House Committee Chairman under investigation for insider trading

The question is will Speaker John Boehner (R-OH) ask Bachus to step down as chairman until the ethics issue is resolved, or allow him to keep his powerful post. Boehner was very outspoken when Democrats controlled the House insisting that Rep. Charlie Rangel (D-NY) relinquish his chairmanship while he was being investigated for ethics charges. Rangel did step down at the request of Speaker Nancy Pelosi.

 

Republicans often operate under a “do as I say not as I do” philosophy in Congress.

 

In his State of the Union Address in January, President Obama asked Congress to outlaw the practice of members of Congress benefiting financially from insider trading by taking advantage of information they obtain in the course of their work as members of Congress.  Obama wanted the same rules to apply to Congress that apply to the private sector.

 

TV personality and business woman Martha Stewart went to prison for insider trading, but Congress has exempted itself for the same practices even though they are often privy to confidential information they extract from businesses under the cloak of “investigations.”   Obama insisted Congress stop the practice.

 

The Senate quickly passed the Stock Act which made these practices illegal. In the House, Republican Majority Leader Eric Cantor (RTP-VA) watered down the bill. A Conference Committee will try and reconcile the differences between the Houses. Until then, insider trading is legal for members of Congress and at least one Congressman, the Chairman of the very committee that is supposed to oversee banks and financial services committees has been accused of insider trading.

 

This is why Congress has a 10% approval rating.

 

When Republicans took over the House in 2011, Speaker Boehner and Leader Cantor pledged to run a corruption free operation. They said they have a “zero tolerance for ethics violations.”  Based on that, Boehner and Cantor should remove Bachus from his committee post until the investigation is complete.  They are not expected to do so.

 

The Bachus matter makes Republicans look hypocritical when they are engaging in hearing after hearing trying to find a scandal in the Solydra matter which did not financially benefit any Democratic official according to information obtained thus far. Bachus on the other hand made huge profits in same day trades on the day he obtained confidential information according to allegations that are being investigated.

They also look hypocritical because of the big deal they made of the Congressman Rangel matter.  Boehner repeatedly called for Rangel to step down and went so far as to introduce a Resolution in congress demanding him to give up his post while being investigated.  Perhaps there is one set of rules for Democrats and another for Republicans when it comes to ethics.

 

Meanwhile, Americans have one more example of how we have the worst government money can buy.