While a measure that was designed to stop insider trading among Congresscritters drew bipartisan support and was signed into law by President Obama, it passed with a tiny, glaring flaw: it doesn’t apply to the congressional family members. The problem stems from a misinterpretation between the House and Senate.
The Senate interpretation is more stringent than the House. It is related to an issue called ‘political intelligence,’ the ultimate oxymoron. Firms gather information about regulations and pending legislation and use it to make investment decisions. Political intelligence agents are like lobbyists except they do not have to register.
With a 17 percent approval rating that is still lower than that of Richard Nixon during the Watergate scandalone might think that Congress would show at least some self-awareness and opt for some transparency for once. You would be mostly wrong. The only one who has shown a willingness to fight to close the loophole is U.S. Senator Scott Brown (R-Mass.), and he's in a very tight with Elizabeth Warren.
In the days of President Ford, there were pins that read WIN: Whip Inflation Now. Those buttons were often turned upside down to read NIM: No Immediate Miracles. While one could hope the Congress will act to fix the loophole in this bit of legislation, don't expect a miracle.
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