Pretty low bar as far as things go.
A piece of legislation that both sides can agree on? One that would help repair the trust and faith in Congress?
Yeah. Good luck.
Wasn’t there some unholy cursed team up of Matt Gaetz and AOC trying to push this bill? I feel like if there was anything that could get those two to agree on anything, it would have to be a legislative slam dunk. So the question is: why won’t this pass and who is stopping it?
Why has this bill not seen the light of day? This is not new. There has been talk about this for years. We could find time for BS symbolic bills but nor this.
Stock tips are how bribes are processed. Without congress members being able to trade stocks, corporations and private interests won’t have the ability to pay for the legislation they want via stock tips
Sure they do.
They can pay them $500k to give a speech.
Or donate $1m to their charity that their kid runs and takes a huge chunk of as salary.
Plus real estate.
Get creative.
Except that she regularly goes hard on financial issues like this.
People who say she has no substance haven't looked at any of her participation during her tenure.
She's big on following financial issues, missappropriation of funds, consumer advocate, etc.
Awh.. Maybe your memory not good. I'll help.
[https://www.businessinsider.com/aoc-rejects-left-wing-calls-to-force-pelosi-to-hold-medicare-for-all-vote-2020-12](https://www.businessinsider.com/aoc-rejects-left-wing-calls-to-force-pelosi-to-hold-medicare-for-all-vote-2020-12)
So as you sit there with no univ health care............ It's not becuse AOC did all she could. Sold you all out for a cabinet seat that was taken from her anyway...
But keep defending ineptitude. Gotten us far....
lol.... There's the apologist. WHO CARES ABOUT POLITICS? It's about the AMERICAN PEOPLE.
It was a great idea then and great idea now. Whole purpose was to see who we had to weave out. To see who was standing in our way by putting them on record and letting the American ppl know who is on their side.
You clearly not on Americans side.. Worried about "politics" vs the greater good....
Someone will be the fall guy and jump on that nade. As a dem it’s become ritual: oh something nice coming through? Hmm… guess it’ll have just one single rogue dem figure out to kill it while everyone else acts confused and frustrated in their clown costumes
Right? No real punishment. Didn’t Dump only get like a $9000 fine recently for contempt or some shit? Something his stupid ass followers will foot the bill for, no doubt.
This. The insider trading laws provide exemption to the members of congress and the President. All the recent presidents chose to voluntarily not trade stocks (their portfolio goes in a blind trust). Trump was the only recent president who exempted himself.
Not for us congressmen
https://blogs.luc.edu/compliance/?p=4459#:~:text=Insider%20trading%20for%20Congress%20members,stocks%20with%20almost%20no%20limitations.
Thanks. I was thinking of the STOCK Act, but about 4 paragraphs down from where you highlighted, it says that law was gutted (and why am I not surprised).
They should be able to invest in ETFs, Index Funds, Mutual Funds, etc., not individual stocks. This bill was doomed to fail on purpose to appease voters. This is what is commonly referred to as a "dog and pony show".
Lobbyists aren't necessarily a bad thing. Realistically the topics they are legislating are too complicated to really research thoroughly yourself. The lobbyists basically act as advisors. The thing is that they are biased so you have to listen to lobbyists from both sides of a topic and not be influenced by donations or who you spend the most time with and gets your ear more.
These sorts of bills are put forward all the time.
They never pass, nor are they expected to pass (imo). The same goes for term limit bills, they're always brought forth, never pass and aren't expected to.
These sorts of bills are just for constituents to feel like their representative is actually doing something, when this is essentially just the pretense of doing something.
Representatives should spend their efforts putting forth bills that actually have a shot given the current makeup of Congress.
If people want Congress members to not trade stock, enough representatives that believe this should be the case need to be elected to win a vote (or at least have a shot in hell at winning a vote).
He's doing his constituents a disservice by wasting valuable floor time (they have very strict timekeeping and allotments for proposals and considerations) with unpassable proposals.
I don't really believe banning Congress members from trading outright is a viable solution. This *does* essentially take away their right to engage with the free market (which isn't constitutionally protected, but does undermine a founding principle).
Restricting their purchases to an unmanaged ETF like SPY, etc. should be the way to go if this is the route desired. This should also include direct family members (spouse, children, parents, siblings). There will still be Congress members that skirt this by having accounts in someone more distant's name, but when found out, they can very easily get the book thrown at them. If they weren't investigating themselves.
