Dec. 8 (Bloomberg) -- The recent publicity surrounding the
very old news that members of Congress aren’t prohibited from
trading stock using nonpublic information has the House and
Senate running for cover. Hastily drafted bills are picking up
co-sponsors on both sides of the aisle.
Yet it is something of a wonder that there is so much
public excitement at the discovery that regulations that apply
to lots of other people turn out to be largely irrelevant to
those who serve in Congress. This isn’t an exception to
congressional practice. It is, far too often, business as usual.
