Congress owning stock is insider trading

[JBlegal]

What is the name of your state (only U.S. law)? I live in Colorado.

Are congressmen allowed to own, buy, and sell stock while in Congress? If so, can they be sued for insider trading since they are passing laws that affect the earnings of companies and know this inside information before anyone else.

Also, what is the process to recall a congressman?

 

[racer72]

Also, what is the process to recall a congressman?

I'll take this one. A recall petition would take 2 or 3 years to wind it's way through the system before anything is done. Congressman are up for election every 2 years. It would be much easier and cheaper to vote the scoundrel out of office at the next election.

 

[FlyingRon]

There are restrictions and disclosures in place for all people in senior positions in the federal government, congressional and otherwise. I had just started bumping into that realm my last year there (when I went from spending 2 million a year up to 25 million).

Mind you much of what goes on in Congress isn't secret anyhow. The bigger issue is congressmen swaying their influence to improve their holdings.

 

[Antigone*]

What is the name of your state (only U.S. law)? I live in Colorado.

Are congressmen allowed to own, buy, and sell stock while in Congress? If so, can they be sued for insider trading since they are passing laws that affect the earnings of companies and know this inside information before anyone else.

Also, what is the process to recall a congressman?

Congress is not precluded for owning, buying or selling stock. That is a ludicrous idea. The fact that they are in a position of leadership does not always give them insider information.