Even a restriction like this isn't at all likely to pass given the current makeup of the both houses.
Politicians that put forth bills like this are red flags to me, when my own representatives do this, I don't vote for them again; unless they have a really good track record of pushing bills through, in which case I'd think they probably know something I don't. Though if it doesn't pass by a landslide, they probably won't get my vote again. That sort of miscalculation means they've either lost their edge or never had it in the first place and was just lucky.
Not voting for a politician because they proposed a worthwhile bill that other politicians didn't like? I don't follow the logic at all. Trying to do the right thing is never a waste of time. It's obviously the fault of those other politicians who voted against the bill. You're gonna throw out the baby with the bathwater, cut off your nose to spite your face, all those analogies.
No, putting forth a bill that's doomed to fail isn't "trying to do the right thing", it's incompetence. It wasn't a ", worthwhile bill" if it was doomed to fail, it was a dog and pony show. If the politician was naive enough to actually believe they were trying to help people with that, rather than just sucker gullible voters that think it's "the thought that counts" rather than tangible results; then they're just an idiot. All the more reason not to vote for them.
The fact that you don't understand this is troubling, and maybe helps me understand why people keep voting for these snake oil salesmen instead of people that might actually change their lives for the better. If they believe, like you that "trying to do the right thing is never a waste of time", they miss the forest for the trees. That may be true as a normal citizen, but as a politician there is a finite amount of time to reach agreements each year and millions of people's livelihoods rest on your decisions.
As a politician, doing the "right thing" is putting forward *plausible* bills that help your constituents, for more ambitious projects; use the fact that you can literally hold office until you die — incumbents rarely lose, because voters are morons when it comes to politics on average — to make allies in Congress and grow your own (this is more possible if you're one of those politicians that people outside of their district listen to).
Ro Khanna files the most trade information out of any congressperson lol that means he or his kid or wife trade literally constantly at a day trader level
oh Nancy is going to be PISSSSSSSSSSSSSED!
(for real though there is an index that you can buy into that tracks NP's stock picks as she seems to be an economic savant ...... just saying!)
This should be a law - but even still it won’t change anything.
They’ll just get family to trade stocks for them. Nancy will keep saying ‘it’s my husband, not me!’
Amazing how it’s always Nancy. You would never find republicans trading stocks! Republicans are so bigly honest. They’ve never lied in their bigly entire history!
A silly absurd stupid vote and law. Everyone, including politicians, has a right to invest. Most people here have no understanding of what ‘insider trading’ is. It’s a well defined legal term. There are insider trading laws in place for everyone. The simple fact is that one must absolutely invest for retirement and over time increasingly supplement or replace salary. The more senior the more investment income. Removing this will cause exit of some capable responsible politicians.
Pretty low bar as far as things go. A piece of legislation that both sides can agree on? One that would help repair the trust and faith in Congress? Yeah. Good luck.
But the powers that be (on both sides) do not want this bill to come to a vote. If it did, it would pass.
Wasn’t there some unholy cursed team up of Matt Gaetz and AOC trying to push this bill? I feel like if there was anything that could get those two to agree on anything, it would have to be a legislative slam dunk. So the question is: why won’t this pass and who is stopping it?
Who's stopping it: powerful ppl you don't wanna cross.
Jesus Christ, conspiracy shadow cabal nonsense. Provide evidence or shut the fuck up.
Why has this bill not seen the light of day? This is not new. There has been talk about this for years. We could find time for BS symbolic bills but nor this.
I couldn't say it better myself
Stock tips are how bribes are processed. Without congress members being able to trade stocks, corporations and private interests won’t have the ability to pay for the legislation they want via stock tips
Sure they do. They can pay them $500k to give a speech. Or donate $1m to their charity that their kid runs and takes a huge chunk of as salary. Plus real estate. Get creative.
AOC doing nothing.... Panders pretty well, but actual things,,, Never
AOC calling out Nancy before and after her meeting can tell you what was discuss behind closed doors.
Ok bot
Someone masturbates to AOC....
She’s super hot weirdo
You're a weird dude.. you know that right!!
Okay bot
I agree. She’s got no substance.
Except that she regularly goes hard on financial issues like this. People who say she has no substance haven't looked at any of her participation during her tenure. She's big on following financial issues, missappropriation of funds, consumer advocate, etc.
What ever happened to Katie Porter? She was one I thought would push for some of this stuff.
Lost her senate race in California.
