Do you oppose congress critters trading stocks?

Should congress critters be allowed to trade stocks?

  • Yes

    Votes: 17 40.5%
  • No

    Votes: 25 59.5%

  • Total voters
    42

Moonbeam

Elite Member
Nov 24, 1999
68,637
4,592
126
I dont. They are people like anyone else. Is the potential for abuse there? Of course; however, there are safeguards in place. Congress critters desrve to take risks and reap rewards like the rest of us.

Pelosi agrees with me:

Pelosi Opposes Ban on Lawmakers Trading Stocks as Her Family Makes Millions on the Market (msn.com) [Newsweek]
So true. What she needs to do instead is pass a law that makes all corruption of any kind illegal. That way her family can be put in jail and her for telling them what stocks to buy, not to mention wiping out all other forms of crime.
 

blackangst1

Lifer
Feb 23, 2005
21,498
999
126
So true. What she needs to do instead is pass a law that makes all corruption of any kind illegal. That way her family can be put in jail and her for telling them what stocks to buy, not to mention wiping out all other forms of crime.
So in other words, make illegal things illegal?
 

dawp

Lifer
Jul 2, 2005
11,022
2,256
136

HomerJS

Lifer
Feb 6, 2002
29,999
16,968
136
As long as they are not privy to information not available to the general public I have no problem with stock trading.

Also what HTTTP said
 

Fenixgoon

Lifer
Jun 30, 2003
29,266
5,445
126
Blind trusts for all of them.
As a former federal employee (at the peon level), I found it hilarious that I was subject to more financial disclosures and conflict of interest evaluations than the people who are in charge of spending literally trillions of dollars.
 

HomerJS

Lifer
Feb 6, 2002
29,999
16,968
136
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repoman0

Diamond Member
Jun 17, 2010
3,785
2,244
136
At the very least they should be able to invest in the overall US economy via broad index funds such as SPY. Probably a good idea to not trade individual or foreign stocks to avoid even the appearance of insider trading or conflicts of interest.

TBH congressional pay is pretty shit for how much work the job is and for having to maintain two residences. The last thing we need is only old rich people taking the job and otherwise young talented people taking other career paths because they get paid better elsewhere and can’t even save for their futures in Congress.
 
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UNCjigga

Lifer
Dec 12, 2000
23,763
6,767
136
How about blind trusts for everyone while in office? Realistically, there should be limits for legislators in terms of how much stock of a single company they can buy, sell or short while in office (proportional to their total portfolio).
 

ponyo

Lifer
Feb 14, 2002
19,687
2,792
126
It's amazing how all Congress members become millionaires if they're not already after taking the job. Must be something in the DC water.
 
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fskimospy

Elite Member
Mar 10, 2006
75,553
29,589
136
I dont. They are people like anyone else. Is the potential for abuse there? Of course; however, there are safeguards in place. Congress critters desrve to take risks and reap rewards like the rest of us.

Pelosi agrees with me:

Pelosi Opposes Ban on Lawmakers Trading Stocks as Her Family Makes Millions on the Market (msn.com) [Newsweek]
No, I strongly disagree. There are lots of financial rules other people who interface with finance must follow and they have a lot less control over stocks than congressmen do. Pelosi is 100% wrong here, I think all stock trading by congressmen should be banned.
 

uclaLabrat

Diamond Member
Aug 2, 2007
5,070
1,753
136
I lean towards freezing them out completely, they should at least be able to obtain a security clearance. That said, blind trusts or index funds are acceptable in my opinion, but I'd lean towards locking them out completely all things considered.

The standard absolutely should be "not even the appearance of impropriety", and hardly anyone lives up to that.
 

vi edit

Elite Member
Super Moderator
Oct 28, 1999
61,704
6,047
126
Index funds I'm cool with, especially if you prohibit shorting or leveraged positions. It's the ultimate pay for performance and should help keep things from getting gamed in short terms.
 

HurleyBird

Platinum Member
Apr 22, 2003
2,427
849
136
Trade stocks, sure. Get away with insider trading, hell no.

In an ideal world, if members of congress could be prosecuted for this kind of insider trading, then the fact that they often find themselves with insider knowledge could be a feature instead of a bug, where we can weed out the bad apples who succumb to temptation.
 

vi edit

Elite Member
Super Moderator
Oct 28, 1999
61,704
6,047
126
And yes, stock trading platforms can certainly limit activity types and positions you are allowed to hold. There's no need to reinvent the wheel there.
 

Saylick

Golden Member
Sep 10, 2012
1,573
1,923
136
Congress members need to be held to the same legal bindings as corporate executives when they trade stock. If a company executive can't dump their shares immediately prior to an abysmal earnings report, then Congress members can't dump their shares prior to publicly available information. If I am not mistaken, executives normally have to schedule when they sell company stock, usually months in advance of when the transaction occurs. Are these same rules not imposed for Congress members? If not, can't we impose the same rules for Congress members?
 

DaaQ

Senior member
Dec 8, 2018
764
477
106
Wasn't there some rules to this effect, like way back in the Reagan days? Something like you couldn't hold stock/ownership stakes in companies your family owned or something to that effect.

You know some old regulation that got wiped away many years ago.
 

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