Login to Change.org
Use Facebook to connect with friends and mobilize your social network.
Create an Account
Normal.dotm 0 0 1 369 2106 RCB Management Group, LLC 17 4 2586 12.0 0 false 18 pt 18 pt 0 0 false false false
STOP CONGRESSIONAL INSIDER TRADING!
WHAT IS THIS ABOUT?
Several months ago, a little known fact leaked out of Washington that members of Congress as well as their staff routinely traded stocks on non-public information. Trades were made on companies that would be affected positively or negatively by legislation pending in the House or Senate. Representatives and Senators are often given the opportunity to participate in lucrative Initial Public Offerings that are in fact not very public at all.
The facts reveal that Congressmen and Senators often leave their public servant jobs significantly wealthier than when the arrived. They seem to be more adept at picking stock winners and predicting stock losers than they are in governing the affairs of our country.
Several bills have been introduced to curb this activity and its no surprise that the proposals have attracted little to no support. Recently, 60 Minutes directed a bright spotlight on this issue. Reporter Steve Croft, Brian Baird and Peter Schweizer, a fellow at the Hoover Institute, exposed an even broader problem in a $100M cottage industry, dubbed “political intelligence” wherein former congressmen and staffers gather information in the halls of the capital and sell it to investment funds and advisors.
This type of behavior could very well land the typical American taxpayer, stock trader, investor or any other citizen in jail. It is a criminal offense. So the question is, why is it perfectly legal for our elected officials to participate in this illicit activity?
I am just a guy who has decided enough is enough. I pledge to do my part to put an immediate end to this and I am asking you to help. I intend on gathering as many signatures as possible for this petition that I will personally deliver to Washington, DC to each and every member of the House of Representatives and Senate.
We will not only support the Stock Act (Stop Trading on Congressional Knowledge), but will insist it is an Act with teeth and no loopholes. It is common sense that if a policy or law is good enough for the people it is good enough for those who are elected to serve the people.
Please read the letter on the following page and if you agree with me, simply sign the petition on the last page. Equally important, please forward the invitation to everyone you have the ability to forward it to. This is a non-partisan issue and I intend for the message to be heard on both sides of the isle.
Thank you for you support,
Randy C. Baker
Make insider trading by Representatives and Senators Illegal
Greetings,
November 25, 2011
Dear Representatives and Senators,
It was recently brought to our attention that you, who we elected and sent to Washington to represent us, have arrived in a serious conflict. We realize that you most likely did not create this conflict but we did not know it existed. It is disappointing that you did not bother to expose the game of Congressional insider trading as soon as you arrived. However, we the people hereby demand that YOU immediately take a stand to end this conflict of interest.
We acknowledge there is little hope to ever change the system of privilege you continue to enjoy. We understand there will always be perks, favors and benefits that tempt you to corruption. It is hard to stand by and watch bitter ideology cripple our government. However, this abuse of standing is so egregious and your lack of concern is so offensive, we simply cannot turn our heads. There is a reason for the laws governing insider trading. If they are good enough to regulate us, they are good enough to regulate you.
Apparently, the majority of you are unaware of legislation that has repeatedly attempted to gain traction. In 2006, a scant 6 of you had the courage to co-sponsor the bill as introduced by Louise Slaugher and Tim Walz. Even after what should have been an embarrassing segment on 60 Minutes you still only rallied 91 co-sponsors. Since this is truly a non-partisan issue and you all campaigned on your ability to find common ground, there can be no acceptable explanation for your failure to land on this common ground of accountability.
We, the undersigned, implore you to support, endorse and pass the STOCK ACT. We further demand that you refrain from the usual business of tinkering until the act is so watered down it is useless. Insider trading is illegal period. While this is one important issue we would be remiss if we did not remind you to govern yourselves in accordance with the oath of representation you took when you arrived. You have our attention.
Respectfully,
The Undersigned
We the People
----------------
Sincerely,
[Your name]