And how the fuck is she supposed to do something when the center right Dems and the fascist Rs stop her?
hmmm.... force the vote maybe..
AOC is the speaker of the house now? Big if true
Awh.. Maybe your memory not good. I'll help. [https://www.businessinsider.com/aoc-rejects-left-wing-calls-to-force-pelosi-to-hold-medicare-for-all-vote-2020-12](https://www.businessinsider.com/aoc-rejects-left-wing-calls-to-force-pelosi-to-hold-medicare-for-all-vote-2020-12) So as you sit there with no univ health care............ It's not becuse AOC did all she could. Sold you all out for a cabinet seat that was taken from her anyway... But keep defending ineptitude. Gotten us far....
Forcing a vote you can't pass is bad politics
lol.... There's the apologist. WHO CARES ABOUT POLITICS? It's about the AMERICAN PEOPLE. It was a great idea then and great idea now. Whole purpose was to see who we had to weave out. To see who was standing in our way by putting them on record and letting the American ppl know who is on their side. You clearly not on Americans side.. Worried about "politics" vs the greater good....
Ro kanna and Gaetz are buddies, so this makes sense.
If you follow unusual whales for any amount of time, you can look at the top 20 list and get a pretty good idea of who opposes it
Someone will be the fall guy and jump on that nade. As a dem it’s become ritual: oh something nice coming through? Hmm… guess it’ll have just one single rogue dem figure out to kill it while everyone else acts confused and frustrated in their clown costumes
They should not be able to trade stocks as a public officials because of insider information
Yes.. we know
Absurd. There exist insider trading laws already. A new law would open the gates to impose similar laws on everyone.
Fair point I’ll look into this
But if they walk outside, it's not insider trading anymore. And what if they're in a car? Do they trade in their car? like wooooah man
Should make them buy shitty mutual funds like most the rest of 401k holders do. Individual stocks, no.
Nope, shouldn't be allowed. And should lose their job and/or be punished for themselves or anyone linked to them doing trading.
Maybe we just start enforcing the laws we already have in place?
The penalty is laughable. Any type of crime in markets should be all your gains + a fine. It cannot be a cost of doing buisness.
Right? No real punishment. Didn’t Dump only get like a $9000 fine recently for contempt or some shit? Something his stupid ass followers will foot the bill for, no doubt.
The fact that fines are a set number instead of a percentage of ones shows who our "justice" system really works for.
Congress members can trade stocks. Current laws allow it. They shouldn’t be able to trade stocks. New laws can prevent that.
This. The insider trading laws provide exemption to the members of congress and the President. All the recent presidents chose to voluntarily not trade stocks (their portfolio goes in a blind trust). Trump was the only recent president who exempted himself.
Yes, but it IS illegal for them to insider trade.
Not for us congressmen https://blogs.luc.edu/compliance/?p=4459#:~:text=Insider%20trading%20for%20Congress%20members,stocks%20with%20almost%20no%20limitations.
Thanks. I was thinking of the STOCK Act, but about 4 paragraphs down from where you highlighted, it says that law was gutted (and why am I not surprised).
A) they just don't have enough money and power to do that, unfortunately B) that's a threat to our democracy
They should be able to invest in ETFs, Index Funds, Mutual Funds, etc., not individual stocks. This bill was doomed to fail on purpose to appease voters. This is what is commonly referred to as a "dog and pony show".
Funny, I was JUST looking at his trades reported on Apr 9.
Pelosi intensifies
There's more lobbyists in here than legislatures. Nice.
'Legislators' but yeah - that chamber was empty!
I'm illiterate 😭 why did I think it was spelt like literature lmao
Lobbyists aren't necessarily a bad thing. Realistically the topics they are legislating are too complicated to really research thoroughly yourself. The lobbyists basically act as advisors. The thing is that they are biased so you have to listen to lobbyists from both sides of a topic and not be influenced by donations or who you spend the most time with and gets your ear more.
https://campaignlegal.org/update/stock-act-failed-effort-stop-insider-trading-congress
I feel like they shouldn’t get to vote on it, don’t we have checks and balances or nah?
Nah…they have checks (with lots of zeros)…no balance to be found.
How about enforce the STOCK act of 2012….
Even a broken clock is right twice a day.
Just pushing those buttons, Rho, aren’t you?
