Boehner’s Obamacare-related investments trace back to 2009, when the Obama administration was pushing the Affordable Health Care Act through Congress. Peter Schweizer, in his 2011 book on Washington corruption, How Politicians and Their Friends Get Rich Off Insider Stock Tips, Land Deals, and Cronyism, noted on Page 20: “Congressman John Boehner, who was leading the opposition to Obamacare in the House of Reps, may have been fighting John Kerry on policy matters, but he was entirely ALLIED with him when it came to investment decisions.” Schweitzer drew a causal link, noting that Boehner’s heavy investment in Obamacare stocks meant his political opposition to the legislation was undermined by his personal interest. After public uproar over members of Congress being allowed to buy and sell investments based on insider information – a violation that could constitute criminal activity if done by members of the public – Congress passed the Stop Trading on Congressional Knowledge (STOCK) Act, which was signed into law by President Obama April 4, 2012. Quietly, Congress passed and President Obama signed in April 2013 a new bill that indefinitely suspended the filing requirements of the STOCK Act for 28,000 executive-branch employees. The exemptions included senior executive service members working on the staff for members of the House and Senate. The bill opened up a back door to congressional staffers to engage once again in investment activities that for public investors would be grounds for possible criminal violations.
Posted on: Tue, 06 Jan 2015 06:44:15 +0000
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