During his State of the Union address, President Obama said “send me a bill that bans insider trading by members of Congress; I will sign it tomorrow. Let’s limit any elected official from owning stocks in industries they impact.” The remark stemmed from a 60 Minutes investigation showing that House Financial Services Chairman Spencer Bachus (R-AL) profited from information he received in private briefings during the economic crisis of 2008.

The Senate, in a rare display of bipartisanship, opened debate on an insider trading ban by a vote of 93-2. However, the bill has since become bogged down under a sea of unrelated amendments.

Over in the House, meanwhile, House Majority Leader Eric Cantor (R-VA) — who reportedly blocked Bachus from bringing up a ban on congressional insider trading in committee — wants to expand the legislation to include bans on other sorts of transactions, such as land deals. UCLA Law Prof. Stephen Bainbridge notes that this is likely an attempt by Cantor to kill the bill by making it so overly broad that no one will vote for it:

[Cantor's] now trying to extend the STOCK Act “so it includes land deals and other types of transactions and not just stock trades.” Classic taking a good idea too far. The problem is insider trading in stocks, not insider trading in land deals. Cantor obviously hopes that including a vast array of economic activity within the bill, exposing members of Congress to disclosure obligations and other restrictions, as well as increasing their liability exposure, will make the bill sufficiently unpopular so as to prevent its passage.

The Stop Trading on Congressional Knowledge (STOCK) Act has picked up 273 co-sponsors, after languishing for months with nearly no interest.

Progressives have long tried to expose the influence the American Legislative Exchange Council (ALEC) wields in state house across the country, but one Florida lawmaker is making it too easy.

Funded almost entirely by large corporations, ALEC produces “model legislation” favorable to industry that state lawmakers can introduce as their own bills. Usually, the legislators tweak the language of the bills to make them state-specific or to obfuscate their origins. Usually, but apparently not always.

In November, Florida state Rep. Rachel Burgin (R) introduced a resolution (PDF here) that would officially call on the federal government to reduce corporate taxes, but she apparently forgot to remove ALEC’s mission statement from the top of the bill, which she seems to have copied word-for-word from ALEC’s model bill:

As the government transparency group Common Cause reports, “Burgin quickly withdrew the bill hoping that no one had noticed and then re-introduced it 24-hours later, with a new bill number (HM 717), but now without the problematic paragraph.” Apparently no one noticed until this week.

While it’s no secret by now that conservative lawmakers in state capitals everywhere have used ALEC’s legislation to tear down environmental and labor regulations, curb voting rights, and coordinate a business-friendly agenda nationwide, it’s rare to see it on display so clearly.

Michigan Gov. Rick Snyder (R) spent his first year in office drawing up substantial tax cuts for corporations and the wealthy while shifting the tax burden onto Michigan’s most vulnerable. In a state where the poorest 20 percent of Michiganders pay a tax rate of 8.9 percent and the richest one percent pays 5.3 percent, Snyder’s tax reform plan will only make the disparity worse come fiscal 2013.

In fact, according to the Michigan League for Human Services, Snyder’s tax reforms will “hit poor families 1,000 times harder than wealthy households”:

The League released a report that says the tax plan will hit poor families 1,000 times harder than wealthy households. Families making less than $17,000 a year would pay one percent more in taxes in 2012, while families making more than $334,000 would see their taxes go up by only .001 percent, the report states.

Gilda Jacobs, president and CEO of the League, wants to see a fair tax structure that doesn’t hit the poor harder than the wealthy.

“We want to be sure that we have shared sacrifice.” she says. “If you’re making $17,000 a year, this is going cost you about $100. That’s a lot of money to these people. That’s a car payment, that’s a winter utility bill. It’s huge.”

Indeed, state revenues will now rely more heavily on the middle class as the new tax code will generate $1.4 billion more from personal income taxes while dropping nearly $2 billion in revenue from businesses. And though Snyder insists that such corporate income tax cuts are sure to create jobs, the economic evidence proves otherwise. As the Center for Budget and Policy Priorities notes, such corporate tax rates fail to produce a net short-term stimulus, tend to cause a near-term drop in in-state economic activity because corporations are unlikely to spend the full amount of the tax cut, and actually creates “little or no added incentive for corporate investment in the long run.” At best, it produces a boost in economic productivity and jobs by only 2 to 3 percent.

