What will they own instead, and will the resulting motivation distortions be better or worse?
Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock
211–220 of 238 posts
Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock
#212Earlier quoted context omitted.
Makes sense now that it's legal and foreign/criminal actors can't extort people any more for being gay or smoking pot.
Well, a closeted person in a conservative part of the country might still be vulnerable to extortion. Makes me wonder if being openly out actually helps with getting security clearance. I feel like there’s a comedy sketch in here…
[deleted]
Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock
#213My 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.
You can't?!
Just one off the top of my head - my friend works for the lottery so he nor his immediate family can buy lottery tickets.
Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock
#214I can only guess there are big enough loopholes in this to drive a bus through. Similar to what congress has enacted on itself.
Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock
#215My 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 am in finance. We are not allow to sell stock unless it is in very small windows after earnings releases have happened.
I am not sure how this proposed ban would handle cases where someone is a founder of a company that goes public? I agree the current setup is not good.
Look at how many members in Congress have made millions trading stock.
All that aside, I don't like the double standard on insider trading. I think the law should be applied equally to everyone.
Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock
#216All show and no go. Like most such "reforms", it is intended for naive public consumption while also being easily circumvented. Setup a trust or corporation run by a family member and continue with business a usual.
This isn't a reason to not support the current effort. Democracy is an iterative process, not a magic wand that you wave to instantly teleport to a flawless system. This bill is step one. When (not if) it gets circumvented, that's when the next law addressing that problem can be passed.
What if making hollow grand gestures is the process, with reelection and career progression as the end goal.
Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock
#217Earlier quoted context omitted.
AOC claimed the insider trading is an open secret in Congress because: * Congress members don't get paid much and like money. * They are often old with healthcare issues. Their govt health plans are not great. * They maintain two residences, one in DC and one in their home state. AOC rents an apartment in NYC that she never lives in and one in DC. This is a huge expense. Closing this privilege might have other uninte…
These are different problems, right? > Congress members don't get paid much and like money. They're paid $174,000 per year. [1] That's 3–4x the median US salary. I know it's not, like, lucrative , but if they wanted a lucrative salary they should have gotten a different job! > They are often old with healthcare issues. Their govt health plans are not great. Fix the government health plan. Or better yet, make it a pub…
Not when you need to have two residences, one of which in a location well above the average cost of living (DC).
Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock
#218My 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 am in finance. We are not allow to sell stock unless it is in very small windows after earnings releases have happened. I am not sure how this proposed ban would handle cases where someone is a founder of a company that goes public? I agree the current setup is not good. Look at how many members in Congress have made millions trading stock. All that aside, I don't like the double standard on insider trading. I thin…
I think the answer is "if you are a founder of a company going public (or any business), you shouldn't be in office".
This is the requirement the GOP had for Jimmy Carter.
Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock
#219Earlier quoted context omitted.
These are different problems, right? > Congress members don't get paid much and like money. They're paid $174,000 per year. [1] That's 3–4x the median US salary. I know it's not, like, lucrative , but if they wanted a lucrative salary they should have gotten a different job! > They are often old with healthcare issues. Their govt health plans are not great. Fix the government health plan. Or better yet, make it a pub…
Not when you need to have two residences, one of which in a location well above the average cost of living (DC).
Yes, I covered that. The government should provide housing in DC for Congresspeople and aides. We don’t need to be okay with insider trading.
Re: Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock
#220Earlier quoted context omitted.
Aka pulling a John Kerry https://wibc.com/154888/climate-czar-john-kerry-throws-wife-... .
Kerry's wife, Theresa Heinz is estimated to have net worth of $750m or more. Is it really a stretch to think that she might be the one who owns the private jet?
Thats not the point at all lol. (Also, why should normal folks have to keep track of how much his wife has?)
The point is repeatedly emphasizing that "personally" he doesn't have a plane meanwhile repeatedly using his wife's plane while being the "Special Presidential Envoy for Climate".
https://www.usglc.org/positions/special-presidential-envoy-f...