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December 14, 2011
Illegal, Just Not on Capitol Hill
House Republican leaders have foolishly sidetracked a bipartisan ethics bill in Congress to ban members from using inside information they gain in private hearings and discussions in stock trades. Insider trading is illegal generally, but Congress's apparent exception from the ban was never a concern on Capitol Hill until a recent report on "60 Minutes" questioned whether various members were profiting from back-room knowledge. 

That report caused lawmakers in both houses to fast-track enactment of an explicit ban. The House version picked up 225 co-sponsors in a matter of days after gathering dust for years in the good-ideas hopper. However, committee action, scheduled this week, was abruptly postponed when Eric Cantor, the Republican majority leader, said unnamed members considered the measure "flawed and being recklessly moved solely in response to media pressure," according to Mr. Cantor's spokesman. 

Mr. Cantor said the House needed time to come up with better legislation. He pulled the rug out from under Representative Spencer Bachus, the chairman of the Financial Services Committee, who wanted fast action after his stock trading was criticized in the televised report. 

A day after a private committee briefing in 2008 on the looming financial crisis, Mr. Bachus purchased stock options that proved profitable in the downturn, according to the "60 Minutes" reading of his financial disclosure filings. He denied trading on inside information. Privately, some members were furious at being rushed into repairing Mr. Bachus's reputation, according to Politico. 

The Senate has had no second thoughts, and its governmental affairs committee voted Wednesday to approve an insider-trading ban. The reputation of the entire Congress is on the line if House leaders delay enacting this sensible and overdue measure. 



__________________________________
Wayne A. Fox
wayne.a.fox at gmail.com
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