AUSTIN - Gov. Rick Perry today issued the following statement on congressional insider trading:
"If anyone wonders why I say Washington needs a total overhaul, just look at the congressional insider trading mess. If ordinary taxpayers get caught trading on insider info, they get to go to jail. If Members of Congress and staff insiders do it, they get to cash their checks and pocket their profits. That's wrong."
"Senator Gillibrand's bill pretends to address the problem but instead guts efforts to outlaw the abhorrent practice of congressional insider trading. What could be more arrogant than promising to clean up the insider trading mess, then maneuvering to make it even more difficult to prosecute corrupt lawmakers?"
"America needs a true outsider to overhaul Washington, D.C. Unique to the GOP field, I've never served in Congress or an administration, never been the darling of the establishment and never professionally lobbied Washington, D.C. My plan to overhaul Washington outlaws congressional insider trading, cuts congressional pay and staff, and creates a part-time citizen Congress."
Yesterday CNBC reported, "What exactly is Kirstin Gillibrand thinking? The Democratic senator from New York has proposed a new version of a bill to outlaw insider trading by members of Congress that would, in effect, make it completely legal for members of Congress to engage in insider trading. In other words, it does the opposite of what it the bill intended to do."
"Democrats Attempt to Gut the Insider Trading Bill," 11/30/11, http://www.cnbc.com/id/45494980