Stiffer Insider-Trading Rules for Lawmakers Debated
reports, wire, Tribune-Review/Pittsburgh Tribune-Review
WASHINGTON -- A group of senators on Thursday argued that existing insider-trading regulations applying to lawmakers and other federal employees are too weak, and they considered legislation that they believed would impose stiffer restrictions.
"There ought to be a law that explicitly deters such unethical, illegal behavior by members of Congress and punishes it when it happens," said Sen. Joseph Lieberman, an independent from Connecticut, at a hearing examining how insider-trading laws apply to lawmakers and legislation seeking to limit insider trading by members of Congress.
The hearing happened after CBS's "60 Minutes" reported details about alleged insider trading by lawmakers. That report was inspired by the book, "Throw Them all Out," published in November.
The author, Peter Schweizer, argues that both Republicans and Democrats have used privileged information obtained from their congressional positions for financial gain.
At the hearing, dubbed "insider trading and congressional accountability" at the Senate Homeland Security and Government Affairs committee, senators considered two mostly similar bills introduced by Sens. Scott Brown, R-Mass., and Kirsten Gillibrand, D- N. …