Senators unveil bipartisan deal on stock trading ban
A bipartisan group of senators reached a deal Wednesday on legislation to ban stock trading by members of Congress, setting the bill up for action in the Senate later this month.
Bill dies in committee in 3, 2, 1...
Or allows their spouses to trade
Or has zero teeth
Etc
From the article:
The deal would immediately prohibit members of Congress from buying stocks and selling stocks 90 days after the bill is signed into law.
It would also ban member spouses and dependent children from trading stocks starting in March 2027. Penalties for violating the law would either be the monthly salary of a lawmaker or 10% of the value of each asset they buy or sell.
YES, FUCK. How do we let people with some of the most insider knowledge profit off of that at the expense of the American people? Making money in the market isn't just printing money: that money comes from others who lose out because they aren't cheating.
I'll be shocked if this actually becomes law.
Being a congress member is about civil service, serving Americans. It's not about self service or family service. They should put Americans before themselves. If they can't do that, go work in the private sector.
havent they tried this a few times.. and each time its either abandoned or some loopholes are created making the endeavor pointless?
From the article:
**The big picture: **Previous efforts to get a stock trading ban passed through Congress have failed over the last few years.
"We have finally figured out a way to pass this law with a big enough loophole for us all to continue to partake in all of the insider trading we want through other family members or our bagmen. I mean lawyers."
Honestly though, Merkley on board is actually a great sign in my opinion.
Meh I lost some respect for Merkley when he did his publicity stunt of bringing the media and trying to get into the ICE facility unannounced to see how the kids were living under Trump but then never mentioned the detainment or living conditions again once the news cycle refreshed. Wyden on the other hand has been killing it by blasting the government on matters of privacy and surveillance for years with his position on the Intelligence Committee.
In any case, with this being a bipartisan bill, I'm sure there are healthy loopholes carved out (or plans for future amendments) in this bill.
YOU'RE RIGHT I mixed them up!
Fuck yeah my boy Ron. Fun fact I saw him in a Portland coffee shop not that long ago. If you didn't know him you'd never guess. He blends right in as an average older dude lol
Penalties for violating the law would either be the monthly salary of a lawmaker or 10% of the value of each asset they buy or sell.
Because I'm sure no one would make more than that and just take the trade off. And then take credit for saving the tax payers money. That's definitely not the kind of thing that would happen in the Congress I know.
Hmm. Is there any restriction on them providing information to someone else and having them trade? The article text doesn't say so.