Blind Trusts for Members of Congress - The American Spectator | USA News and Politics
Blind Trusts for Members of Congress

Yesterday’s “60 Minutes” on CBS included a report on members of Congress profiting from privileged information. The report was based on a upcoming book by Peter Schweizer, a research fellow at the conservative Hoover Institution, and includes instances of Rep. Spencer Bachus and House Minority Leader Nancy Pelosi, among others, benefitting from investing in industries affected by legislation they were working on at the time. The segment is worth reading/watching. 

As Schweizer suggests in the piece, members of Congress should be required to place their assets in blind trusts, as is mandatory for many officials in other branches of the government. While there’s nothing technically illegal about Congressmen using their insider knowledge about legislation to make a profit in the markets, it’s clearly unethical and problematic. I’m a little skeptical that there’s a signficant problem with Congressman passing bad laws for personal profit — there are already far more and greater perverse incentives in effect for insider trading to make an overwhelming difference. The idea, though, that a job as an elected official is a path to investment riches is troubling for other reasons.

Sign up to receive our latest updates! Register

By submitting this form, you are consenting to receive marketing emails from: The American Spectator, 122 S Royal Street, Alexandria, VA, 22314, You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Be a Free Market Loving Patriot. Subscribe Today!