Yesterday the Senate held a hearing based on the research of Breitbart editor and author of “Throw Them All Out” Peter Schweizer. Schweizer appeared on “60 Minutes” to discuss how it is perfectly legal for Congressmen to use industry insider knowledge gathered from congressional committees and use that knowledge to profit in the stock market.
Senator Lieberman quoted the director of enforcement at the SEC saying, “The director of enforcement at the Securities and Exchange Commission makes it clear the commission has authority to prosecute such wrongful conduct declaring, and I quote, ‘Trading by congressional members or their staff is not exempt from the federal security laws including the insider trading prohibitions.'”