Jon Stewart castigates Congress for loosening insider trading law
On his show Tuesday night, The Daily Show host Jon Stewart ripped Congress for weakening a recently approved law that subjected lawmakers to the same insider trading laws as every other American.
Following a scathing 60 Minutes report on the topic, Congress passed the STOCK Act in 2012 to prohibit lawmakers and their staff from trading stocks based on information they learned during congressional briefings.
Stewart renamed the bill the “No Shit Sherlock Act of 2000 and Always” last year.
“Apparently the law of the land was it is absolutely forbidden for anyone in America to insider trade unless you happen to be accessing the best possible, purest form of inside information,” Stewart explained on Tuesday. “It’s like saying nobody is allowed to use recreational drugs, unless it’s that medical-grade 100 percent pure cocaine.”
But earlier this month Congress quietly weakened a key provision of the law. Stewart pointed out that Congress approved the bill without even debating it.
Watch video, via Comedy Central, below: