Congress Needs to Stop Day Trading, Says Sen. Mark Warner

Post by Tenoke » Fri, Jan 14, 2022, 1:39 AM UTC

jmann99999 wrote: post #45

ISL wrote: post #28

Members 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://w…

The problem with this assessment is that it will never be enough. There is always more to make. For you. For your partner. For your kids. Many of us here are in software development and make more than $174K a year. That's great. However, even if we were paid $225K, but found an easy way to make $3 million a year, many of us would be tempted to go for the millions.

Post by ISL » Fri, Jan 14, 2022, 1:39 AM UTC

peteradio wrote: post #43

ISL wrote: post #28

Members 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://w…

I think there should be more of them so that we might actually know the guy. It's too big a job for its original intent I somewhat think.

Post by reidjs » Fri, Jan 14, 2022, 1:40 AM UTC

iamleppert wrote: post #30

How 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 perso…

Post by Bostonian » Fri, Jan 14, 2022, 1:41 AM UTC

TheDong wrote: post #14

Bostonian wrote: post #2

As I've said before, publish the trades of politicians and Fed officials online every evening. If they make hundreds of millions trading on information the public is unaware of, disseminate that information quickly. Politicians say things they know are untrue, but they will trade in what they perceive to be their interests. "Some of the most egregious stock trading in Congress occurred when several Senators dumped la…

I've got a slight improvement to your idea. Instead of publishing the trades after, or as they make them, instead publish them before they make them. Require any congress-person who wishes to trade a stock to write a plan saying "I will buy/sell roughly this many dollars worth of these shares on this date", and require the plan to be published a week before the trade is executed. We already require CEOs and company o…

Post by ISL » Fri, Jan 14, 2022, 1:42 AM UTC

TimTheTinker wrote: post #49

ISL wrote: post #28

Members 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://w…

Regardless of their pay, a congressperson will be tempted to align their incentives with service to causes other than their electorate. Plus, people who just want to make a lot of money (instead of serve their country) would be tempted to run for congress to receive "football coach level pay". It makes sense to pay them a high enough wage so (lack of) money doesn't become a worry in their life, but incentives get bor…