A few weeks ago the house passed a bipartisan bill poetically called the Stop Insider Trading Act (SITA). The express purpose of the bill is to resolve the longstanding issue of congressional stock trading. It’s wild that we allow members of congress to trade individual stocks from the same industries they regulate, but we do. The Stop Insider Trading Act would be nominally the first bill to regulate congressional stock trading since the STOCK Act of 2012. The new bill is fairly toothless compared to the dusty and forlorn STOCK Act, which begs the question , if we don’t bother enforcing the old bill why would we need a new one?
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