A new bill would block lawmakers from buying and selling individual stocks while in office

A new Democratic bill would block lawmakers from buying and selling individual stocks while in office

Full headline, shortened to fit.

Finally, a bill that would stop insider trading done by are public servants that has proved time and again to effect bills for profit.

Two leading Senate Democrats on Thursday introduced a bill intended to prevent members of Congress from trading stocks in industries tied to their legislative work.

The measure would ban members of Congress and senior staff from buying or selling individual stocks while in office. Members would also be barred from serving on any corporate boards.

A release from Oregon Sen. Jeff Merkley and Ohio Sen. Sherrod Brown cites two recent trading scandals, one involving a Republican congressman from New York and another involving former Rep. and one-time Trump administration Health and Human Services Secretary Tom Price, for inspiring the bill.

CNBC

Unfortunately, who really thinks this would pass. Why would they vote out personal slush funds to compensate them for their "public service".

a reply to: CriticalStinker

As with all bills, the devil is in the details, so I would want to read the entire thing.

But it sounds like something that we need.

That sounds like a damn good idea.

Hopefully the bill would have teeth and punish those that use proxies to xirxumvent the law. Many of thes POS politicians give inside information to their cronies in exchange for “donations”.

Well, they made insider trading illegal a few years back. Lots of good that did, the special assigned trader can no longer tell the congressmen what is going to happen, just pass on a special recommendation to buy something. Kind of sounds like a loophole to me.

Don't worry, it won't stop the congressman's brother or older children that don't live at home from making a fortune.

I'd support something like that...

I worked as a management consultant at a large firm and we advised CxOs at F500 companies - mergers and acquisitions, restructuring, new products, etc. I couldn't own shares in any clients of the consulting firm since we had insider info. I had to declare any investments/loans every year to make sure I was compliant.

It is absurd that those in public office don't have the same restrictions.

a reply to: CriticalStinker

That sounds pretty great....it's never going to pass.

well now the system is collapsing right now they do something like that ! lolllllll

now we're talking!

Good idea.

Other than not being passed, whats the catch.

a reply to: CriticalStinker
How our congress votes on this will be very telling.
Make a note of who votes no.

I want to see the entire bill first though.

sounds like a good idea. yet it just can not work. a politician can't buy stock? well fine, it will be their wife/husband, children, parents, siblings, cousins, friends ect "buying" that stock instead. it also doesn't take into account things like those involved in lawmaking, or buying/contracts, being "hired" after they retire from government service. as a reward for all the work they did on their behalf. it also would not stop corporations from "buying the politicians before hand with things like campaign contributions. even hiring family and friends. fact is there are many ways that these politicians, law makers, public servants are bought and paid for.

a reply to: CriticalStinker

yeah - and al that will happen = the wives , children , parents , siblings etc etc of elected officials will " suddenly " develope uncontrolable urges to become ameteure stock traders

This is a red herring. This is to make it look like they're trying to clean up corruption in Congress, but in reality if they can't buy individual stocks they will just buy into funds that contain the stocks that will benefit from the shady deals they do with lobbyists. Don't be fooled by this crap.

If they really wanted to stop corruption, they'd make a law that Congressmembers have a fixed income, aren't allowed to pursue any other sources of income (no book deals, no "charities", nothing), and can't do any investing while they're in Congress. Not fair? Sorry, that's what you have to do to become a public representative.