I dont doubt it, your SEC goes after it agressively, however that it is not illegal for US politicians makes the whole thing a bit of a joke really as they are the people who will have the most opportunity ot profit from some actiosn given that theyc an influence and cotnrol policy which would significantly affect share prices.
Inside trading is specific to a single stock. Most politicians only hold single stock in a blind trust so they can't really perform insider trading. Instead, the flap over "insider trading" for politicians is when they, supposedly, change entire sectors and then trade broad, sector based funds. However, I don't think that has actually been proven with more than a look at these financial disclosures. Does it look bad? Sure. Is it illegal? Nope.
That is kind of my point, for them it is not illegal, for everyone else it is. They are also protected from the kind of direct insider trading that the SEC tries to stamp out in the private sector, to say that it doesnt occur is to be a bit naieve really.
"In September 2008, Bachus and other congressional leaders were privately briefed by Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke on the economy’s imminent meltdown.
The next day, Bachus was buying option funds that would increase in value if the economy tanked.It did."
