Bill to ban Congress from trading stocks!

[anon_6hv78pr714xta]

Democrats release text of bill banning lawmakers, judges from trading stocks

Editor’s Note: This story has been updated to clarify that the bill itself was introduced Wednesday. The text of the bill was released Tuesday night. House Democrats introduced the text of a …

thehill.com

Let’s go Dems! Get it done!

 

[ribbont]

Democrats release text of bill banning lawmakers, judges from trading stocks

Editor’s Note: This story has been updated to clarify that the bill itself was introduced Wednesday. The text of the bill was released Tuesday night. House Democrats introduced the text of a …

thehill.com

Let’s go Dems! Get it done!

Not strong enough. Needs to include all children and increase the fine to all profits will be surrendered, a fine, and elimination of congressional pension. If you want it stopped, put teeth into it.

 

[IUINSB]

Not strong enough. Needs to include all children and increase the fine to all profits will be surrendered, a fine, and elimination of congressional pension. If you want it stopped, put teeth into it.

Some jail time too.

 

[JamieDimonsBalls]

Democrats release text of bill banning lawmakers, judges from trading stocks

Editor’s Note: This story has been updated to clarify that the bill itself was introduced Wednesday. The text of the bill was released Tuesday night. House Democrats introduced the text of a …

thehill.com

Let’s go Dems! Get it done!

Her husband is about to lose all of his edge

 

[UncleMark]

Not strong enough. Needs to include all children and increase the fine to all profits will be surrendered, a fine, and elimination of congressional pension. If you want it stopped, put teeth into it.

I understand your point (Hunter, Eric) but I'm not sure where you draw the line. Lets say @twenty02 or @JamieDimonsBalls mom is elected to the House. Should they have to divest?

 

[IUINSB]

I understand your point (Hunter, Eric) but I'm not sure where you draw the line. Lets say @twenty02 or @JamieDimonsBalls mom is elected to the House. Should they have to divest?

Blind trusts.

 

[outside shooter]

I understand your point (Hunter, Eric) but I'm not sure where you draw the line. Lets say @twenty02 or @JamieDimonsBalls mom is elected to the House. Should they have to divest?

I don't think they should have to give up their 401K or investments. But they need to not manage investments and buy/sell orders themselves (blind trusts). I'm not sure how one would neatly require and enforce that, though.

 

[anon_6hv78pr714xta]

Not strong enough. Needs to include all children and increase the fine to all profits will be surrendered, a fine, and elimination of congressional pension. If you want it stopped, put teeth into it.

The perfect is the enemy of the good. This is a good start.

 

[IUCrazy2]

Without reading the actual bill and just going off the article, I support the bill in theory based on how it is represented. Also agree that I would probably expand it a bit outside of dependent children to include children in general being able to trade specific stocks.

 

[dbmhoosier]

Somewhat related.

 

[i'vegotwinners]

Democrats release text of bill banning lawmakers, judges from trading stocks

Editor’s Note: This story has been updated to clarify that the bill itself was introduced Wednesday. The text of the bill was released Tuesday night. House Democrats introduced the text of a …

thehill.com

Let’s go Dems! Get it done!

"In September, The New York Times published an extensive report that said 97 lawmakers or their family members traded financial assets in the past three years that could be conflicts of interest".

"Covered individuals who violate trading or ownership restrictions would be subject to a $1,000 fine. If the violation continues for more than 30 days, they would be subject to an additional $1,000 fine plus “an amount equal to 10 percent of the value of the covered investment that is the subject of violation at the beginning of the additional 30-day period of a continuing violation.”"


what a total and complete joke.

you're probably far worse off getting caught with a joint in Indiana.

how bout 1st offense, $50,000 fine, plus 10% of investment. removal from all committees,

2nd offense, $100,000 fine, 2 yrs in prison minimum, felony conviction.

people don't trade stocks by accident.

 

[JamieDimonsBalls]

I understand your point (Hunter, Eric) but I'm not sure where you draw the line. Lets say @twenty02 or @JamieDimonsBalls mom is elected to the House. Should they have to divest?

Shouldn't be allowed to actively trade individual securities.

 

[UncleMark]

Shouldn't be allowed to actively trade individual securities.

