Perry: Congressional insider trading should be illegal

By: Rebecca Kaplan
Topics: Campaign 2012

Rick Perry.

(Credit: Rick Perry)

Updated: 6:05 p.m. ET

A new video by Rick Perry's presidential campaign suggests that members of Congress who engage in insider trading should be sent to jail.

"Congress certainly can't be trusted to watch our money. And now it's clear they can't be trusted with theirs," Perry says in the spot, which was posted to the campaign's YouTube channel on Monday afternoon. "Any congressman or senator that uses their inside knowledge to profit in the stock market ought to be sent to jail, period. And Congress ought to pass a law that says so right now--no ifs, ands, or buts."

As in some of his recent TV ads, the video features a close up of Perry's face, although he appears to be speaking against an out-of-focus outdoor background. In previous ads, he appeared against a plain white backdrop.

The video is in response to a Sunday report on CBS's 60 Minutes that examined whether members of Congress engage in insider trading by using information from legislation the chambers are working on to guide their investment decisions. House Minority Leader Nancy Pelosi, D-Calif., and Speaker John Boehner, R-Ohio, were among the lawmakers featured in the report; according to 60 Minutes, the two made money off of trades that may have been driven by their knowledge as leaders of Congress.

Communications director Ray Sullivan said the campaign has not yet decided whether it will use the ad as a TV spot.

Watch the 60 Minutes report below:

Rebecca Kaplan
Rebecca Kaplan covers the 2012 presidential campaign for CBS News and National Journal.
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by GoldTrader December 7, 2011 3:00 AM EST: Members of Congress and legislative staffers are immune from enforcement of insider-trading laws, and are taking advantage of their positions to the public's detriment. The SEC is helpless to prevent it because Congress refuses prompt disclosure of there trading activities and they can hide evidence behind the Speech or Debate Clause. The current laws under section 10(b) of the Securities Exchange Act of 1934 (Exchange Act), and under federal statutes prohibiting mail fraud or wire fraud, already apply to members of Congress.

Congress made laws making insider trading illegal for the private sector and exempted itself by avoiding prompt reporting requirements. The insider trading loophole, that they give themselves is that they use time to hinder procession and cover things up. The delayed reporting of securities transactions, defeats, obstructs, and impairs its use as timely evidence. If this STOCK act with long 90 day reporting times passes, it will just confirm what the people already suspect about a double standard for congressional insider trading.; Reply to this comment


by Kenny777_y November 15, 2011 7:15 AM EST: was i on shore when the ship sailed? i thought insider trading is illegel. so you dont have to obey the law if your in congress.; Reply to this comment


by nearl451 November 14, 2011 8:44 PM EST: Give credit where due. Perry gets a point on this one.; Reply to this comment


by 76SpiritOf November 14, 2011 6:22 PM EST: Well, does this surprise anyone?

I am sure the lobbyists feeding the corrupt politicians are a very good source for insider information.

What role models! Is there any way we can fire them all and start over?

Its very obvious that congress has lost its direction and no longer knows who they serve.; Reply to this comment