Correct me if I'm wrong, but aren't Congress members exempt from insider trading laws?

[intrepidity]

I recall being steamed about it when I learned it many years ago.

Was I misinformed?

ETA: Whoa! I am so happy to learn that Obama fixed this in 2012!!

Thanks everyone, for posting!

[Xipe Totec]

1. Legally, or politically? nt

[TwilightZone]

2. Not since the STOCK Act was passed in 2012.

https://en.wikipedia.org/wiki/STOCK_Act

[Roland99]

6. +1

[intrepidity]

7. Thank you! nt

[jmowreader]

3. Thanks to President Obama, that is no longer the case

https://en.wikipedia.org/wiki/STOCK_Act

The Stop Trading on Congressional Knowledge (STOCK) Act (Pub.L. 112–105, S. 2038, 126 Stat. 291, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The bill prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees. It confirms changes to the Commodity Exchange Act, specifies reporting intervals for financial transactions.

[intrepidity]

8. Excellent, thanks! nt

[grantcart]

4. The STOCK act

Stop Congress Trading on Congressional Knowledge

Passed during Obama administration it specifically makes it illegal to trade on knowledge gained as a member of Congress

[Under The Radar]

5. I remember that Obama era law

It got washed down to prevent staff members from insider trading.
It was blown up by Senate finance committee that all members (Democrat and Republican) threw it out.
It seems that cutting into their money is a bipartisan issue.

[KLRIQ2]

9. Richard Burr was one of 3 senators to vote against the 2012 STOCK act

Richard Burr was one of two Republican senators, 3 Senators total, who voted against the passage of the STOCK Act.

The final vote for the Senate was 96–3

The other Republican, Tom Coburn and the third Senator Democrat Jeff Bingaman

[customerserviceguy]

10. We need blind trusts

for anyone who goes to, or is already in Congress.

Or, make them sell their holdings between the election and taking office, and having it all in money market funds.

[safeinOhio]

11. Sec. 18 of the code

Up to 15 years in the joint.

[Blue_true]

12. No. They used to be because the law was not clear. nt