Pelosi Moves to Ban Stock Trades by Lawmakers

[babylonsister]

https://politicalwire.com/2022/02/09/pelosi-moves-to-ban-stock-trades-by-lawmakers/

Pelosi Moves to Ban Stock Trades by Lawmakers
February 9, 2022 at 7:49 am EST By Taegan Goddard

“Speaker Nancy Pelosi and House Democratic leaders are working on a ban on members of Congress and senior staff trading stocks,” Punchbowl News reports.

“This Democratic package is expected to include new restrictions on investments for federal judges as well, sources told us. In addition, the Democratic leadership is eyeing increases in the fines for lawmakers who are late in filing their annual financial disclosure reports.”

“Sources involved in these discussions say that the details are still very fluid. But House Democrats plan to move on it this year.”

“Even proposing this shows how the issue has huge momentum in a pivotal election year, with both the House and Senate up for grabs.”

[PoliticAverse]

1. Will the final ban include spouses? n/t

[Emile]

2. Someone already see's their loophole!

[jimfields33]

4. I hope so.

Spouses and immediate family must not be eligible for buying stock. Mutuals I’d be ok with.

[ForgedCrank]

10. Including a spouse sounds

pretty reasonable to me, it makes sense.
Banning children and close family, all unwilling participants in someones political career, are probably a bridge too far.
It's unfortunate, but it couldn't be reasonably and fairly implemented I don't believe.

[jimfields33]

11. It would be difficult to fairly implement that's true

It’s unfortunate that we even need to do this, but congress people di it to themselves.

[multigraincracker]

3. Please include laws that are very harsh for inside trading, to include

friends and relatives.

[DENVERPOPS]

14. Question....

Does anyone know what happened to the Republican Senators that had insider information about the future of covid told to them in a private meeting?????? While the public was being told it's no big deal, they were learning what was really going to happen in the very near future. They all went straight from the meeting to notify their investment people, their friends, and their Uber wealthy donors.
They learned which corporations and industries were going to get crushed, and moved all that money to ones that were predicted to go right thru the roof when the covid hit..... I especially would like to know about the female senator from I think it was Georgia? that the SEC began an immediate investigation and found that that very afternoon she had moved around tens of millions of dollars in stocks they had found already that she had traded and they thought there was a bunch more hidden in companies that they owned...Her Husband was President of the New York Stock Exchange.

[Katcat]

17. Kelly Loeffler

And Warnock beat her.

[Irish_Dem]

5. Will congress block a major source of revenue for themselves?

And stop their corruption?

We shall see.

[aocommunalpunch]

7. Nope.

Loopholes everywhere. Count on it because corruption doesn’t solve itself. Never has. Never will.

[Irish_Dem]

8. I agree.

I don't even know why they pretend to pass these kind of bills.

Congress has access to insider information and they will make money for themselves. No matter what laws are passed.

[DENVERPOPS]

15. Absolutely ID

Why else would they spend tens of millions to get a job that pays a couple of hundred thousand a year.

Getting elected opens the door to major grifting...............

They all used to try to at least try to hide it, now they flagrantly do whatever they wish, right out in the open.......

[Irish_Dem]

16. Right, vast wealth AND immunity from laws and rules.

After all, they make the laws now.

Also there is little judicial will to prosecute the the white male power structure.

Yep. Corruption on a number of levels.

[Raven123]

6. Looooooong overdue

[ripcord]

9. Thank you for doing the right thing Speaker Pelosi nt

[Goodheart]

12. You go, girl!

Long overdue, indeed.

[Polybius]

13. I don't think this would hold up in court

I'd like to hear opinions, however.

[jalan48]

18. Glad to see she has changed her opinion on this.

[RainCaster]

19. How about SCOTUS?

I'd like to see some rules of conduct for our Supreme Court.

[Poiuyt]

20. This is the right thing to do

Put everything in a blind trust

[Mr.Bill]

21. I'm interested in if this will become a law,

or just a congressional rule or policy. I'm even more interested in what is the enforcement mechanism and what are the penalties. I hope it's more than a sternly worded letter warning them not to do it again.

[SWBTATTReg]

22. This is the worst kind of insider trading, legal. Basically saying that they can rip off innocent

people who are other traders in a company's stocks...bonds...etc., who are unaware of what the Congressional reps know already (and no one else does).

[JT45242]

23. SCOTUS and other judges should be required to recuse if they own stock in a party to a case as well

This is long overdue. Hold on to what you had before you got into office if you want. But, no buying or selling of individual stocks while in office whether it be Congress, Pres/VP, or federal judge.

Let them invest in mutual funds. They might protect a whole industry of they have a mutual fund that specializes in a sector, but better than the dirty way it is handled now.

[Martin68]

24. Good for Pelosi!

[Ruby the Liberal]

25. Did she get a guarantee that it will die in the Senate?

I really want to be wrong about that. Cynicism is exhausting.