Levi Rickert, editor-in-chief in Native Currents. Discussion »
President Obama Greets
TRAVERSE CITY, MICHIGAN - Michigan congressional candidate Derek Bailey is putting pressure on Rep. Dan Benishek, R-MI 1, to cosponsor the Stock Act, a bill which would clamp down on members of Congress who trade on insider information.
Bailey is seeking the Democratic nomination to unseat the first-term Congressman Benishek and is the current tribal chairman of the Grand Traverse Band of Ottawa and Chippewa Indians, based at Peshawbestown, Michigan."There is no excuse not to cosponsor this common-sense legislation,"
said a frustrated Bailey. "The public should have every confidence that no member of Congress could be benefiting financially from information gained from inside the halls of Congress."
The CBS piece investigated transactions by several members of Congress, including Reps. John Boehner, R-OH 8, Nancy Pelosi, D-CA 8, Spencer Bachus, R-AL 6, and others who made trades close to times Congress acted on industries affected by the Congressional action.
"Legislation is needed to reign in bad practices. After the Abramoff scandal, after all the insider trading scandals in recent years, it is past time for Congress to clean up its own house," said Bailey. "If I am elected to Congress, I will cosponsor this bill as soon as I am sworn in,"This bill would apply the same standards that members of the executive branch have to adhere to, and it's overdue. "The public should not have to wonder if someone who has the public trust is profiting on that trust."
If enacted, the bill would amend House rules and federal laws to prohibit securities transactions by individuals in possession of nonpublic information regarding pending legislative action if the information was obtained from a Member or employee of Congress.
As a Congressional candidate, Bailey was in Portland, Oregon two weeks ago to campaign for support of tribal and individual support at the National Congress of American Indians convention.
posted November 18, 2011 9:30 am est
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