Congress Needs to Stop Day Trading, Says Sen. Mark Warner
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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
#2As 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 large volumes of stock in Winter 2020, right after Congress was briefed on the magnitude of the Covid threat. Sen. Kelly Loeffler sold millions in stock. Her fellow Georgia Sen. David Purdue made a windfall by dumping and buying back stock. Sen. Richard Burr offloaded more than $1.6 million in stock ahead of the market crash (and then made a suspicious call to his brother-in-law, who promptly called a broker)."
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#3As 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…
Sounds great. Could we also start some sort of Index fund using those trades? Congress seems to have some fantastic returns I would like to tap into!
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#4As 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…
Why online in the evening? Do it in real time with an official federal FIX stream.
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#5Awkward title. It implies congress is considering a ban on retail day trading.
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#6As 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…
Sounds great. Could we also start some sort of Index fund using those trades? Congress seems to have some fantastic returns I would like to tap into!
Not an index fund, but you can programmatically get access to their disclosed trades and create your own trading bot from there. I think this disclosures are a month or so after the fact.
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#7Awkward title. It implies congress is considering a ban on retail day trading.
how? It's one senator saying this....
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#8Earlier quoted context omitted.
Sounds great. Could we also start some sort of Index fund using those trades? Congress seems to have some fantastic returns I would like to tap into!
Not an index fund, but you can programmatically get access to their disclosed trades and create your own trading bot from there. I think this disclosures are a month or so after the fact. https://api.quiverquant.com/docs/
Nice info. A days lag would be better, or instant! I think a month would give them plenty of time to dodge the crash. Like happened in 2020.
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#9As 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…
Why online in the evening? Do it in real time with an official federal FIX stream.
Imo real time is not enough, but it is a solid bare minimum requirement. If private executives have to schedule and declare their company equity trades months and months ahead of time, why do we let the government officials off the hook with just real time?
I am not proposing the same “months and months ahead” rules for politicians, because for private executives that restriction applies only to the equity of their own companies (while for congress it would be for all companies). But what about a day ahead? I think that’s reasonable to make government officials to declare their trade a day ahead. After all, unless it is some specifically-timed trade based on insider info, why would it matter? It is just a single day.
But i would also be ok with “declared a day ahead to SEC, with the trade info being automatically released to the public the second it happens” (basically, same as real-time, but with an extra safeguard). Mostly proposing this one, because I am concerned that knowing their trades ahead of time publicly might introduce unwanted side effects.
Re: Congress Needs to Stop Day Trading, Says Sen. Mark Warner
#10As 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…
Sounds great. Could we also start some sort of Index fund using those trades? Congress seems to have some fantastic returns I would like to tap into!
They're required to disclose the trades, but usually have like 2 months to do it and the fines for not disclosing or improperly disclosing are minimal to none. It's a joke.
They should be held accountable like most people that have a conflict of interest. I work for a publicly traded company, and even though I don't have anything to do with the financial side of things, I'm forbidden from trading for most of the year to avoid any potential conflict of interest.