The PELOSI Act, which BANS Congressional stock trading, has just passed out of committee, 8-7. I have personally been asked by a Congressman who is no longer there for information. “The number one question from my constituents is where to put their money these days.” I did everything to prevent myself from laughing. When the Insider Trading nonsense was crafted, they deliberately excluded themselves.
Yet I advised on so many takeovers, and the Assistant US Attorney, Richard Owens, tried so hard to come up with a charge to cover up what they did, and I did not even have a trading account for stocks, which really pissed him off. He checked my entire family. He was angry because he could not find anything and said, “You are one smart SOB.” I got my son a summer job in a brokerage house while he was in college. They had to vet not just him, but me for a simple job for the summer. Yet Congress is exempt, and I suspect they will ensure that exceptions for spouses and trusts (not so blind) will be in there. That does NOT apply to those of us outside of Congress.
