CEO's and officers of corporations have to disclose their trades of their company stock. It is only fair that the public officials making the laws that govern the operations of said corporations should have to disclose all their stock activities as well, since almost any law they pass could potentially impact almost any company.
Congress Needs to Stop Day Trading, Says Sen. Mark Warner
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Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#22We will see a black hole evaporate via Hawking radiation before a bill such as this becomes law. The United States Senate is the body representing the capitalists/landed gentry/aristocracy/etc., and from my amateur reading of US history it always has been. The House is only slightly better.
There may be politically powerful voices which speak out on issues such as these, but only briefly. Tomorrow will be a new crisis, or celebrity death, or something which takes attention away. And because the politicians voicing support for change are in the minority, and support for their efforts non-existent, then there is no momentum to push it forward beyond the crisis of the week.
This has been true for as long as I can remember. I have never seen evidence, current or historical, that gives evidence otherwise. Instead, voters are blamed, blamed for a system they have little to no power to affect in any significant way.
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#23If you've ever wondered why anyone would run for Congress given the pay, this is your answer. What's amazing is how many of them will shamelessly promote the idea of corruption in other countries, and then day trade and grasp their hypeocricy.
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#24Just pay these people 50 mil a year and tell them to go away.
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#25Only way we'll ever get rid of Pelosi.
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#26Awkward title. It implies congress is considering a ban on retail day trading.
It seems obvious after I caught my mistake, but I too originally misread it in this away. Not sure why you're being downvoted.
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#27It has to also include the typical provisions for insider trading like "telling others material information related to stocks / companies etc". I tend to like the idea people are proposing of requiring the information to be disclosed in real-time when the trade is made (also not like "at the closing bell" BS that I'm sure people would push for..). Like it would be awesome to see people making trades 10 mins after a briefing and going, huh.. ok cool, so looks like Lockheed won the contract... :-)
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#28Members of Congress make ~$174k/yr. [1]
It will be an unpopular opinion, but I believe that we should pay better (and demand better) for a job with that much responsibility. Otherwise, a congressperson will be forever tempted to align their incentives with service to causes other than their electorate.
I'm fairly certain we should be paying our elected officials at least as much as our football coaches.
[1] https://www.senate.gov/artandhistory/history/common/briefing...
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#29Only way we'll ever get rid of Pelosi.
I can't recall who said it, but the gist of the quote was: "If you want to eliminate earnings inequality in the United States, give every citizen real-time access to Nancy Pelosi's trades."
According to the now-Cancelled Twitter account (would that have happened if she was a Republican?) dedicated to her financial shenanigans, her portfolio has outperformed Bitcoin. Something is deeply, deeply wrong here.
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#30How is it acceptable for them to engage in these activities while on the job? It should be illegal based upon their job duties. During office hours, and while at the office, like everyone else, they should be required to carry out their job duties and not engage in personal or outside activities. Trading stocks and the like has nothing to do with their job and should not be done while at your job.
If a congress person is caught doing anything else besides their job, they should be fired immediately for cause. We need to put the public service back in public service.