But when it comes to programs that do provide a verifiable boost to the economy like unemployment insurance and food stamps, Snyder went straight for the ax. Indeed, he cut the Earned Income Tax Credit, funding for school districts, and vital aid for 11,000 low-income families and nearly 30,000 children. And with nearly half of Americans one financial shock away from falling into poverty, there’s no question that Snyder’s giving Michiganders a future that is 1,000 times more insecure.

Four days before his state hosts Super Bowl XLVI, Indiana Gov. Mitch Daniels (R) signed anti-union “right-to-work” legislation into law Wednesday afternoon, making Indiana the 23rd right-to-work state in the country. Daniels signed the law despite the fact that thousands of workers gathered outside the statehouse in the days leading up to the law’s passage, and despite his own apparent opposition to such a law back in 2006.

In the days since more than 10,000 protesters marched through downtown Indianapolis, union officials and other organizers have grappled with how, and if, they should make their voices heard during Super Bowl festivities. Daniels has warned opponents of the new law that disrupting the Super Bowl would give the state a “black eye.” Nevertheless, with the National Football League’s Players Association officially opposing the law, labor leaders and organizers affiliated with local Occupy groups have vowed to press on.

“If it does pass, we’ll use this, the world stage that is the Super Bowl, to spread the message that Indiana is an inhospitable place for working men and women,” Jeff Harris, Communications and Outreach Coordinator for the Indiana AFL-CIO, told ThinkProgress before the law passed. “And that the very people that built the stadium in which the Super Bowl is going to be played and the very people who built the city that is enjoying the limelight — the very people who made this possible — are being disrespected.”

The AFL-CIO will have a “constant presence” at Super Bowl events, Harris said, but its actions will be informative rather than disruptive. The union, which encouraged workers to meet with their state representatives in the days before the law passed and organized rallies outside the statehouse Wednesday, will pass out leaflets and pamphlets around Super Bowl village and Lucas Oil Stadium, the site of the game, Harris said.

UNITE HERE, a hotel workers’ union, has organized its own protest of the Hyatt hotel Friday, where several hundred workers will picket to protest low wages, missed overtime pay, and the firing of contract workers. Though its protest isn’t specifically tied to the right-to-work law, UNITE officials say the law will make their ongoing attempts to organize hotel workers harder, and other unions’ protesters will join their picket.

According to a UNITE release, DeMaurice Smith, the executive director of the NFL Players Association, will participate in the protest. Smith has issued a statement and written an editorial against the right-to-work law, and several NFL players, including Indiana native and Chicago Bears quarterback Jay Cutler, have also spoken out.

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Back in November, hundreds of thousands of Americans took part in “Bank Transfer Day,” a day for those fed up with the actions of the nation’s biggest banks to move their money to a different institution. Initial estimates of the impact of Bank Transfer Day placed the number of accounts moved at around 600,000, but later estimates revised that downward to around 200,000.

However, new estimates from Javelin Strategy and Research, a research and consulting firm, show that the original numbers were closer to the truth. Javelin found that 5.6 million people have moved their bank accounts in the last 90 days, with 610,000 citing Bank Transfer Day as their reason:

Bank Transfer Day and the Occupy Movement have received tremendous attention, and for the first time we have market research data to measure the impact on the financial services industry. Javelin’s research estimates that 5.6 million U.S. adults with a banking relationship changed providers in the past 90 days. Of those switchers, 610,000 US adults (or 11% of the 5.6 million) cited Bank Transfer Day as their reason and actually moved their accounts from a large to a small institution.

Javelin noted that this pace of account closing is three times the normal rate. While 11 percent of people moving their accounts cited Bank Transfer Day, one quarter said they moved their money because their old institution charged too many fees. Account closures at Bank of America, the nation’s second largest bank, actually jumped 20 percent in the fourth quarter of last year, potentially driven by the bank’s ill-fated decision to implement a $5 monthly fee for its debt cards.

According to the consulting firm cg42, the nation’s 10 biggest banks could lose as much as $185 billion in deposits this year due to customer defections. Of those banks, “Bank of America is the most vulnerable and could lose up to 10% of its customers and $42 billion in consumer deposits.” (HT: Business Insider)