Report: Cain To Back Gingrich

A Fox News TV affiliate in Atlanta reported late Sunday night that Herman Cain will throw his support behind upstart GOP presidential candidate Newt Gingrich.

Cain, who announced Saturday that he is suspending his own campaign amidst new allegations that he was involved in an extra-marital affair for more than a decade, will reportedly endorse Gingrich at a press conference in New York this afternoon.

During his announcement, Cain said that he would be endorsing someone “in the near future.”

Most national polls show Gingrich, the former Republican House Speaker from Georgia, leading the rest of the GOP field. Observers view him as the party’s alternative to former Massachusetts Governor Mitt Romney, who has polled consistently this year. 

The conventional thinking now is that Gingrich will benefit the most from Cain’s absence.

Meanwhile, Cain’s decision to suspend rather than end his campaign means that he can still raise money to pay off debts.

Senate Mulls Insider Trading Laws For Politicians

The Senate Committee on Homeland Security and Governmental Affairs held a hearing today to discuss the adequacy of the laws that prevent members of Congress from engaging in insider trading.

Senator Kristen Gillibrand (D-NY) testified before the committee saying that the Stock Act would ensure that members of Congress, their staff or their family members from trading security based on information they receive from their Congressional Services.

Executive Director of Citizens for Responsibility and Ethic in Washington Melanie Sloan, says that the current laws don’t do enough and members have abused their power. She added that no members of Congress have been prosecuted for insider trading.

“We’ve seen and complained of numerous legislators abusing their positions to earmarks projects to increase the value of their personal real estate holdings, buy into companies that soon thereafter surged in value, urging agencies to actions to financially benefit themselves or other family members, and pushing through legislation in apparent exchange for campaign contributions. And finally even trading on insider information,” Sloan said.

To increase transparency Sen. Scott Brown (R-MA), who is the co-sponsor of Sen. Gilliabrand’s legislation,  advocated for a statue that would require members of Congress  to disclose documents regarding their investment portfolio.

Republican Presidential  hopeful Gov. Rick Perry (R-TX) issued a statement blasting Sen. Gillibrand’s effort to stop insider trading in Congress. 

“Senator Gillibrand’s bill pretends to address the problem but instead guts efforts to outlaw the abhorrent practice of congressional insider trading”, Perry said.

Cain Campaign Suggests He’ll Run Through January

Despite speculation that he may soon drop out of the GOP race, Herman Cain’s Presidential campaign sent an email out to supporters Thursday asking them to join the former businessman on the campaign trail in December and January.

“If you are planning or willing to travel to any or all of the early states, starting with Iowa in December and January, we are looking to integrate you into our campaign efforts,” the statement reads. “Join us as we head to an Iowa Caucus victory… and beyond!”

Cain’s ongoing presence in the campaign came into doubt following allegations this week that the Cain had a 13 year affair with Atlanta woman Ginger White.

Cain denied the allegations, stating that he was simply friends with Ginger White and that he had provided her with financial assistance, but said that he would reassess his campaign. In an interview on Fox News Wednesday evening, Cain said that he would make a decision over whether or not he will drop out within the next week.

Ron Paul Releases Anti-Gingrich Ad

The Ron Paul campaign released a web ad Thursday bashing former Speaker of the House and Presidential hopeful Newt Gingrich for “serial hypocrisy.”

The nearly two minute and thirty second long video montage depicts Gingrich appearing alongside then-Speaker Nancy Pelosi (D-Calif.) endorsing climate change action. It continues to show Gingrich calling for jail sentences for politicians who benefitted from Fannie Mae and Freddie Mac followed by news footage reporting that Gingrich earned over $1 million while advising the company.

“Our campaign is making a bold move to debunk the myth that the Newt we are seeing on the 2012 campaign trail is the conservative he has been touted to be all along,” Jesse Benton, the Chair of Paul’s 2012 campaign said in a statement. “Voters are seeking authenticity among conservatives who are able to show a decades-long career of consistently walking the walk of Constitutional principles, limited government, and promoting sound money and economic policy.  Ron Paul is the only Republican presidential candidate with that record.”

Gingrich has risen in the polls in recent weeks to be the top rival against GOP frontrunner Mitt Romney. When Texas Governor Rick Perry rocketed to the front of the Republican field in previous months, the Paul campaign played a similarly antagonistic role.

AUDIO: Perry Says He'll Secure The Border

In two Manchester, NH campaign stops, Texas Governor and GOP presidential hopeful Rick Perry pitched his ideas of a flat-tax on incomes and a part-time Congress.

In his second campaign stop of the day, Perry told a crowd at  Manchester T-shirt and novelty company, Logo Loc, that he supports a right-to-work law.

He says it’s not anti-union and that he plans to talk about a right to work law when he speaks before the New Hampshire Legislature tomorrow.

“If New Hampshire passes a right to work law, it will be among the most job friendly states in the country. Companies will come here and you’ll see jobs created,” Perry said.

He also said the US has to secure its border and adds that he will be a ‘Law and Order’ president.

“I will be a law and order president in the same way that I’ve been a law and order governor. Within one year of being sworn in as president, the border will be secure,” Perry said.

Perry also ridiculed the 2007 federal bailout of the banking sector.

“We just learned yesterday that seven billion dollars in secret loans were given to Wall Street,” he said. “Nobody knew about it. Congress didn’t know about it.”

“Well I have a message for the president, ‘No more bailouts!’”

Maricopa County, Arizona Sheriff Joe Arpaio endorsed Perry for President at a joint campaign appearance at St. Anselm College.

“I took an oath of office to uphold the laws as I know Rick Perry has. I support him for president and hope you will do so,” Arpaio said.

“He’s the kind of ethical family man we need in the White House,” Arpaio said.

TRNS’s Michael Carl has more (click the ‘Listen’ links below).

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