Larry Kissell on Government Reform
Proponent's argument to vote Yes:Rep. WASSERMAN SCHULTZ (D, FL-20): We, as Members of Congress, have responsibility not just for the institution, but for the staff that work for this institution, and to preserve the facilities that help support this institution. We have endeavored to do that responsibly, and I believe we have accomplished that goal.
Opponent's argument to vote No:Rep. SCALISE (R, LA-1): It's a sad day when someone attempts to cut spending in a bill that grows government by the size of 7%, and it's not allowed to be debated on this House floor. Some of their Members actually used the term "nonsense" and "foolishness" when describing our amendments to cut spending; they call that a delaying tactic. Well, I think Americans all across this country want more of those types of delaying tactics to slow down this runaway train of massive Federal spending. Every dollar we spend from today all the way through the end of this year is borrowed money. We don't have that money. We need to control what we're spending.
Effective with respect to pay periods beginning after the date of the regularly scheduled general election for Federal office held in November 2012, the rate of basic pay for each Member of Congress shall be reduced by 5%, rounded to the nearest multiple of $100.
This adjustment shall be in lieu of any adjustment which might otherwise take effect, in the rates of basic pay for Members of Congress.
Congressional Summary:Stop Trading on Congressional Knowledge Act (STOCK Act): Amends the Securities Exchange Act and the Commodity Exchange Act to prohibit purchase or sale of either securities or commodities by a person in possession of material nonpublic information regarding pending or prospective legislative action.
Bill explanation (ProCon.org, "Insider Trading by Congress", Feb. 3, 2012):
A bill to prevent Members of Congress from receiving any automatic pay adjustment in 2010.
For purposes of the provision of law amended by section 704(a)(2)(B) of the Ethics Reform Act of 1989 (5 U.S.C. 5318 note), no adjustment under section 5303 of title 5, United States Code, shall be considered to have taken effect in fiscal year 2010 in the rates of pay under the General Schedule.
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