Do you oppose congress critters trading stocks?

[K1052]

Investing in various index funds yes. Individual stocks? No. And you should absolutely get sent up the river if you tell family and friends to do so on your behalf.

Congresscritters should make their money the old fashioned way: creating carve outs in legislation for companies that will hire you later to exploit or go do lobbying/sit on boards/give talks/etc.

 

[GodisanAtheist]

I generally like the idea of index funds and other broad cap funds across different markets and investment vehicles. However, an index fund for the DOW or S&P 500 just means Congress works to make sure large corps get sweet deals and we're back to square one.

If congress can invest, they must invest equitably across all sectors of the American economy, not just pharma or aerospace or finance. Make sure they have skin in the game on every decision they make, and I'm game.

 

[Ajay]

I generally like the idea of index funds and other broad cap funds across different markets and investment vehicles. However, an index fund for the DOW or S&P 500 just means Congress works to make sure large corps get sweet deals and we're back to square one.

If congress can invest, they must invest equitably across all sectors of the American economy, not just pharma or aerospace or finance. Make sure they have skin in the game on every decision they make, and I'm game.

Given the lobbying $$s already being target at congress critters from big business ($300M annually from big Pharma, for example), that point becomes somewhat mute.

 

[fleshconsumed]

I'll allow index funds. You hitch your wagon to the market as a whole. Not a single stock you can game.

I'm with vi edit on this one. The conflict of interest is too great to allow them to trade individual stocks, and while technically there are various ethics rules in place that are supposed to prevent members of Congress from insider trading, as history has shown enforcement is pretty much non-existent and does nothing to stop it. Since the rules cannot be effectively enforced the only solution is to not let them trade individual stocks. Let them buy index funds only so that they can't game individual stocks and have to care about economy as a whole since that's where their fortunes will be tied to.

 

[CheasterRobson]

I'm against it because they have more advantages than other traders. They shouldn't be able to do it while in the office. Once you stop being in congress, you can do whatever you want. That's why people like Nancy Pelosi made $30 million in stocks in 2021. I loved trading stocks, but stuff like that made me want to stop.
I still trade, but it's primarily futures now. I did a course about futures on https://www.CanadianFuturesTrader.ca a long time ago, and now I can put all that I learned into practice. I won't stop trading stocks altogether, but I hate that others have advantages we regular traders don't...

 

[interchange]

Why not? Who says congressmen can't trade stocks?

That's the question being proposed. Congressmen often get access to information that isn't available to the general public which could allow them to make money in the market. Such a thing (insider trading) is illegal, however making something illegal and enforcing its illegality are two wholly separate matters.

 

[fskimospy]

Why not? Who says congressmen can't trade stocks?

As an example maybe as a congressman you're writing a bill give huge subsidies for solar panels or whatever. You know the details of this bill before the vast majority of people so you could buy solar panel company stock and make a lot of money once that information becomes public.

 

[Fanatical Meat]

As an example maybe as a congressman you're writing a bill give huge subsidies for solar panels or whatever. You know the details of this bill before the vast majority of people so you could buy solar panel company stock and make a lot of money once that information becomes public.

or you find out there is an investigation into Enron and you sell all your stock before it tanks.

 

[Fanatical Meat]

I firmly believe a congress and Presidents all should have their investments managed by a real blind trust. There should be a small agency that vets the investors, the investors should have no contact with the congress person ever other than summary statements.
Your Son running your trust is not blind assholes.

 

[fskimospy]

I firmly believe a congress and Presidents all should have their investments managed by a real blind trust. There should be a small agency that vets the investors, the investors should have no contact with the congress person ever other than summary statements.
Your Son running your trust is not blind assholes.

How about an easy rule that they can only invest in index funds. There could be a half dozen or dozen of these and then that's it.

Hell, most managed money is a scam anyway so we're probably doing them a favor.

 

[Fanatical Meat]

How about an easy rule that they can only invest in index funds. There could be a half dozen or dozen of these and then that's it.

Hell, most managed money is a scam anyway so we're probably doing them a favor.

fair enough

 

[uclaLabrat]

How about an easy rule that they can only invest in index funds. There could be a half dozen or dozen of these and then that's it.

Hell, most managed money is a scam anyway so we're probably doing them a favor.

Also be real interesting to compare the portfolio returns of each congressperson and benchmark them compared 1) standard indices and 2) leading hedge funds.

If they're between the index and the hedge funds maybe theyre just savvy, but unlikely. If they're routinely beating the pros you know theyre stacking the deck.

 

[pauldun170]

Pelosi - "Whatever. And also Supreme Court should be included as well"

Pelosi opens the door to stock trading ban for members of Congress

House Speaker Nancy Pelosi has said a law prohibiting members of Congress from picking individual stocks isn't needed, but added if it has the backing of her caucus she is OK with it.

www.npr.org

 

[BonzaiDuck]

30 years of government service. Two stints in graduate school studying government, economics and business. But especially -- a good high-school history class and great instructor.

There is a concept and ideal of "good government". Good government doesn't make it easy for people to pursue their own greedy objectives in service to the public. There are two parties, mostly: a party that believes in good government, and a party that believes in no government.

When I was in the middle of my own career, the government had fairly rigorous contract selection processes that weren't driven by personal association and moneyed interests.

If we don't enforce the laws that prohibit theft, poor government and the pursuit of personal interest as with Trump and his tax law "innovations", we won't be the country we once were. Everything may soon be at risk. What would you be able to depend on, in your various needs? Will bridges collapse because of shoddy work and businesses attempting to give the least for the most?

And whatever happened to common sense?

 

[dank69]

As an example maybe as a congressman you're writing a bill give huge subsidies for solar panels or whatever. You know the details of this bill before the vast majority of people so you could buy solar panel company stock and make a lot of money once that information becomes public.

Sad commentary on current situation. At least we'd be going green, and I wouldn't really care how many people got rich off that.

 

[ivwshane]

30 years of government service. Two stints in graduate school studying government, economics and business. But especially -- a good high-school history class and great instructor.

There is a concept and ideal of "good government". Good government doesn't make it easy for people to pursue their own greedy objectives in service to the public. There are two parties, mostly: a party that believes in good government, and a party that believes in no government.

When I was in the middle of my own career, the government had fairly rigorous contract selection processes that weren't driven by personal association and moneyed interests.

If we don't enforce the laws that prohibit theft, poor government and the pursuit of personal interest as with Trump and his tax law "innovations", we won't be the country we once were. Everything may soon be at risk. What would you be able to depend on, in your various needs? Will bridges collapse because of shoddy work and businesses attempting to give the least for the most?

And whatever happened to common sense?

You figure that out and you’ll have a really well funded retirement

 

[Lost_in_the_HTTP]

Hmmm, 'magine that.


Republican Rep. Diana Harshbarger bought and sold defense contractor stocks in the days after Russia invaded Ukraine

Business Insider|29 minutes ago
Congress is considering whether to ban lawmakers from trading individual stocks altogether.