chime in here because.
You know basically.
You -- -- Sam can not do any insider trading but if elected members of congress prior to the stock act wanted to they could but now they can't.
But disclosure the one thing that would allow us to check up on these people.
They're doing away with -- and in fact when it comes even to elected officials they're delaying the creation of a public database.
That would help this track this -- or not they took the teeth out of the slot in the tank.
Well I mean I thought that to some extent even -- letting congressman and senior staff.
Buy and trade it in individual stocks at all is problematic.
I mean I don't do that her ethical reasons that a lot of journalists who don't their executives that companies who are not allowed to do this if you worked at Moody's or Fitch you would not be allowed to do this.
Why -- somebody in in in you know Senate Finance Committee.
Allowed to do this but they weren't even this is just about.
These -- reporting requirements disclosure and yes they were burdensome you know how to get out from under the burden of these disclosure requirements to home.
I need a single locked up -- -- -- right.
Well there's one reason we're talking about this today because of this quite action that nobody even heard about nobody is reporting on -- There's also another story that's bubbling out that I want you to comment odds out.
Humana lobbyists he's just been explodes.
He's a one time congressional -- by the way he and emailed market moving information to one of these groups.
That sells data to walk to Wall Street.
It's out Washington regulates industry Wall Street wants to know what's going on.
This Fella gave information to one of these companies who then gave it to hedge funds who made a time and no trading on this.
What do you make of this and it seems to me if you're gonna make some kind of stock acted should stop something exactly like this.
You know this is called little political intelligence industry -- it may be a misnomer.
-- it is called the political intelligence industry.
And we had a provision in the original stock act.
That would've required political intelligence consultants to register under lobby disclosure act and disclose their activities and their clients.
But congress wasn't prepared to go that far so they cut that out of the bill and instead replace it with a study.
For that GAO to study whether or not there really is a problem.
Well the GAO report coming god and it was GAO or are hardly came -- it finally came -- -- it shows there is indeed a problem.
Because they couldn't even identify who these political intelligence controls are or how big it is.
And then as a result we are going to see a new effort in congress led by senator Charles Grassley.
I literally are present and it was right yeah -- -- right.
And then yes and it highlights a lot of things including the fact that -- in this -- lobbying firms don't like it when their lobbyists go ahead.
And -- lobbying information to sell to these political intelligence front.
But for -- would highlight his.
This is what happens when government is regulating and subsidizing everybody so much is -- and increasingly.
The placement of a comma in a legislation the decision of a committee chairman.
The decision of a -- crap the timing of a rule that -- it's worth millions.
And it becomes worth more -- more as government increases its -- subsidizing and regulating industry.
Craig warning any quick follow up there I know you know the folks involved here.
Grassley has been that denying that he knew anything about says.
Very concerned about this you -- just your quick comments.
Sure I I do believe that Grassley did not know anything about that -- as a former aide of his who became a lobbyist spun through the revolving door.
Grassley has very seriously champion of this this political intelligence disclosure requirement.
And I -- I'm expecting this to really motivate Grassley and the pushing even harder to try to make this law you know I I really want to -- The repeal that congress just did of the disclosure includes all congressional staff.
-- and those are the key sources of the political -- the political intelligence.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- They think you're not looking so -- -- do what -- they can't make themselves look better I mean it's astonishing to me.
How these people in congress.
-- and the present this kind of frankly think they can get away with this stuff unbelievable you that he did a great job debating this thanks for coming on tonight Tim and Greg good job thank you.
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