I joked in the past that politicians should only be allowed to buy index funds. In their local currency and from their country of course.
Basically, do a good job for the economy overall and then your net worth will increase.
Fed to ban policymakers from owning individual stocks
81–90 of 232 posts
Re: Fed to ban policymakers from owning individual stocks
#82This needs to happen for congressmen also.
Re: Fed to ban policymakers from owning individual stocks
#83Someone once told me that a stipulation for public service should involve converting all your holdings into index funds only. Thought that was an interesting proposal.
Hi Senator, congratulations on the election results! I'm u/mywittyname with Beutsche Dank I run an index fund for senators. How it works is, you give me a call anytime you hear about an opportunity and my team of crack investors will look into it, making the trade if we feel it is a good fit. We currently have 200 congresspeople on board and have been beating the S&P500 benchmark by 500% annually. It's a $1,000,000 m…
Even better, our fund is indexed against the positions of members of congress. Members can paper trade and we index against their decisions.
Re: Fed to ban policymakers from owning individual stocks
#84The relatively low salaries compared to the huge amounts of power is almost begging for insider trading, influence peddling, etc. > The salary of a Congress member varies based on the job title of the congressman or senator. Most senators, representatives, delegates and the resident commissioner from Puerto Rico make a salary of $174,000 per year. https://www.indeed.com/career-advice/pay-salary/congressman-... Then a…
I feel the same thing can apply to cops too. I'm all for paying people in these positions market rate or even slightly above. That has to be coupled with effective oversight and higher penalties which are actually enforced. We need to stop treating white collar crime lighter than blue collar crime.
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Re: Fed to ban policymakers from owning individual stocks
#85The relatively low salaries compared to the huge amounts of power is almost begging for insider trading, influence peddling, etc. > The salary of a Congress member varies based on the job title of the congressman or senator. Most senators, representatives, delegates and the resident commissioner from Puerto Rico make a salary of $174,000 per year. https://www.indeed.com/career-advice/pay-salary/congressman-... Then a…
This doesn't apply to Congress
>The ban includes top policymakers such as those who sit on the Federal Open Market Committee, along with senior staff.
Re: Fed to ban policymakers from owning individual stocks
#86The relatively low salaries compared to the huge amounts of power is almost begging for insider trading, influence peddling, etc. > The salary of a Congress member varies based on the job title of the congressman or senator. Most senators, representatives, delegates and the resident commissioner from Puerto Rico make a salary of $174,000 per year. https://www.indeed.com/career-advice/pay-salary/congressman-... Then a…
I hold the unpopular opinion we should pay elected officials waaaaaay more.
Like 1B/year for President or something.
Some amount that would attract the best, and make being corrupt seem so very counterproductive.
Re: Fed to ban policymakers from owning individual stocks
#87Earlier quoted context omitted.
just to expand, indeed their salaries are relative average. But, their benefits package both during and after tenure is generous. Their package include health & life insurance outside the general public market, social security, FERS, CSRS, personnel & office and mail allowances, office space, furniture, office equipment, food, laundry, and much more. It will definitely not make them millionaires, but will allow them…
Listen, I know we're all senior developers working at a FAANG, making between $300k-500k/year in total compensation, but $160k/yr is a giant pile of money for many, many Americans. The fact that it's $160k + health insurance plan that qualifies as "really fucking good" makes that $160k far more than the already-above-average Joe's 160k.
I didn't realize GP was using that number too make it sound low. At first I thought the 175k number was an attempt to show how much better paid that position is compared to the rest. The fact that the average position in the source is just under 200k/year and people are reading it as a bad package seems incredibly out of touch.
Re: Fed to ban policymakers from owning individual stocks
#88Too many comments on here about Congress. Congress isn't affected by this:
>The ban includes top policymakers such as those who sit on the Federal Open Market Committee, along with senior staff.
Re: Fed to ban policymakers from owning individual stocks
#89I joked in the past that politicians should only be allowed to buy index funds. In their local currency and from their country of course. Basically, do a good job for the economy overall and then your net worth will increase.
Why's that a joke? Sounds like a good idea on the face of it.
Re: Fed to ban policymakers from owning individual stocks
#90Someone once told me that a stipulation for public service should involve converting all your holdings into index funds only. Thought that was an interesting proposal.
Hi Senator, congratulations on the election results! I'm u/mywittyname with Beutsche Dank I run an index fund for senators. How it works is, you give me a call anytime you hear about an opportunity and my team of crack investors will look into it, making the trade if we feel it is a good fit. We currently have 200 congresspeople on board and have been beating the S&P500 benchmark by 500% annually. It's a $1,000,000 m…
Index funds are typically passively managed unlike mutual funds. I'm not saying what you are suggesting is impossible, but generally it would go against the definition of an index fund.