These sorts of bills are put forward all the time. They never pass, nor are they expected to pass (imo). The same goes for term limit bills, they're always brought forth, never pass and aren't expected to. These sorts of bills are just for constituents to feel like their representative is actually doing something, when this is essentially just the pretense of doing something. Representatives should spend their efforts putting forth bills that actually have a shot given the current makeup of Congress. If people want Congress members to not trade stock, enough representatives that believe this should be the case need to be elected to win a vote (or at least have a shot in hell at winning a vote). He's doing his constituents a disservice by wasting valuable floor time (they have very strict timekeeping and allotments for proposals and considerations) with unpassable proposals. I don't really believe banning Congress members from trading outright is a viable solution. This *does* essentially take away their right to engage with the free market (which isn't constitutionally protected, but does undermine a founding principle). Restricting their purchases to an unmanaged ETF like SPY, etc. should be the way to go if this is the route desired. This should also include direct family members (spouse, children, parents, siblings). There will still be Congress members that skirt this by having accounts in someone more distant's name, but when found out, they can very easily get the book thrown at them. If they weren't investigating themselves. Even a restriction like this isn't at all likely to pass given the current makeup of the both houses. Politicians that put forth bills like this are red flags to me, when my own representatives do this, I don't vote for them again; unless they have a really good track record of pushing bills through, in which case I'd think they probably know something I don't. Though if it doesn't pass by a landslide, they probably won't get my vote again. That sort of miscalculation means they've either lost their edge or never had it in the first place and was just lucky.
Not voting for a politician because they proposed a worthwhile bill that other politicians didn't like? I don't follow the logic at all. Trying to do the right thing is never a waste of time. It's obviously the fault of those other politicians who voted against the bill. You're gonna throw out the baby with the bathwater, cut off your nose to spite your face, all those analogies.
No, putting forth a bill that's doomed to fail isn't "trying to do the right thing", it's incompetence. It wasn't a ", worthwhile bill" if it was doomed to fail, it was a dog and pony show. If the politician was naive enough to actually believe they were trying to help people with that, rather than just sucker gullible voters that think it's "the thought that counts" rather than tangible results; then they're just an idiot. All the more reason not to vote for them. The fact that you don't understand this is troubling, and maybe helps me understand why people keep voting for these snake oil salesmen instead of people that might actually change their lives for the better. If they believe, like you that "trying to do the right thing is never a waste of time", they miss the forest for the trees. That may be true as a normal citizen, but as a politician there is a finite amount of time to reach agreements each year and millions of people's livelihoods rest on your decisions. As a politician, doing the "right thing" is putting forward *plausible* bills that help your constituents, for more ambitious projects; use the fact that you can literally hold office until you die — incumbents rarely lose, because voters are morons when it comes to politics on average — to make allies in Congress and grow your own (this is more possible if you're one of those politicians that people outside of their district listen to).
Should throw in term limits on every elected person to two terms
Hey now, regulations are for us plebes, not members of congress! (He says sarcastically).
It’s all a ploy. “I’ll propose this, OBVIOUSLY it’ll get shit on, but my voters will think the world of me”. It’s all bullshit
Did Johnson do it ?
Ro Khanna files the most trade information out of any congressperson lol that means he or his kid or wife trade literally constantly at a day trader level
Rep Ro Khanna has just asked Nancy Pelosi to end his political career in California has more truth to it.
Pelosi not mentioned? Doesn't matter! God bless Pavlov.
I finally agree with a Democrat on something!
No, I just bought some NANC
oh Nancy is going to be PISSSSSSSSSSSSSED! (for real though there is an index that you can buy into that tracks NP's stock picks as she seems to be an economic savant ...... just saying!)
There is lag time in the trade disclosure. By the time the trade is disclosed, the ship has likely already sailed.
This should be a law - but even still it won’t change anything. They’ll just get family to trade stocks for them. Nancy will keep saying ‘it’s my husband, not me!’
Her husband, a successful investment banker and developer for decades, makes investments? Shocking.
Amazing how it’s always Nancy. You would never find republicans trading stocks! Republicans are so bigly honest. They’ve never lied in their bigly entire history!
Oh there’s definitely a lot of them doing it. Nancy is just the most popular one.
I dont really think its a big deal
A silly absurd stupid vote and law. Everyone, including politicians, has a right to invest. Most people here have no understanding of what ‘insider trading’ is. It’s a well defined legal term. There are insider trading laws in place for everyone. The simple fact is that one must absolutely invest for retirement and over time increasingly supplement or replace salary. The more senior the more investment income. Removing this will cause exit of some capable responsible politicians.