Congress Tells Court That Congress Can’t Be Investigated for Insider Trading

by Lee Fang  |  published on May 9, 2015


In a little-noticed brief filed last summer, lawyers for the House of Representatives claimed that an SEC investigation of congressional insider trading should be blocked on principle, because lawmakers and their staff are constitutionally protected from such inquiries given the nature of their work.

The legal team led by Kerry W. Kircher, who was appointed House General Counsel by Speaker John Boehner in 2011, claimed that the insider trading probe violated the separation of powers between the legislative and executive branch.

In 2012, members of Congress patted themselves on the back for passing the STOCK Act, a bill meant to curb insider trading for lawmakers and their staff. “We all know that Washington is broken and today members of both parties took a big step forward to fix it,” said Rep. Bill Johnson, R-Ohio, upon passage of the law.

But as the Securities and Exchange Commission made news with the first major investigation of political insider trading, Congress moved to block the inquiry.

  • empty pockets

    Despicable bunch of progressive elitist pigs. They shouldn’t just be investigated. They should be tried and jailed if there’s ethical impropriety. Why don’t they have to put any and all investments into blind trusts or whatever, where they have no direct input as to trading one way or another?

    Scumbags. We don’t trust gov’t because these are the people comprising “gov’t” and they prove every single day they CANNOT be trusted.

  • Mike_Travis

    As much as I despise Bonehead, this is undoubtedly driven by Ovomit who as he always, is using the government to attack his enemies. It is Chicago politics as usual though congress is not above the law, regardless of what some lying attorney says.

    So arrest Ovomit for his crimes then investigate congress. BOTH actions desperately need to occur.

    • reggie

      Not gonna happen. The wolf is guarding the henhouse. The future wolverine has a history of strange happenings to her friends, so the next go around will be just as bad or worse. We’re too far over the cliff.

      • Mike_Travis

        It is not too late unless We the People accept the idea of being slaves. If you don’t know this, read our Declaration of Ind where it states clearly that We the People have not only the right but the duty to remove tyrants.

        As for me, I will serve the Lord but I will NOT serve a traitor or a tyrant, which Ovomit clearly is.

  • American Me

    Boehner and McConnell are both traitors and should be removed and replaced with true Conservatives.I feel completely unrepresented and helpless.What has happened to America?Never thought I would see anything like this.Makes me sick.

  • Jimbo

    They think they are above the law. They can take bribes and get insider information to line their pockets. They aren’t required to get Obamacare, so why should they worry how it affects US? They get free gasoline and cars to drive, so why should they care when we complain about gas price hikes? They are the political class of America -our “royalty”. This is the way it will be until Americans wise up and start voting for the right men and women for the country, instead of the people “who can win”, or voting a straight party line.

    • reggie

      We thought we were voting for the right people. Got rid of some of the old trash and just brought in new trash. Same story, different day.

  • Greg137

    People What we need is New Republican leadership..
    Term limits won’t help us here mainly because BOEHNER IS SERVING IN OFFICE ILLEGALLY… HE ISN’T ALLOWED BY THE STATE OF OHIO TO BE SERVING AS MANY TERMS AS HE ALREADY HAS… THE PROBLEM WITH TERM LIMITS IS THAT THEY NEED TO BE PASSED AT THE FEDERAL LEVEL… Boehner would never allow such a bill to pass congress… Ohio has term limits!! THEY ARE NOT WORKING, BECAUSE OHIO REFUSES TO ENFORCE THEM…… If it was any one else other than Boehner Obama would have been impeached and convicted.. Obama allows Boehner to continue to serve only, because Obama knows that new leadership in the Republican party would lose him his job… You catch what I am saying?? Obama and Boehner depend on each other… Take one out and the other could easily fall….

  • Jarhead

    Capone’s Playbook is alive & well in the US Congress. Why SHORT Term Limits, LONG prison terms for the guilty, and mandatory Drug testing have been long needed.

    • podunk1

      BULL CRAP!!! The last sentence in Article 1 Section 3 “…shall nevertheless be liable and subject to indictment, trial, judgment, and punishment, according to law.”, begins with the undeniable word “nevertheless” and ends with “according to law”! Amendment 14 Section 1 “…no state shall make or enforce any law which shall abridge the privileges or immunities of citizens… (nor deny) equal protection of the law. Article 1 Section 6 “…They shall in all cases , except treason, FELONY, and breach of peace, be privileged from arrest…(during a session)”! Insider trading is a felony and no congressperson has immunity.
      The process is clear in Article 1, Section 3 and every oath bound official is oath bound to DEFEND THE CONSTITUTION GAINST ANYONE, including themselves! Their choice is either use their office to defend, resign, or be arrested for breach of oath (treason)!

      • Jarhead

        Correct in Podunk……and I don’t think they should be given a choice on a LAST CIGARETTE and/or a BLIND FOLD……when they are found guilty of treason. Lock & load!
        If carried out in Guantanamo Cuba surely there is a pig farmer there who would purchase the bodies? We are trying to re-establish trade with Cuba and reduce world-wide pollution, RIGHT?

  • Raymond J Ambrozaitis

    Wow where are all the Tea Potty Christian Conservatives? They should all be here defending the crooks, shouldn’t they?

    • chattyone

      That fits the Hillary followers job description not conservatives.

      • Raymond J Ambrozaitis

        Not only did you not read the article you ignored the picture. Well done you do the imager of the ignorant Tea Potty Christian Conservative Republican proud.

        • TyRockwell

          TEA = Taxed Enough Already. It is a fair opinion.

          • Raymond J Ambrozaitis

            LMAO thanks for the laugh

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