There are now 222 Co-Sponsors – and finally – FINALLY – Paulsen is one of ‘em. To be fair, “Bachmann” nor “Cravaack” nor “Kline” aren’t. In a nutshell, the bill in question – Congressman Tim Walz’ “Stop Trading on Congressional Knowledge Act” – would make illegal behavior by Members of Congress that already is illegal for virtually everyone else. For instance, the kind of trading behavior that landed Martha Stewart in ClubFed.
For a more in-depth look at this bill, see the Wall Street Journal’s “Congress Pushing Curb On Trading”. The status quo eems to work for Members of Congress, yes?
Now, this is simple math: 435 House Members and 222 Co-sponsors means over half – HALF – of the House support this bill. And there are well over 70 GOPers that co-sponsored the bill. and again, to be fair, while Paulsen finally saw the light/felt the heat, neither “Bachmann” nor “Cravaack” nor “Kline” are among them.
So what’s a GOPer Party Boss to do, when a bill with over half the votes needed for passage are co-sponsors?
Why, exactly what House Majority Leader Eric Cantor, R-VA did: kill a scheduled vote.
Way back in January of 2008, when Paulsen announced he was running, the very first line of his press release said, and I quote: “Saying ‘Congress is broken, I will work to fix it,’ Erik Paulsen….”. That, Ladies and Gentlemen, is a promise by then-candidate Erik Paulsen.
If there was ever a time for Erik Paulsen to stand up and finally keep a promise, Tim Walz’ STOCK Act is it. Paulsen needs to stand up to the House GOPer Bosses and the GOP’s Boardroom Base and do what’s right: help get this bill passed. Paulsen needs to pay attention to Main Street – NOT Wall Street. Paulsen needs to help pass this law making what’s illegal for virtually everyone else also illegal for Members of Congress – like himself.
Don’t hold your breath. Paulsen knows which street butters his bread.
***
Previous posts on this subject:
“Congressional Insider Trading Bill: 99 Co-Sponsors And None Of Them Named Paulsen” by TPT 28 November 2011
“Two GOPers Co-sponsor Tim Walz’ STOCK Act – And Neither Is Named Paulsen” by TPT 16 November 2011
(cross posted at MnProgressiveProject; comments welcome there)
Update – 09 December 2011: here are now 222 Co-Sponsors – and finally – FINALLY – Paulsen is one of ‘em. To be fair, “Bachmann” nor “Cravaack” nor “Kline” aren’t.
Update – 08 December 2011: there are now 202 Co-Sponsors – and still, none of them are named “Paulsen”. Well, to be fair: none are named “Bachmann” nor “Cravaack” nor “Kline”…
Update – 07 December 2011: there are now 180 Co-Sponsors
Update – 03 December 2011: there are now 153 Co-Sponsors
Update #2 – 02 December 2011: The House Financial Services Committee website now lists a hearing on December 6th.
Update – 02 December 2011: there are now 141 Co-Sponsors — and a Star Tribune editorial, too.
Update – 01 December 2011: there are now 131 Co-Sponsors
Update – 30 November 2011: there are now 117 Co-Sponsors — and still, none of them are named “Paulsen.” Well, to be fair: none are named “Bachmann” nor “Cravaack” nor “Kline”…
It’s been a half a month since “60 Minutes” ran a story on national TV: “Congress: Trading stock on inside information?” In that half a month, 90 U.S. Representatives in Congress have added their names to a Bill (H.R. 1148) Tim Walz, MN-01 introduced last March – including 21 GOPers. None of the now 99 Co-Sponsors (now including 22 GOPers) are named “Erik Paulsen, MN-03.”
This bill really isn’t controversial; what it would do is make it illegal for Members of Congress to make security trades (stocks, etc) based on information gained in the performance of their official duties- it would make illegal the same kind of behavior that landed, for instance, Kenneth Lay and Jeffrey Skilling of ENRON infamy seats behind the defendant’s table in a Courtroom.
This bill would make illegal behavior by Members of Congress that already is illegal for virtually everyone else.
So, what’s Paulsen’s excuse for not signing on? As best as I can tell, his only public statement was released through a representative a week ago (Nov. 18th):
Referring to hearings scheduled in the House to look into the issue, Rep. Erik Paulsen’s spokesman Tom Erickson wrote, “To operate effectively, Congress must have the trust of the American people. Erik supports disclosure and is looking forward to hearing what the bipartisan Financial Services Committee thinks.” (mpr.org)
Except don’t expect any hearings from that “bi-partisan” committee any time soon. Even though the Committee chair, GOPer Spencer Bachus, sent a letter to Ranking Member Barney Frank on November 17th stating it was “his intention” to schedule a hearing on December 6th, the committee’s website doesn’t list a hearing – and a press release from the committee on November 22nd doesn’t have the bill on the schedule for the week of December 12th.
Walz’ Bill currently has 99 co-sponsors – including one Republican Member of that Financial Services Committee – Walter Jones from North Carolina. Rep. Jones co-sponsored well over a month before the “60 Minutes” story broke. Over a half a month after the story broke, Paulsen hasn’t – and if he’s waiting for a hearing (that may or may not happen) to decide to co-sponsor a bill that would require the Congress to be like virtually everyone that isn’t in Congress, he might be waiting a long time.
Here’s what Brian Barnes, who is seeling the DFL endorsement to challenge Paulsen next November, had to say:
“It’s been a week and a half since the representative’s office promised Minnesotans that Erik Paulsen is determined to help Congress ‘operate effectively.’ But to date, he hasn’t been willing to lend his support to Tim Walz’s STOCK Act, a bill that would prevent members of Congress from engaging in the type of insider trading that would land businesspeople in jail.
“Ninety-nine members of the House of Representatives have signed on as supporters of this important legislation—including some of the chamber’s most liberal Democrats and conservative Republicans.
“I wish I could say I’m shocked that Rep. Paulsen hasn’t joined this bi-partisan group of lawmakers in doing the right thing, but I’m not. He hasn’t led in his nearly two-decade career in the Minnesota Legislature and the Congress. So it’s no surprise that he hasn’t done anything over the last 10 days to move the ball forward on the kind of transparency he claims to support.
“As usual, it’s all talk and no walk from a congressman who’s too busy cashing checks from Wall Street and awaiting marching orders from his Inside-the-Beltway handlers.”
I’m not shocked either.
When Paulsen announced to run for Congress, in January 2008, the very first line of his press release at that announcement read:
‘Congress is broken, I will work to fix it.’
No, career-politician Erik Paulsen won’t.
And his refusal to co-sponsor this bill is but one example. It’s also an example of where Paulsen’s loyalties lie: his Boardroom Base.
(cross posted at MnProgressiveProject; comments welcome there)
Incredible. At the same time Norm Coleman played the “gracious concession” act, the State Republican Party showed their true colors with their official press release:
St. Paul- Republican Party of Minnesota Chairman-elect Tony Sutton today issued the following statement regarding the Minnesota Supreme Court’s ruling in the U.S. Senate race.
“Today’s ruling wrongly disenfranchised thousands of Minnesotans who deserve to have their votes counted. Alongside Senator Coleman, the Republican Party of Minnesota has fought to make sure every vote counts and all voters are treated fairly and uniformly. As we move forward, our deeply flawed election system must be dramatically improved to ensure our state’s elections are fair, accurate and reliable.” (Republican Party of Minnesota)
In other words, “Norm wuz robbed.”
Classless.
That’s the way the state GOP Party was under former Chairman Ron Carey; that’s the way it will remain under new Chairman Tony Sutton.
(crossposted from MnProgressiveProject)
