Ban Congress from trading in stocks

[BarkingGhostar]

Sen. Elizabeth Warren wants to do just that. Read. I can't help but say that I agree, but I think I would prefer a prohibition on lobbying donations.

 

[Dulanic]

2018 article ....

 

[BarkingGhostar]

Does the idea depreciate over time? Not in my book.

 

[Fenixgoon]

I remember when I worked as a civilian for the navy, we had a required training class about financial disclosures and conflicts of interest (including accepting gifts) because we would be privy to information regarding contract awards.

I made sure to point out that congress, who funds these projects in the first place, does not have such restrictions.

Not that the person giving the class could do anything about it, but I felt it was important to highlight the hypocrisy/double standard

 

[vi edit]

I'm all for federal law makers having to liquidate individual stocks and move it to an indexed fund. No more winks and nods to individual company stocks you can make "enlightened" decisions on.

 

[hal2kilo]

How about the president keep his yap shut about the stock market in general. If recent memory serves, this was not done in the last administration. I'm sure some friends made some killings.

 

[Fanatical Meat]

I'm all for federal law makers having to liquidate individual stocks and move it to an indexed fund. No more winks and nods to individual company stocks you can make "enlightened" decisions on.

or hand it over to a real blind trust, not a Son who is operating your blind trust but a real blind trust like what is done with the Fed.
Also I am in the minority, I think all Congress people and the President should get a big raise and index it to inflation.

 

[K1052]

I'm all for federal law makers having to liquidate individual stocks and move it to an indexed fund. No more winks and nods to individual company stocks you can make "enlightened" decisions on.

The most common argument I hear against this is that smart wealthy people won't like it and won't run for congress if they can't control their holdings, thereby unfairly depriving us of their innate genius.

My response is: Don't threaten me with a good time.

 

[mect]

The most common argument I hear against this is that smart wealthy people won't like it and won't run for congress if they can't control their holdings, thereby unfairly depriving us of their innate genius.

My response is: Don't threaten me with a good time.

It really is an odd notion that smart, wealthy people who are selfish enough to be turned away by fiscal ethics preventing them from looting are better for the country than people who want to serve for the sake of improving the country.

 

[vi edit]

The most common argument I hear against this is that smart wealthy people won't like it and won't run for congress if they can't control their holdings, thereby unfairly depriving us of their innate genius.

My response is: Don't threaten me with a good time.

Right! That's a feature, not a bug.

 

[BoomerD]

Take it a bit further. Ban ALL government employees...and their immediate families from investing in the stock market. There are just too many ways to game the system.

 

[vi edit]

Take it a bit further. Ban ALL government employees...and their immediate families from investing in the stock market. There are just too many ways to game the system.

I don't think you understand the ask you have there. A nurse working at a VA is a government employee. Should they and their family be prohibited?

 

[hal2kilo]

I don't think you understand the ask you have there. A nurse working at a VA is a government employee. Should they and their family be prohibited?

What power do they have. No more than any other stock holder.

 

[Moonbeam]

There is so much to be done by government for the American people that anybody with a sense of moral responsibility and duty wouldn't have time to pay attention to his or her own financial enrichment.

 

[Dave_5k]

Take it a bit further. Ban ALL government employees...and their immediate families from investing in the stock market. There are just too many ways to game the system.

I don't think you understand the ask you have there. A nurse working at a VA is a government employee. Should they and their family be prohibited?

I could see something like GS15 and above, including all elected officials and appointed positions, being barred from any active trading or holding on to anything other than broad index funds as a reasonable ethics rule. But most all of the lower levels really don't have any significant influence, and in the rare cases where they do, they are already (theoretically) barred from trading on it.

 

[BoomerD]

I don't think you understand the ask you have there. A nurse working at a VA is a government employee. Should they and their family be prohibited?

Good point.

 

[IronWing]

Take it a bit further. Ban ALL government employees...and their immediate families from investing in the stock market. There are just too many ways to game the system.

Government employees are already prohibited from investing in any business that could be affected by the work the employee does.

 

[Paratus]

Take it a bit further. Ban ALL government employees...and their immediate families from investing in the stock market. There are just too many ways to game the system.

That’s great. They’ve reduced or entirely eliminated pensions in favor of TSP (govt 401k). So we just don’t get retirement now nor can we invest for it?

 

[s0me0nesmind1]

That’s great. They’ve reduced or entirely eliminated pensions in favor of TSP (govt 401k). So we just don’t get retirement now nor can we invest for it?

I'm not in favor of going that far - just people that have a direct relation to passing legislation that effects the stock market. You know, market corruption and insider trading 101?

They can still do investments, just with diversified index funds and even individual stocks but only via a fiduciary that doesn't have any insider knowledge to your job.

 

[blackangst1]

As long as the insider trading rules are enforced, I dont see this as a good thing. Congress critters are people just like us (haha) and should be able to trade as they wish.

 

[Fanatical Meat]

I bet politicians receive tonnes of money via trading their stocks by affiliates or their friends.

That’s sort of what’s being talked about