Drudge Retort: The Other Side of the News
Wednesday, May 17, 2017

Rep. Louise M. Slaughter introduced a bill Friday to close "ethics loopholes" in a five-year-old law that has failed to stop members of Congress from taking advantage of exclusive stock deals that are not available to the general public. Slaughter (D-N.Y.), a co-author of the 2012 Stock Act, said she decided that amendments to the law are needed because of controversial, discounted stock purchases that were made by Reps. Chris Collins (R-N.Y.) and Tom Price (R-Ga.), now the secretary of health and human services, in 2015 and 2016. In one of Collins's stock trades in 2013, he took part in an initial public offering in a foreign market and did not disclose it on financial forms. A possible loophole is that ethics officials and lawmakers are interpreting that requirement to apply only to the U.S. market.

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The proposed law expressly prohibits members from taking part in foreign IPOs, purchasing stock at discounted prices, selling stock at higher than market value or participating in private-placement stock offerings.

The stock purchases in question are in the Australian company Innate Immunotherapeutics. The company produces a drug, MIS416, designed to treat a form of multiple sclerosis that affects about 30 percent of all MS patients. It has not yet been approved by the Food and Drug Administration.

Collins owns more than $20 million in Innate stock -- nearly one-fifth of the company -- and sits on its board of directors. His children have also purchased stock in the company, as well as his chief of staff, four of his colleagues in Congress and Price. Most of his stock purchases have tripled in value, and the company estimates that the drug could generate as much as $3 billion in profits in the United States if it secures FDA approval.

Most of the stock was purchased at a discounted rate through special offerings of the stock, which became a heated topic during Price's confirmation hearings and cast a spotlight on Collins's purchases and role in introducing the company to others in his personal and professional orbit.

Comments

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I don't know if this bill will fix the problem completely but it is a step in the right direction and any Congress member who doesn't support it is really just a crook.

#1 | Posted by danni at 2017-05-16 08:40 AM | Reply | Newsworthy 2

This bill will never pass. Too many swampers like Chris Collins in Washington using their inside information to grow their portfolio.

#2 | Posted by 726 at 2017-05-16 09:53 AM | Reply | Newsworthy 1

Quickest method to pay off the national debt: A mutual fund, invested in what Congress invests in.

#3 | Posted by Danforth at 2017-05-16 09:58 AM | Reply

The horrors of having to share their semi-illegal wealth with the taxpayers!

#4 | Posted by 726 at 2017-05-16 10:07 AM | Reply

The bill is DOA.

#5 | Posted by Doc_Sarvis at 2017-05-16 12:47 PM | Reply

Republicans will never pass it. They already gutted the ethics rules on this stuff.

#6 | Posted by Sycophant at 2017-05-17 10:52 AM | Reply | Newsworthy 2

Didn't something like this come up a few years ago and get shot down?

#7 | Posted by LEgregius at 2017-05-17 11:54 AM | Reply

It comes up fairly regularly. It never goes anywhere. Congress stock portfolios outperform the average by a considerable margin.

#8 | Posted by sitzkrieg at 2017-05-17 12:03 PM | Reply

Good. So many elected officials are ethically challenged, or quickly become that way upon entering office. It's sickening. The bill is a good start -- it's not the finish, just a start. Ethics rules must also be changed for cabinet officials and any others who either work for the president, serve as unpaid advisors or report to him in any shape or fashion. Wanna drain the swamp? It starts right here...

#9 | Posted by catdog at 2017-05-17 12:15 PM | Reply

This bill is DOA. No way the Republican Congress is going to shoot a gift horse in the mouth.

#10 | Posted by e1g1 at 2017-05-17 01:00 PM | Reply

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Democrats want to take corruption out of government and repubs are going to defend it, then they're going to tell us how both parties are equally corrupt.

#11 | Posted by SpeakSoftly at 2017-05-17 01:07 PM | Reply

It comes up fairly regularly. It never goes anywhere. Congress stock portfolios outperform the average by a considerable margin.

#8 | Posted by sitzkrieg

Maybe stop voting for the people who oppose it, and vote for the people who support it, and it would pass.

#12 | Posted by SpeakSoftly at 2017-05-17 01:07 PM | Reply | Newsworthy 1

How many politicians would go into politics if it weren't for the profits to be made via legalized corruption?

#13 | Posted by moder8 at 2017-05-17 01:17 PM | Reply

I can tell all of you how to get this bill passed. Elect me to Congress, the year before I get there the bill will pass.

#14 | Posted by danni at 2017-05-17 01:50 PM | Reply | Funny: 1

It comes up fairly regularly. It never goes anywhere. Congress stock portfolios outperform the average by a considerable margin.
#8 | Posted by sitzkrieg

Democrats keep voting for it. Your party votes against it. And yet you complain that it doesn't pass?

#15 | Posted by Sycophant at 2017-05-17 02:38 PM | Reply | Newsworthy 1

I can tell all of you how to get this bill passed. Elect me to Congress, the year before I get there the bill will pass.

#14 | Posted by danni

I got that one...You and me both danni.

I always seem to just miss the "gravy train" by this much!

#16 | Posted by donnerboy at 2017-05-17 02:51 PM | Reply

yeah... they will get right on passing this one... Oh wait, there is a Post Office we have to name. Sorry, we'll have to skip this bill.

#17 | Posted by mtnyc at 2017-05-17 04:48 PM | Reply

Democrats keep voting for it. Your party votes against it. And yet you complain that it doesn't pass?

#15 | POSTED BY SYCOPHANT AT 2017-05-17 02:38 PM | REPLY |

name all the Libertarians in Congress, and remind me of the last time they had a supermajority to pass whatever they wanted.

#18 | Posted by sitzkrieg at 2017-05-18 06:59 AM | Reply

"name all the Libertarians in Congress, and remind me of the last time they had a supermajority to pass whatever they wanted."

So, since Americans aren't crazy enough to elect a supermajority or even a majority or even a single Libertarian to office that somehow makes them our replacement for the Democratic Party? Ridiculous. The Democratic Party, for all of its faults, is still the party of labor, the poor, the working class and no other party, especially not the Libertarian Party, is ready and willing to replace us. We brought about labor reforms, SS, Medicare, Medicaid, virtually every single thing that benefits working class people. Pretending otherwise is just simply lying to yourself. When politicians become honest due to personal circumstances, when they really get honest, they become Democrats as Bernie did.

#19 | Posted by danni at 2017-05-18 07:14 AM | Reply

#19 | POSTED BY DANNI AT 2017-05-18 07:14 AM | REPLY

No, you should never vote for a Libertarian. You are a statist.

but sycophant said "my party" votes for it. My party isn't even in power. You know what they say about assumptions.

#20 | Posted by sitzkrieg at 2017-05-18 07:34 AM | Reply

"No, you should never vote for a Libertarian. You are a statist."

Your word, not mine. I am an American. You should try experiencing that some time. Hating your country because we have a federal government is a disease. YOu're sick and you don't even know it. When you advocate to eliminate programs that keep people alive you are sick. When you advocate for the elimination of programs that allow seniors to retire with dignity you are sick. Seek help. Also, take your meds.

#21 | Posted by danni at 2017-05-18 08:42 AM | Reply

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