Over a month ago, we posted about Congressman Walz's support for legislation to prevent members of congress and their staff from profiting from "insider" information. The Post Bulletin and other venues picked up on it. The Washington Independent notes that watchdog groups are picking up on the bill in A Congress of Inside Traders?:
You might think that members of Congress and their staffs would be
prohibited from using their privileged access to nonpublic information
to cash in on Wall Street. But you’d be wrong.
Congressional insider trading is not, in fact, illegal. In a letter to lawmakers today, several watchdogs groups offer explanation:
The Securities and Exchange Commission (SEC) does not
have the authority to hold employees of Congress or the Executive
Branch liable for using non-public information gained from official
proceedings for insider trading. Under current law, ‘insider trading’
is defined as the buying or selling of securities or commodities based
on non-public information in violation of confidentiality — either to
the issuing company or the source of information. Most federal
officials and employees do not owe a duty of confidentiality to the
federal government and thus are not liable for insider trading.
The letter — signed by Public Citizen, Democracy 21, Common Cause,
U.S. PIRG and the League of Women Voters — was drafted in support of
legislation to prohibit congressional and White House insider trading.
Introduced in January by Democratic Reps. Brian Baird (Wash.), Louise
Slaughter (N.Y.) and Tim Walz (Minn.), the bill would prevent
policymakers from profiting from their access to nonpublic information.
At the time of the unveiling, Baird pointed to
a 2004 Georgia State University study indicating that investments made
by members of Congress return 25 percent more than those made by other
Americans.
The watchdog groups point out another reason they say Congress
should consider the bill quickly: The hundreds of billions of dollars
in bailout cash coming out of Washington will provide wonderful
investment opportunities for policymakers who know where the money is
going before the public does. . . . .
Read the whole article at the Washington Independent. Closer to home, KEYC-TV reports in Walz Office Flooded With Stimulus Requests:
The nearly 800 billion-dollar stimulus plan was laid out in a bill
totaling more than one thousand pages.And now Congressman Tim Walz has
set up a point person to help decode the massive piece of
legislation.News 12's Ryan Gustafson has the story.Meredith Salsbery
has been coordinating the numerous requests from city and county
administrators for projects ranging from school repair in Rushford to
handicap accessible sidewalks in Slayton . . ..
. . .Salsbery wants to encourage Congressman Walz's constituents to call
with any questions, because in a thousand page document, it's easy for
things to get overlooked.Meredith Salsbery says, "The recovery package
also includes a one-time payment of 250 dollars to people who receive
social security disability or veterans disability - a lot of them don't
know about that."The checks are expected to arrive in May and June. . . .
Sadly, the Senate's reluctance to include money for school construction has left the Rushford-Peterson district out, the Rochester Post Bulletin reports in No construction funding for Rushford-Peterson included in stimulus bill:
Rushford-Peterson school district won't receive stimulus money to help build a new school.
The school district had hoped to receive some money to build a $25
million replacement for its century-old high school, but the money
wasn't included in the final stimulus bill.
Superintendent Chuck Ehler had traveled to Washington, D.C., with
1st District Rep. Tim Walz last week to lobby federal education
officials for funding, but no money was set aside for new school
construction.
"It's a little disheartening, but we are hopeful that our new school
initiative will move forward," Ehler said. "We're not real optimistic
about the stimulus funds, but we'll explore other avenues."
Ehler said when the House and Senate met, they had to compromise and
the Senate advocated for the removal of new construction funding. . . .
According to the New Ulm Journal, Stimulus funds go to roads, bridges rather than the local short line rail, but Senator Klobuchar and Cognressman Walz are working on securing other federal funds to assist the rail rehab:
On Feb. 26, Minnesota House File 660, authored by Morrow,
appropriated $10 million in bond proceeds for a grant to the Minnesota
Valley Regional Rail Authority (MVRRA) to rehabilitate track.
He added that a separate pot of money will be available for nationwide rail projects.
Morrow
said Minnesota Senator Amy Klobuchar and Congressman Tim Walz helped
appropriate $950,000 in federal railroad improvement funding.
He said his office expects to receive federal guidance on funding criteria and application procedures in the next few months.
The project is already attracting businesses to the area. According to the article, Land O' Lakes will be building an 80,000-square foot distribution facility in Winthrop.
Not all job losses are cuased by cuts; some are triggered by off-shoring work. In Moving to China?, KTTC looks at the corporation's transfer of jobs to other countries:
In the last month, hundreds of
high-paying jobs have been slashed at IBM/Rochester. Tonight, how jobs
with very similar descriptions are now popping up a half a world away.
In places like China, India, and Brazil.
IBM stands for International Business Machines, and IBM has facilities around the globe.
So it should be no surprise that a world-wide company would come up with something it calls "Project Match."
It's
a program that offers those recently laid-off in Rochester and other
U.S. sites a chance at jobs opening up in countries that have
developing markets. . . .
. . .If you would leave IBM Rochester to go to IBM China, you would be paid at the IBM China rate.
"It's
a real concern. We're not opposed to trade but one of the problems we
see in this country is that if we have a race to the bottom on wages,
we aren't going to beat the Chinese to the bottom. They're going to
continue to undercut us," said U.S. Representative Tim Walz.
"It's the job you thought you would retire from but now have lost," said President Barack Obama.
President
Barack Obama addressed the issue of offshoring jobs in his address to
Congress, promising to restore a sense of fairness and balance to the
tax code by ending tax breaks for corporations that ship jobs overseas.
It's
certainly not illegal for a company like IBM to bulk up its work force
in China or Brazil, but it might seem like the "end of the world" if
you've lived and worked at IBM Rochester for decades and then suddenly
see your job popping up on the other side of the globe.. . .
Read the whole article at the station's web site. We'll be back later with part two of the news digest.