Louise Slaughter

  • Aired:  02/15/12
  •  | Views: 16,720

Representative Louise Slaughter authored the STOCK Act to ban congressional insider trading and ensure transparency in political intelligence gathering. (6:18)

(CHEERS AND APPLAUSE).

>> Jon: WELCOME BACK, MY GUEST

TONIGHT IS A UNITED STATES

CONGRESSWOMAN REPRESENTING NEW

YORK'S 28th DISTRICT.

PLEASE WELCOME VIA SATELLITE

FROM WASHINGTON, D.C.

CONGRESSWOMAN LOUISE SLAUGHTER.

THANK YOU SO MUCH FOR JOINING

US, CONGRESSWOMAN.

(CHEERS AND APPLAUSE)

>> ACTUALLY, I'VE GOTTEN NEW

RESPECT FROM MY STAFF FOR BEING

ON YOUR SHOW, THANK YOU.

>> Jon: YOU'RE VERY WELCOME.

I HAVE NEW RESPECT FROM MY STAFF

ST-R BEING ABLE TO FIGURE OUT

HOW TO DO A SATELLITE INTERVIEW

WITHOUT A DELAY.

>> I CERTAINLY APPRECIATE THAT.

THAT'S WONDERFUL.

>> Jon: THAT'S VERY NICE.

I WANTED TO TALK TO YOU BECAUSE

YOU WERE THE SPONSOR... ORIGINAL

SPONSOR OF THE STOCK ACT.

>> WE WROTE THE BILL.

>> Jon: YOU WROTE THE BILL

THAT WAS ATTEMPTING TO STOP

CONGRESS PEOPLE FROM BEING ABLE

TO PROFIT FROM INSIDE

INFORMATION.

>> AND THEIR STAFF.

>> Jon: AND THEIR STAFFS.

WHEN DID YOU INTRODUCE THIS?

>> IN 2006.

A YOUNG REPORTER AT THE "WALL

STREET JOURNAL," BRODIE MULLINS,

WAS DOING A WONDERFUL JOB ON IT

AND THAT'S HOW I FOUND OUT ABOUT

IT.

WE WERE NOT AWARE OF IT UNTIL

SOMEONE IN TOM DELAY'S OFFICE,

HIS CHIEF OF STAFF, HAD BEEN

DOING DAY TRADING ON GOVERNMENT

COMPUTERS ALL DAY LONG.

>> Jon: HE WAS DOING DAY

TRADING.

>> UH-HUH.

>> Jon: HE WAS WORKING IN

CONGRESS WHILE DOING DAY

TRADING?

>> YES.

YES.

WE'VE HEARD... THERE HAVE BEEN A

LOT MORE STORIES, MUCH MORE

SERIOUS THAN THAT.

POLITICAL INTELLIGENCE WAS A

PART OF OUR ORIGINAL BILL AND TO

ME IT'S REALLY THE MOST

IMPORTANT PART.

IT'S WORTH $402 MILLION A YEAR

AND IT'S TOTALLY UNREGULATED SO

SENATOR GRASSLEY AND I HAD BEEN

SORT OF IN CAHOOTS ALONG WITH

SENATOR LAHEY TO TRY TO GET THE

BILL INTO CONVERSATION.

WE THINK IT'S TERRIBLY IMPORTANT

THAT WE DO THIS.

>> Jon: RIGHT.

>> NOW, THE HOUSE BILL WAS

HIJACKED.

WE KNEW NOTHING ABOUT IT.

WE HAD HAD A COMMITTEE MEETING

ONCE WHICH CANTOR STOPPED AND

SAID WE WOULD DO SOME MORE ABOUT

THIS LATER.

AFTER THE SENATE PASSED THE BILL

THERE WAS THIS GREAT TPHRURFULLY

THE HOUSE TO DO SOMETHING.

HE TOOK THE BILL AND MADE IT

INTO A SUSPENSION, WHICH TAKES

TWO-THIRDS VOTE BUT DOESN'T GIVE

YOU THE OPPORTUNITY TO AMEND IT

WHICH CUT US OUT AGAIN FROM

DOING ANYTHING ABOUT POLITICAL

INTELLIGENCE.

>> Jon: NOW, CONGRESSWOMAN,

I'M GOING TO HAVE TO STOP YOU.

EVERYTHING THAT YOU JUST

DESCRIBED SOUNDS INSANE TO ME.

>> IT IS.

YOU'RE ABSOLUTELY RIGHT.

>> Jon: IT SOUNDS INSANE.

>> IT IS INSANE.

>> Jon: ENOUGH IDEA OF WE

WOULD LIKE TO STOP CONGRESS

PEOPLE FROM COMMITTING AN ACT

THAT IF YOU ARE NOT IN CONGRESS

IS ILLEGAL TO COMMIT.

>> AND PEOPLE GO TO JAIL FOR IT.

>> Jon: AND PEOPLE GO TO JAIL

FOR IT AND YET WHAT YOU'RE

SAYING TO ME IS SO THEY DID A

SUSPENSION, WE WENT TO

COMMITTEE, THAT I DID

TWO-THIRDS.

IT STRIKES ME AS HOW IS THAT

EVEN POSSIBLE?

>> I WILL TELL YOU THAT WE HAVE

NEVER HAD MORE SUPPORT FOR A

BILL.

NOW, IT TOOK ME 13 YEARS TO PASS

NONDISCRIMINATION SO I'M PRETTY

ERSISTENT BUT I'D NEVER SEENP

ANYTHING LIKE SUPPORT FOR THIS

BILL.

WE HAD SUPPORT FROM ALL OVER THE

WORLD FOR GOODNESS SAKE.

WE HAD 288 COSPONSORS, 98 OF

THEM WERE REPUBLICANS.

