U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets • Hacker News Board

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#111

Post by IAmBroom » Fri, May 01, 2026, 1:56 PM UTC

lapetitejort wrote: post #19

riotnrrd wrote: post #12

Earlier quoted context omitted.

This was done in 2012: https://en.wikipedia.org/wiki/STOCK_Act

> A member, officer, or employee of the __Senate__ shall not receive any compensation, nor shall he permit any compensation to accrue to his beneficial interest from any source, the receipt or accrual of which would occur by virtue of influence improperly exerted from his position as a member, officer, or employee. Emphasis mine. This does not cover the judicial or executive branch

Nor even the House of Representatives.

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#112

Post by IAmBroom » Fri, May 01, 2026, 1:58 PM UTC

robomartin wrote: post #57

Almost there... Both for Senators and Representatives: - Term limits (2 consecutive terms max) - No stock market participation in any form during office - No corporate or PAC contributions - Prison for lying to the public or during the course of their work (hearings, media, etc.) - Serious legal consequences for defamation or libel - No special medical/healthcare insurance, accounts or treatment - Pensions only bases…

Very few if any of these are applicable to "any real job by average citizens".

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#113

Post by Snowfield9571 » Sat, May 02, 2026, 3:51 AM UTC

What about their family? What about staffers? What about anyone in the room when insider information is being shared? Good first step but plenty of ways around this. Not really that significant.

Do stock trading next.

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#114

Post by verst » Sat, May 02, 2026, 5:20 AM UTC

vjvjvjvjghv wrote: post #39

verst wrote: post #10

Earlier quoted context omitted.

In theory as a government employee you already fear getting in trouble with OGE (Office of Government Ethics) and in normal times this is truly enough. Nobody wants to have a conflict of interest or fail to disclose investments etc. However nothing is normal under the current administration...

Ethics rules only apply to the lower ranks and as far I know, they are quite strict. Once you move up the chain, most rules become optional.

I was a GS-15 before (same level most CTOs in government have). Maybe senior executive service roles (SES) might not concern themselves with ethics violations.

In any case the vast majority of government employees are on the general schedule.

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#115

Post by edge_trader_41 » Sat, May 02, 2026, 6:29 AM UTC

[flagged]

Re: U.S. Senators Vote to Ban Themselves from Trading on Prediction Markets

#116

Post by robomartin » Sat, May 02, 2026, 9:46 PM UTC

IAmBroom wrote: post #112

robomartin wrote: post #57

Almost there... Both for Senators and Representatives: - Term limits (2 consecutive terms max) - No stock market participation in any form during office - No corporate or PAC contributions - Prison for lying to the public or during the course of their work (hearings, media, etc.) - Serious legal consequences for defamation or libel - No special medical/healthcare insurance, accounts or treatment - Pensions only bases…

Very few if any of these are applicable to "any real job by average citizens".

Failure to understand the general idea I guess?

Politicians enjoy a pile of benefits and privileges that the average citizen has no access to at all.

Simple example: They can lie to you and suffer no consequences. If you lie to them, even a minor lie, you can end up with serious criminal charges.

You took the list as literally applying to average citizens.

You took this part:

"In other words, like any real job by average citizens."

and completely ignored the next sentence:

"They should not be a privileged and protected class."

That's the point.

They are supposed to work for us and represent us, and yet they fly far above us at so many levels it is incredible. This is what students should be demonstrating about. It is destructive and equally corrupt regardless of political party.

In other words, it should be a universal truth (no party exceptions) that politicians should not exist as a class above those who elect them. Simple examples are health insurance, consequences for lies, fully paid lifetime benefits and pensions, etc. This is wrong.