A bipartisan group of senators reached a deal Wednesday on legislation to ban stock trading by members of Congress, setting the bill up for action in the Senate later this month.
Bill dies in committee in 3, 2, 1…
From the article:
The deal would immediately prohibit members of Congress from buying stocks and selling stocks 90 days after the bill is signed into law.
It would also ban member spouses and dependent children from trading stocks starting in March 2027. Penalties for violating the law would either be the monthly salary of a lawmaker or 10% of the value of each asset they buy or sell.
So they just have to make more than 10% and they can still do it without a real barrier?
AFTER BEING SIGNED INTO LAW seems like a huge loophole to me. They can just trade while they’re talking about it or right after it passes but hasn’t been signed, etc etc.
YES, FUCK. How do we let people with some of the most insider knowledge profit off of that at the expense of the American people? Making money in the market isn’t just printing money: that money comes from others who lose out because they aren’t cheating.
I’ll be shocked if this actually becomes law.
Being a congress member is about civil service, serving Americans. It’s not about self service or family service. They should put Americans before themselves. If they can’t do that, go work in the private sector.
havent they tried this a few times… and each time its either abandoned or some loopholes are created making the endeavor pointless?
From the article:
**The big picture: **Previous efforts to get a stock trading ban passed through Congress have failed over the last few years.
- But the bipartisan backing in the Senate could tee up the bill for rare progress during an election year.
- The Senate Homeland Security and Governmental Affairs Committee will mark up the bill on July 24.
