Bill Johnson, R-Ohio, upon passage of the law. Contress will just be harder to get to them. Few of them are doing it for the salary and all of them will say they are doing it to serve the public. Learn more about Represent. Voices of the Lost. As voters and concerned citizens, we urge your full and immediate cooperation with the Security and Exchange Commission's ongoing investigation into Congressional insider trading.

Steve Kroft reports that members of Congress can legally trade stock based on non-public information from Capitol Hill Editor's Note: The report "Insiders" received quite a reaction the week after it aired. Democratic Congresswoman Nancy Pelosi's office called the report a "right-wing smear. As Steve Kroft reports, members of Congress and their aides have regular access to powerful political intelligence, and many have made well-timed stock market trades in the very industries they regulate.

For now, the practice is perfectly legal, but some say it's time for the law to change. The following is a script of "Insiders" which aired on Nov. Steve Kroft is correspondent, Ira Rosen and Gabrielle Schonder, producers. Few of them are doing it for the salary and all of them will say they are doing it to serve the public. But there are other benefits: Power, prestige, and the opportunity to become a Washington insider with access to information and connections that no one else has, in an environment of privilege where rules that govern the rest of the country, don't always apply to them.

Most former congressmen and senators manage to leave Washington - if they ever leave Washington - with more money in their pockets than they had when they arrived, and as you are about to see, the biggest challenge is often avoiding temptation. Peter Schweizer: This is a venture opportunity. This is an opportunity to leverage your position in public service and use that position to enrich yourself, your friends, and your family.

Peter Schweizer is a fellow at the Hoover Institution, a conservative think tank at Stanford University. A year ago he began working on a book about soft corruption in Washington with a team of eight student researchers, who reviewed financial disclosure records. It became a jumping off point for our own story, and we have independently verified the material we've used. Schweizer says he wanted to know why some congressmen and senators Congress Trading stock on inside information to accumulate significant wealth beyond their salaries, and proved particularly adept at buying and selling stocks.

Schweizer: There are all sorts of forms of honest grafts that congressmen engage in that allow them to become very, very wealthy. So it's not illegal, but I think it's highly unethical, I think it's highly offensive, and wrong. Schweizer: For example insider trading on the stock market. If you are a member of Congress, those laws are deemed not to apply. The fact is, if you sit on a healthcare committee and you know that Medicare, for example, is-- is considering not reimbursing for a certain drug that's market moving information.

And if you can trade stock on-- off of that information and do so legally, that's a great profit making opportunity. And that sort of behavior goes on. Schweizer: It's really the way the rules have been defined. And the people who make the rules are the political class in Washington. And they've conveniently written them in such a way that they don't apply to themselves. The buying and selling of stock by corporate insiders who have access to non-public information that could affect the stock price can be a criminal offense, just ask hedge fund manager Raj Rajaratnam who recently got 11 years in prison for doing it.

But, congressional lawmakers have Congress Trading stock on inside information corporate responsibilities and have long been considered exempt from insider trading laws, even though they have daily Congress Trading stock on inside information to non-public information and plenty of opportunities to trade on it. Schweizer: We know that during the health care debate people were trading health care stocks. We know that during the financial crisis of they were getting out of the market before the rest of America really knew what was going on.

In mid September with the Dow Jones Industrial average still above ten thousand, Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke were holding closed door briefings with congressional leaders, and privately warning them that a global financial meltdown could occur within a few days. One of those attending was Alabama Representative Spencer Bachus, then the ranking Republican member on the House Financial Services Committee and now its chairman.

Schweizer: These meetings were so sensitive-- that they would actually confiscate cell phones and Blackberries going into those meetings. What we know is that those meetings were held one day and literally the next day Congressman Bachus would engage in buying stock options based on apocalyptic briefings he had the day before from the Fed chairman and treasury secretary. I mean, talk about a stock tip.

While Congressman Bachus was publicly trying to keep the economy from cratering, he was privately betting that it would, buying option funds that would go up in value if the market went down. He would make a variety of trades and profited at a time when most Americans were losing their shirts. Congressman Bachus declined to talk to us, so we went to his office and ran into his Press Secretary Tim Johnson. Silicon Valley is engineering your phone, apps and social media to get you hooked, says a former Google product manager.

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If not for humanitarian efforts, millions could d Unlimited, ad-free viewing of 60 Minutes archives, Overtime and extras. Congress: Trading stock on inside information? Questioning Pelosi: Steve Kroft heads to D. Update on "60 Minutes" report: Insiders. Insiders, TASER, Freeman Hrabowski. Tal Afar: Al Qaeda's Town. Michael Jackson's lucrative legacy. Steve Kroft reports that members of Congress can legally trade stock based on non-public information from Capitol Hill.

Editor's Note: The report "Insiders" received quite a reaction the week after it aired. Steve Kroft: What do you mean honest graft? Kroft: So congressman get a pass on insider trading? Kroft: Why does Congress get a pass on this? More from 60 Minutes. New Kid on the Street. Officer Betty Shelby says race was not a factor in Terence Crutcher shooting.

Chuck Schumer Demands Tom Price, Cabinet Nominee, Be Investigated For Insider Trading

members of Congress patted themselves on the back for passing the STOCK Act, a bill meant to curb insider of political insider trading, Congress. Apr 16,  · Insider trading is still illegal The law wouldn't just outlaw trading on nonpublic information by members of Congress, which advocated for the. Insider Trading and the Stock Market Crash. Just 12 days before the economic meltdown, several members of Congress pulled their money out of the stock market.