You'd be okay with your mom's job dictating how you earn a living?

 

[ribbont]

You'd be okay with your mom's job dictating how you earn a living?

Just had a client whose son is springing POA, so it's not in effect yet. Son works for KPMG and they required him to have his mother sell 2 of her individual stocks because of the company's potential conflict of interest. If it's good enough for the private sector, it's good enough for the public.

 

[Crayfish57]

Without reading the actual bill and just going off the article, I support the bill in theory based on how it is represented. Also agree that I would probably expand it a bit outside of dependent children to include children in general being able to trade specific stocks.

The same parameters as being able to gift money to relatives maybe?

 

[JamieDimonsBalls]

You'd be okay with your mom's job dictating how you earn a living?

If you don't extend it, abuse will continue. It's very black and white. The only gray area is how far removed do you need to go?

 

[UncleMark]

Just had a client whose son is springing POA, so it's not in effect yet. Son works for KPMG and they required him to have his mother sell 2 of her individual stocks because of the company's potential conflict of interest. If it's good enough for the private sector, it's good enough for the public.

Interesting. I would have thought the Freedom! crowd would be up in arms about that kind of thing.

I'm in favor of locking the government people out, but am uncomfortable with it extending to adult family. Of course, that would be a gaping loophole, but you have to draw a line somewhere.

 

[UncleMark]

If you don't extend it, abuse will continue. It's very black and white. The only gray area is how far removed do you need to go?

Exactly. Siblings? Nieces and nephews? Third cousins?

 

[Joe_Hoopsier]

$100,000 fine, 2 yrs in prison minimum, felony conviction

1st offense, total amount of investment and ALL gain, 2 yrs prison min, irrevocable Felony conviction...

And then go up from there.

I am sick and effing tried of e'ffing around to have all tax paying American's come in 8-10 in this DC league. I'm sick and E'ffing tired of loosing our government to e'ffing Wall Street. If you're going to go on and let these mother E'ffers walk to that bank without being touched, then I am outta here! I am sick and E'ffing tired of this Bullspit!
I am not here to hand my ass and paycheck to those WE elect to a E'ffing golden ride and then crap on us!
This is absolute E'ffin Bullspit. I'll Primary every E'ffin one of them into the ground!
Now you better get your head outta yo Azz!

 

[JamieDimonsBalls]

Exactly. Siblings? Nieces and nephews? Third cousins?

Yes, probably not, no

That being said, if anyone found evidence that a person of power was using that via someone distant or completely unrelated, the punishment should be limbs and public shame and humiliation for them and their family.

If I have to abide by insider trading rules, there's no flippin' reason why politicians shouldn't.

 

[ribbont]

Interesting. I would have thought the Freedom! crowd would be up in arms about that kind of thing.

I'm in favor of locking the government people out, but am uncomfortable with it extending to adult family. Of course, that would be a gaping loophole, but you have to draw a line somewhere.

The Freedom! crowd does not believe in corruption. Something the anti-Freedom! crowd does not believe in, either.

 

[TheOriginalHappyGoat]

Interesting. I would have thought the Freedom! crowd would be up in arms about that kind of thing.

I'm in favor of locking the government people out, but am uncomfortable with it extending to adult family. Of course, that would be a gaping loophole, but you have to draw a line somewhere.

Better idea: let's just shut all stock markets down.

 

[NPT]

Not strong enough. Needs to include all children and increase the fine to all profits will be surrendered, a fine, and elimination of congressional pension. If you want it stopped, put teeth into it.

Yep, that bill in on the same level as trying to put out a big fire with a garden hose.

 

[NPT]

I don't think they should have to give up their 401K or investments. But they need to not manage investments and buy/sell orders themselves (blind trusts). I'm not sure how one would neatly require and enforce that, though.

I don't have a problem with them managing their investments if the 401K just offers several different funds like some of them do and doesn't allow them to buy individual stocks.. In other words if the options in the 401K are 10 different funds/ETFs they should be able to determine where they want their money invested.

 

[anon_6hv78pr714xta]

Exactly. Siblings? Nieces and nephews? Third cousins?

How about this fix? Spend some money to hire some people to monitor relatives for insider trading. Make them liable to the same laws already on the books along with govt officials and monitor them.

