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Re: If you wonder how once elected to Congress people seem to become rich, this might explain it...

By: oldCADuser in FFFT | Recommend this post (0)
Mon, 25 Jul 11 11:59 PM | 71 view(s)
Boardmark this board | Food For Further Thought 		Msg. 30979 of 65535
(This msg. is a reply to 30978 by oldCADuser)
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Clo,

Here's an item from 2006 that if you read down about 2/3 of the way you will discover that blind trusts appear to be optional and are not overseen by anyone outside of Congress since, as I said, they are Constitutionally protected from people like the Justice Department and the SEC.

http://www.legalaffairs.org/issues/January-February-2006/toa_costa_janfeb06.msp




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The above is a reply to the following message:
Re: If you wonder how once elected to Congress people seem to become rich, this might explain it...
By: oldCADuser in FFFT
Mon, 25 Jul 11 11:52 PM 		Msg. 30978 of 65535

Clo,

That's only for investments which they held prior to entering Congress, the idea being that they not be aware of what those investments are so as to not influence their actions while in Congress. And my understanding is that blind trusts are not even mandatory, that it's only something that people have done so as to remove the impression that they are enriching themselves by their government service. if they don't come the next election their opponents can use it against them so everybody does it to avoid problems later on.

However what they learn after being elected as the result of official business is not a violation of any law or regulation (enforced or otherwise). But if they can't access those investments or any funds in them, this might limit the amount of money they would have on hand to invest, but there have been reports that the amount of day-trading going on by Congressional staff members is outrageous and there have been recommendations that some rules need to be put into place, but whenever it comes-up the claim is that as long as they are trading on information they learned while conducting official business, that any attempt to interfere would be unconstitutional since this would make one branch of government, the Legislature, accountable to another, the Executive branch since that's where the Justice Department resides.

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