I don’t know why this hasn’t been proposed sooner? Or was there any attempt before this?
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This needs a big [citiation needed]! Why would you throw such serious accusations around without a source?
House Democrats to propose ban on lawmaker stock trading – report
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Re: House Democrats to propose ban on lawmaker stock trading – report
#32I've been collecting and sharing (@QuiverCongress on Twitter) data on stock trading by U.S. congressmen for the past couple years. While there is currently legislation that requires congressmen to disclose their financial dealings, enforcement around it is incredibly weak. Congressmen are supposed to disclose stock transactions within 45 days of when they are made, but in practice there are dozens of violations of th…
If it becomes a big enough liability that prominent representatives are concerned about their reelection due to it then it will happen. Yes, Congress is reluctant to specifically legislate against itself, so to make it happens a stink must be raised.
Yeah, I definitely don't want to write it off entirely.
The STOCK act passed 96-3, so while congress might not tend to be keen on regulating themselves, it's not completely allergic.
Interestingly, one of the 3 'no' votes on the STOCK act was later engaged in some of the fishiest trading I've seen around the start of COVID. Here's a visual I made on it:
https://www.reddit.com/r/dataisbeautiful/comments/gwocvt/sen...
Re: House Democrats to propose ban on lawmaker stock trading – report
#33Earlier quoted context omitted.
How would that lead to bankruptcy?
So should all politicians receive money exclusively from lobbyists/donors? Or I guess they should go get paycheck jobs somewhere? Where does a politicians money come from? If they exclusively received their money from stock trading as opposed to lobbyists/donors, how do you think the policy decisions would change?
....They get a salary?
It's not huge, by rich-people standards (which is a legitimate concern, as it does lead to very rich people being more able to take politician jobs than regular people), but, what, you thought they relied on graft to buy their dinners??
Re: House Democrats to propose ban on lawmaker stock trading – report
#34Earlier quoted context omitted.
How would that lead to bankruptcy?
So should all politicians receive money exclusively from lobbyists/donors? Or I guess they should go get paycheck jobs somewhere? Where does a politicians money come from? If they exclusively received their money from stock trading as opposed to lobbyists/donors, how do you think the policy decisions would change?
>So should all politicians receive money exclusively from lobbyists/donors? Or I guess they should go get paycheck jobs somewhere?
Am I mistaken? I thought most political position are paid positions. Currently north of $150,000 USD for members of congress, I think?
Re: House Democrats to propose ban on lawmaker stock trading – report
#35Earlier quoted context omitted.
How would that lead to bankruptcy?
So should all politicians receive money exclusively from lobbyists/donors? Or I guess they should go get paycheck jobs somewhere? Where does a politicians money come from? If they exclusively received their money from stock trading as opposed to lobbyists/donors, how do you think the policy decisions would change?
Politicians don’t receive money directly from lobbyists and donors. Doing so would be a violation of rules against taking bribes.
Lobbyists and donors give money to campaigns, which require untold sums of money these days, and a congresspersons power within the party is directly correlated to their ability to fundraise for the party.
As to their actual personal means of a congresspersons wealth, they’re paid fairly high salaries (close to 200k per year, which, despite the expectations of this forum is quite a bit for the US) and yes, they have the ability to engage in their own investments and business dealings on the side. Not to mention their incredibly generous pensions.
Re: House Democrats to propose ban on lawmaker stock trading – report
#36Earlier quoted context omitted.
How would that lead to bankruptcy?
So should all politicians receive money exclusively from lobbyists/donors? Or I guess they should go get paycheck jobs somewhere? Where does a politicians money come from? If they exclusively received their money from stock trading as opposed to lobbyists/donors, how do you think the policy decisions would change?
> Where does a politicians money come from?
They have an annual salary.
Re: House Democrats to propose ban on lawmaker stock trading – report
#37I don’t know why this hasn’t been proposed sooner? Or was there any attempt before this?
STOCK act 2012. I believe it was quietly repealed.
> STOCK act 2012. I believe it was quietly repealed.
No, it wasn't.
It was scoped back, uncontroversially, to not apply to e.g. Congressional staffers. It still applies to "the President, Vice President, Congress, or anyone running for Congress" [1]. It also, more controversially, "eliminated the requirement for the creation of searchable, sortable database of information in reports, and the requirement that reports be done in electronic format, rather than on paper."
The law and its penalties still apply to members of Congress. It just permitted them to file on paper. That leads to crap like this [2]. Still, a long shot from repeal.
[1] https://en.wikipedia.org/wiki/STOCK_Act#Amendment
[2] https://www.businessinsider.com/stocks-congress-trading-disc...
Re: House Democrats to propose ban on lawmaker stock trading – report
#38Let's get real... *** TERM LIMITS *** .
Term limits increase the power of lobbyist, according to what I’ve read. They’re not a panacea.
Re: House Democrats to propose ban on lawmaker stock trading – report
#39Earlier quoted context omitted.
How would that lead to bankruptcy?
So should all politicians receive money exclusively from lobbyists/donors? Or I guess they should go get paycheck jobs somewhere? Where does a politicians money come from? If they exclusively received their money from stock trading as opposed to lobbyists/donors, how do you think the policy decisions would change?
Senators make $174,000/yr and most are already wealthy before running for election.No one is asking them to give up all income streams outside of their jobs, just to stop trading individual stocks. Senators have a LOT of knowledge about things that will effect stock prices that is outside of the public realm. Trading on that knowledge is a clear violation of public trust.