Tag Archives: Political Corruption

STOCK Act Opponent NC Senator Richard Burr Stands To Gain From Natural Gas Investments

It’s a real shame we couldn’t get rid of Burr when he was up for re-election a couple of years ago, but I’m afraid Elaine Marshall just wasn’t the right candidate with the right resources to run against him.

And the Democratic Senatorial Committee and Democratic National Committee weren’t much help either…

He is such a corporatist non-entity, he should have been easy pickings if we had had the right candidate with sufficient resources at the right time.

But that was also the height of the Tea Party insanity….

Burr taking positions like this and having this obvious conflicts of interest should make it much easier to retire him next time.  It truly takes guts- and stupidity- to vote AGAINST insider trading laws for Senators!

From the Huffington Post:

Sen. Richard Burr’s vocal opposition to the STOCK Act raised some eyebrows in Washington this week, and with good reason.

Burr, a North Carolina Republican who was one of just three senators to vote against the ban on congressional insider trading Thursday, owns investments in the natural gas industry that would benefit from legislation he co-sponsored offering tax credits for natural gas-fueled vehicles.

Burr has investments in the gas industry valued from $133,298 to $219,337, according to his 2010 filings. His portfolio includes $36,000 worth of stock in Chesapeake Energy Corp., the second-largest U.S. producer of natural gas. He also holds more than $25,000 in shares of Loews Corp., a holding company with subsidiaries engaged in the exploration, production, marketing and transmission of natural gas.

He was on the losing side of Thursday’s 96-3 passage of the STOCK Act, that would tighten rules for lawmakers and their aides using inside information for personal investments. House Majority Leader Eric Cantor said he’ll bring the STOCK Act to the House floor next week.

Burr’s investments pose “a very clear conflict of interest,” said Craig Holman of the advocacy group Public Citizen. He said the STOCK Act “will make members of Congress much more cautious in any particular sector, including natural gas.” While the STOCK Act wouldn’t prohibit such investments, “members of Congress will have to think twice about any kind of trading activity they do,” Holman said.

via STOCK Act Opponent Richard Burr Stands To Gain From Natural Gas Investments.

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