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Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock

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Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock

#41

Post by Invictus0 »

giantg2 wrote: post #32
_ea1k wrote: post #4

In practice, how would this work? A requirement that they only use index funds? But then wouldn't that bias them to support the companies that are the major movers in that index? Indexes are often heavily weighted to a small subset after all. TBH, it seems like an idea that sounds good on the surface but has practical issues in implementation that would make it irrelevant

[Deleted]

Congresspeople do not make $200k per year for life. The vast majority don't even make $200k while they're in office.

Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock

#42

Post by harry8 »

plim8481 wrote: post #26

Never thought I'd see the day Kirsten Gillibrand and Josh Hawley would co-author a bill

This kind of thing, outsiders from both sides of government joining to try to get something done is the only way you will ever get any reform.

Also why the insiders from both sides will be so scathing about outsiders on the other side and claim they are literally $evil_person_from_history

Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock

#43

Post by grog454 »

_lb0d wrote: post #14

My wife works in the audit department of a bank. I'm heavily regulated by the SEC on what stocks, ETFs, mutual funds I can buy/sell. An internal group monitors my buying/selling and makes approval/denial before I can do so. I have to hold an ETF for 1 month before I can sell it--not that I should be swing trading ETFs, but still. It's very frustrating at times, especially when I'm relegated to using just her bank's t…

Why? What kinds of things might you be able to do through your wife that require all this scrutiny?

Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock

#44

Post by rwmj »

ckardat123 wrote: post #39

I started building out tools to track congressional stock trading in 2020. Since then, I believe there have been 9 other proposals similar to this one. None of them have been even called to a vote. It seem like Congress is pretty unwilling to regulate its own trading. Until they are, feel free to track the trading here: https://www.quiverquant.com/congresstrading/

Does a "Congress tracker fund" make money? What with all the rumoured insider trading ...

Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock

#45

Post by ghaff »

jchanimal wrote: post #25
_lb0d wrote: post #14

My wife works in the audit department of a bank. I'm heavily regulated by the SEC on what stocks, ETFs, mutual funds I can buy/sell. An internal group monitors my buying/selling and makes approval/denial before I can do so. I have to hold an ETF for 1 month before I can sell it--not that I should be swing trading ETFs, but still. It's very frustrating at times, especially when I'm relegated to using just her bank's t…

I think is standard practice at larger firms in the banking industry, it should be for government as well.

There are significant restrictions in a number of sectors--including ones that don't necessarily compensate terribly well--that I expect many people reading this would bridle at if they applied to themselves but which are in place (usually for understandable reasons) nonetheless.

Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock

#47

Post by BurningFrog »

_lb0d wrote: post #14

My wife works in the audit department of a bank. I'm heavily regulated by the SEC on what stocks, ETFs, mutual funds I can buy/sell. An internal group monitors my buying/selling and makes approval/denial before I can do so. I have to hold an ETF for 1 month before I can sell it--not that I should be swing trading ETFs, but still. It's very frustrating at times, especially when I'm relegated to using just her bank's t…

I can't think of any other situation when one person getting a job puts legal obligations on their spouse, but I haven't looked into it.

Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock

#49

Post by jjoonathan »

rwmj wrote: post #44
ckardat123 wrote: post #39

I started building out tools to track congressional stock trading in 2020. Since then, I believe there have been 9 other proposals similar to this one. None of them have been even called to a vote. It seem like Congress is pretty unwilling to regulate its own trading. Until they are, feel free to track the trading here: https://www.quiverquant.com/congresstrading/

Does a "Congress tracker fund" make money? What with all the rumoured insider trading ...

NANC and KRUZ are the ticker symbols (I wish I was joking)

Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock

#50

Post by neilv »

I would love for all lawmakers to be limited to market index investing.

Say, asset allocation (other than their home and a Washington pied a terre) of 50% US stocks index, 20% non-US stocks index, 30% US bonds index.

No stock-picking. No sector-picking. No real estate other than through the indexes. No private company ownership. No trusts. No circumvention.

Alignment with ordinary people's retirement funds seems great.

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