The task of writing ethics rules governing Congress is left to the lawmakers themselves, creating a conflict that often results in easily evaded restrictions.
But progress is apparent. A raft of bills have been introduced, some by lawmakers at opposite ends of the ideological spectrum. Senators are working on a compromise. And House Speaker Nancy Pelosi, whose husband is a prolific trader, is on board with the legislative push, though she has advocated a more targeted approach.
The same could be said for reforms enacted in the wake of the Jack Abramoff lobbying scandal. A 2007 law that was intended to force more disclosure of lobbying activity instead created a new class of “shadow lobbyists” who work to influence public policy but don't have to register as a lobbyist or disclose their activities.
Perdue had dumped between $1 million and $5 million worth of stock in a company where he was formerly a board member. After markets crashed, he bought it back and earned a windfall after its price skyrocketed. Burr and his wife sold $1.6 million in early 2020, just before the market began to dive. The Justice Department investigated Burr’s actions, but did not file charges and closed the case. The Securities and Exchange Commission continues to probe the matter.
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