The Ways That Congress Should Regulate Itself
Members of Congress should not be allowed to profit from inside information.
If a member of Congress learns material, nonpublic information about a company, the member is prohibited from trading in that company’s securities.
Why can’t Congress pass that law?
Are we going to vote some rebellious members of Congress—those who oppose my proposed new law—out of office? All right.
The country would be fine without those elected officials, believe me.
This is easy. And I’m just getting warmed up.
As the situation with Sen. Mitch McConnell (probably dead) and Rep. Tom Kean Jr. proved. (disappeared from the House of Representatives for months without explanation), members of Congress should be required to release information about their medical conditions.
If you don’t mind releasing your medical information – medical conditions are private and all – that’s fine. Just don’t run for office. All your information will remain private.
Can’t vote for my law?
The private sector would be a good place for you.
Members of Congress must recuse themselves from hearings or votes on matters that directly affect the member’s own financial interest. There must be clear, workable definitions of what we mean by this. If a member violates the rules, the member should be asked to leave Congress.
Too rich, or too conflicted, to obey these rules?
Good.
We never needed you in Congress to begin with.
Won’t vote for these rules?
Don’t let the door hit you on the way out.
Members of Congress should not be able to use official resources (such as staff time or private briefings) to further their personal business interests.
Too complicated?
Resignation.
Members of Congress should not be allowed to accept gifts, sponsored travel, or reimbursements from the industries the members regulate.
If you think that’s outrageous – “It’s just a silly little gift they’re giving me” – then refuse the silly little gift. It’s just a trinket anyway.
I once thoughtlessly tried to buy a drink for a friend who worked for the Securities and Exchange Commission.
He refused the drink and paid for his own. (He explained to me why he had to do this.)
Members of Congress can do this too. It’s not that hard.
Members of Congress should not be allowed to direct federal contracts or funds to organizations with which the member has a personal or financial connection.
This is simply wrong.
Let’s do if it’s illegal, too. Congress must pass that law.
Why is no member of Congress sponsoring this type of legislation?
Because the member’s friends in Congress won’t like the sponsor anymore?
Big.
Screw your friends in Congress.
You theoretically represent the public.
These ideas are easy.
Just do it.
Mark Herrmann spent 17 years as a partner at a leading international law firm and later oversaw litigation, compliance and employment at a large international company. He is the author of The Curmudgeon’s Guide to Practicing Law AND Drug and Device Product Liability Legislation Strategy (affiliate links). You can contact him by email at (email protected).
