“Congress looking to police itself on insider trading” was the headlines in the lead article of the Jan. 30, 2012 Brainerd Dispatch. According to the article, Congress wants to pass a bill prohibiting members from using nonpublic information for their own personal benefit or tipping others to inside information for stock transactions, land deals and other investments based on what they learned as members of Congress. Since insider trading laws apply to all Americans, the question is; why the special bill for members of Congress?
Would not seniors and future seniors like to see their retirement portfolio grow at the same rate as members of Congress see their financial growth? Then the average senior could become a member of the millionaire’s club, just like the millionaire’s club that exists at the nation’s capital. Of course Congress, to the delight of seniors, still requires the withdrawing of funds to meet the minimum required distribution requirement from retirement accounts, even when these accounts have not recovered from the 2008 market slide. But then Congress is just helping seniors move faster into the increasing percentage of seniors in poverty. Congress must also believe that selling stocks, when the market is low, from an individual’s retirement portfolio in order to meet the minimum required distribution requirement, is financially sound money management, which may explain part the federal government’s budgets problems.
If you think writing to any of your federal legislators will be beneficial, please do so. I have corresponded several times to our Congressional representatives in the past years and I am still waiting for replies. The exception to this was a former representative from the Iron Range, who always replied and direct to the questions and comments.