 

[Crayfish57]

How about this fix? Spend some money to hire some people to monitor relatives for insider trading. Make them liable to the same laws already on the books along with govt officials and monitor them.

That would be a great job for the 87,000 new armed IRS agents

 

[JamieDimonsBalls]

Better idea: let's just shut all stock markets down.

Crypto and Tulips only!

 

[Spartans9312]

Democrats release text of bill banning lawmakers, judges from trading stocks

Editor’s Note: This story has been updated to clarify that the bill itself was introduced Wednesday. The text of the bill was released Tuesday night. House Democrats introduced the text of a …

thehill.com

Let’s go Dems! Get it done!

Spanberger says House leadership shut it down

 

[TheOriginalHappyGoat]

Crypto and Tulips only!

Let's just stop all speculation. If you want to invest in a business, you can do that without a 24/7 market dedicated to making it happen. Markets only exist for the sake of speculators. Let's get rid of them. Investment in a business should be investment in a business, and not just a gamble on the future value of that business. The stock market as it currently exists is just a giant bookie for arrogant rich people.

 

[JamieDimonsBalls]

Let's just stop all speculation. If you want to invest in a business, you can do that without a 24/7 market dedicated to making it happen. Markets only exist for the sake of speculators. Let's get rid of them. Investment in a business should be investment in a business, and not just a gamble on the future value of that business. The stock market as it currently exists is just a giant bookie for arrogant rich people.

As someone that sucks at trading and always takes a longer-term view, I like parts of the argument.

However, you vastly underestimate the advantage of liquidity. People complain about illiquidity with real estate... selling a business or a stake in a business is typically a 6+ month process. Other countries covet that more than any other element of our system.

Also, price and data transparency is quite impressive with public companies. If you eliminate that concept, it seems unlikely those will remain as strong.

 

[TheOriginalHappyGoat]

As someone that sucks at trading and always takes a longer-term view, I like parts of the argument.

However, you vastly underestimate the advantage of liquidity. People complain about illiquidity with real estate... selling a business or a stake in a business is typically a 6+ month process. Other countries covet that more than any other element of our system.

Also, price and data transparency is quite impressive with public companies. If you eliminate that concept, it seems unlikely those will remain as strong.

Yeah, I know. There are broad economic values to having this kind of thing available. Just on a gut level, it doesn't sit right. If the purpose of a publicly traded corporation is for people to invest in the business, it feels to me like the primary goal should be dividends. When the primary goal is to sell at a higher price than you bought, that raises in my mind serious problems. A company's primary purpose should be to make profit, not to increase shareholder value. Many times, those two things go hand in hand, but sometimes they do not, and the speculative nature of the stock market helps to rend them apart.

 

[twenty02]

Yeah, I know. There are broad economic values to having this kind of thing available. Just on a gut level, it doesn't sit right. If the purpose of a publicly traded corporation is for people to invest in the business, it feels to me like the primary goal should be dividends. When the primary goal is to sell at a higher price than you bought, that raises in my mind serious problems. A company's primary purpose should be to make profit, not to increase shareholder value. Many times, those two things go hand in hand, but sometimes they do not, and the speculative nature of the stock market helps to rend them apart.

Stock market speculation and investing are two entirely different things. Day to day trading is just noise and is irrelevant for long-term investment.

If you can propose a better mechanism for businesses to raise capital and allow average people to own a position in a broad swath of the world economy, I'd be open to hearing it. My guess is all other ideas are worse than the one we've got.

 

[twenty02]

As to this bill.... it's going down in flames due to it's weakness and Dems lack of leadership on this issue in the house from Crooked Nancy.

Lawmakers furious at Democratic leaders after stock trading ban stalls

Anger is boiling over at House Democratic leadership for failing to deliver on a bill to ban members of Congress from trading stocks — a key priority for voters on both sides of the aisle — ahead o…

thehill.com

 

[JamieDimonsBalls]

Oh well, look at my surprise

https://www.wsj.com/articles/covid-washington-officials-stocks-trading-markets-stimulus-11666192404?mod=e2fb

 

[iuwclurker]

You'd be okay with your mom's job dictating how you earn a living?

Why bring sailors into this?

 

[JamieDimonsBalls]