>> Jon: IT'S A BIPARTISAN

BILL.

>> WELL, SO TO SPEAK.

I'M NOT SURE HOW SERIOUS THEY

WERE.

(LAUGHTER).

>> Jon: BUT IT WOULD BE LIKE

SAYING YOU ARE NOT ALLOWED TO

PUNCH PEOPLE IN THE FACE--

UNLESS YOU WORK IN CONGRESS AND

THEN YOU'RE ALLOWED TO PUNCH

PEOPLE IN THE FACE.

AND YOU SAY I'D LIKE TO

INTRODUCE A BILL SAYING MAYBE WE

SHOULDN'T PUNCH PEOPLE IN THE

FACE AND THEY SAY "WELL, WHAT

DOES PUNCHING REALLY MEAN?"

(LAUGHTER)

"IF I HIT SOMEONE WITH AN OPEN

HAND, IS THAT A PUNCH, I DON'T

KNOW."

IT'S FRUSTRATING.

>> IT'S AN ALLISS IF WONDER LAND

WORLD.

IT'S THROUGH THE LOOKING GLASS.

IT'S GOTTEN WORSE.

>> Jon: WHAT'S SO CRAZY IS

THESE ARE THE PEOPLE CHARGED

WITH WRITING LAWS WHO ARE NOW

SAYING WELL, GEEZ, LAWS, DO THEY

REALLY MEAN ANYTHING?

>> WELL, I'LL TELL YOU, RIGHT

NOW WE ARE REALLY PUSHING FOR

THE SENATE TO HOLD A CONFERENCE.

TWO BILLS IN TWO HOUSES ARE NOT

THE SAME SO THE PRESIDENT

OBVIOUSLY HAS NOTHING TO SIGN SO

IF EVERYBODY WILL JUST GET TO

THEIR MEMBER OF THE HOUSE AND

SENATE AND TELL THEM HOLD A

CONFERENCE FOR GOODNESS SAKE SO

WE CAN PUT POLITICAL

INTELLIGENCE BACK IN THIS BILL.

REMEMBER THAT $402 MILLION A

YEAR, TOTALLY UNREGULATED.

>> Jon: FORGET ABOUT THE

MONEY.

IT'S ILLEGAL!

>> IT IS ILLEGAL.

>> Jon: IT SHOULDN'T BE LEGAL.

>> WELL LET ME TELL YOU.

THE DIFFICULTY IS PEOPLE DON'T

KNOW THEY'RE LOBBYISTS.

THEY'RE NOT REGISTERED ANYWHERE.

AND SO WE HAVE LOTS OF REASON TO

BELIEVE THAT WHAT THEY WOULD DO

WAS SET UP MEETINGS WITH MEMBERS

OF CONGRESS, PARTICULARLY CHAIRS

OF COMMITTEES, AND THEN CHARGE

THEIR CLIENTS $10,000 TO COME TO

HAVE THIS GREAT CONVERSATION

WITH A GREAT ONE.

>> Jon: SENATOR HARKEN HAS

THAT ISSUE.

>> SENATOR HARKEN DIDN'T GO,

HOWEVER.

WHEN HE WAS TOLD THEY WERE

CHARGING, HE DIDN'T GO.

>> Jon: THEY WERE CHARGING

HEDGE FUND GUYS $10,000 TO MEET

WITH CONGRESS PEOPLE, GET

INFORMATION ABOUT BILLS, THEN

THEY WOULD GO BACK TO THE HEDGE

FUND AND MAKE STOCK DEALS.

>> INDEED.

AND IT AFFECTED THE MARKET.

ONE OF THE BIGGEST CASES OF THAT

IS ASBESTOS AND WHAT HAPPENED TO

ASBESTOS?

THE STOCK WENT UP OVERNIGHT WHEN

PEOPLE LEARNED THAT THE SENATE

BILL WOULD NOT DO ANYTHING FOR

REPARATIONS FOR PEOPLE WHO HAD

BEEN ARMED BY ASBESTOS.

>> Jon: AND SO THEY MADE A TON

OF MONEY ON THE IDEA THAT PEOPLE

WITH MESOTHELIOMA WOULD NOT GET

COMPENSATED.

>> AND THE THING IS WE KNOW

BETTER.

I TELL YOU, I KNOW THAT MY

COLLEAGUES KNOW BETTER THAN WHAT

THEY'RE DOING.

I DON'T KNOW HOW WIDESPREAD IT

IS BECAUSE I DON'T REALLY HAVE

ACCESS TO ALL THEIR FINANCIAL

RECORDS.

BUT THE IDEA THAT IT HAPPENED

AND WE KNOW IT HAPPENED AND

THERE ARE EXAMPLES IT HAPPENED

AND TO THIS DAY PEOPLE WHO HAVE

BEEN ACCUSED OF DOING IT HAVE

NEVER SAID NO I DIDN'T EXCEPT

MAYBE JUST THE MOST RECENT CASES

WITH CONGRESSMAN BACHUS.

>> Jon: WELL, I CONGRATULATE

YOU ON TRYING YOUR BEST TO GET

THAT DONE.

>> WE'LL DO IT.

>> Jon: I'M GLAD IT'S A

BIPARTISAN EFFORT AND I WOULD

JUST SAY TO PEOPLE IF YOU'RE

GOING TO CONTACT YOUR CONGRESS

PEOPLE WHILE YOU'RE ON THE LINE

WITH THEM, WHILE YOU STILL CAN,

I WOULD GET SOME STOCK TIPS.

(LAUGHTER)

>> NO!

NO!

>> Jon: SEE IF THERE'S

ANYTHING YOU CAN...

>> PLEASE, NO!

(LAUGHS).

>> Jon: CONGRESSWOMAN, THANK

YOU FOR JOINING U

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