There are now 222 Co-Sponsors - and finally - FINALLY - GOPer Erik Paulsen (MN-03) is one of 'em. To be fair, GOPers "Bachmann" nor "Cravaack" nor "Kline" aren't. In a nutshell, the bill in question - Congressman Tim Walz' "Stop Trading on Congressional Knowledge Act" - would make illegal behavior by Members of Congress that already is illegal for virtually everyone else. For instance, the kind of trading behavior that landed Martha Stewart in ClubFed.
For a more in-depth look at this bill, see the Wall Street Journal's "Congress Pushing Curb On Trading". The status quo eems to work for Members of Congress, yes?
Now, this is simple math: 435 House Members and 222 Co-sponsors means over half - HALF - of the House support this bill. And there are well over 70 GOPers that co-sponsored the bill. and again, to be fair, while Paulsen finally saw the light/felt the heat, neither "Bachmann" nor "Cravaack" nor "Kline" are among them.
So what's a GOPer Party Boss to do, when a bill with over half the votes needed for passage are co-sponsors?
Why, exactly what House Majority Leader Eric Cantor, R-VA did: kill a scheduled vote.
Way back in January of 2008, when Paulsen announced he was running, the very first line of his press release said, and I quote: "Saying 'Congress is broken, I will work to fix it,' Erik Paulsen....". That, Ladies and Gentlemen, is a promise by then-candidate Erik Paulsen.
If there was ever a time for Erik Paulsen to stand up and finally keep a promise, Tim Walz' STOCK Act is it. Paulsen needs to stand up to the House GOPer Bosses and the GOP's Boardroom Base and do what's right: help get this bill passed. Paulsen needs to pay attention to Main Street - NOT Wall Street. Paulsen needs to help pass this law making what's illegal for virtually everyone else also illegal for Members of Congress - like himself.
Don't hold your breath. Paulsen knows which street butters his bread.
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Previous posts on this subject:
"Congressional Insider Trading Bill: 99 Co-Sponsors And None Of Them Named Paulsen" by TPT 28 November 2011
"Two GOPers Co-sponsor Tim Walz' STOCK Act - And Neither Is Named Paulsen" by TPT 16 November 2011