Stock Trading Bill

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gounion
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Stock Trading Bill

Post by gounion »

https://www.cnn.com/2023/01/12/politics ... bipartisan
A bipartisan duo of House lawmakers reintroduced legislation to ban members of Congress from trading stocks while in office, renewing last year’s push that captured headlines but fell short of a floor vote.

Democratic Rep. Abigail Spanberger of Virginia and Republican Rep. Chip Roy of Texas reintroduced the TRUST in Congress Act on Thursday. It would require members of Congress, their spouses and their dependent children to put certain investment assets into a qualified blind trust while the member is in office.
I would strongly support such a measure. I think that when you enter public service, you should not be playing a stock market where you have inside information and your actions could affect stock prices.
Glennfs
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Re: Stock Trading Bill

Post by Glennfs »

Yes and long overdue.
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gounion
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Re: Stock Trading Bill

Post by gounion »

Glennfs wrote: Mon Jan 30, 2023 10:29 am Yes and long overdue.
Too bad you weren't against Donald Trump selling access by noting who was spending money at his hotels and ignoring the emoluments clause of the Constitution.
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Re: Stock Trading Bill

Post by Glennfs »

gounion wrote: Mon Jan 30, 2023 10:59 am Too bad you weren't against Donald Trump selling access by noting who was spending money at his hotels and ignoring the emoluments clause of the Constitution.
Please try to stay on topic Drak gets very upset when topics get changed
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gounion
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Re: Stock Trading Bill

Post by gounion »

Glennfs wrote: Mon Jan 30, 2023 12:14 pm Please try to stay on topic Drak gets very upset when topics get changed
Yeah, sorry, you never want to be saying anything bad about Donald Trump, are you? But you can sure bring up Bernie Sanders all the time, can’t you?
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Drak
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Re: Stock Trading Bill

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Glennfs wrote: Mon Jan 30, 2023 12:14 pm Please try to stay on topic Drak gets very upset when topics get changed
I don't mind when discussion goes in another direction as threads evolve. The problem is, you attempt to go off topic and change the subject all the time right at the beginning of threads. And for the most part, it's ignored. So keep crying, little man.
Last edited by Drak on Mon Jan 30, 2023 1:07 pm, edited 2 times in total.
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Drak
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Re: Stock Trading Bill

Post by Drak »

gounion wrote: Mon Jan 30, 2023 10:17 am https://www.cnn.com/2023/01/12/politics ... bipartisan


I would strongly support such a measure. I think that when you enter public service, you should not be playing a stock market where you have inside information and your actions could affect stock prices.
Hopefully this passes. No one in government should have the inside track on trading.
"Some of those that work forces,
Are the same that burn crosses"

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Number6
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Re: Stock Trading Bill

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This bill sounds good but I don't know it applying it to the spouse and dependents is Constitutional; I hope it is. I was looking over the wording in the bill and it looks pretty good. Once the bill is enacted, all members would be required to place their investments in a blind trust within 120 days. They can get a number of 45-day extensions but the total number of extensions cannot exceed 180 days. If they don't want to do a blind trust they could put their investments in a mutual fund.

What I didn't see in the bill was any prohibition or punishment on members for giving information to their non-dependent children or others who could profit off that information.
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ProfX
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Re: Stock Trading Bill

Post by ProfX »

It's important to focus on the legislators themselves as not only can they benefit from insider trading, they actually can write legislation that can directly affect the stock price.
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Number6
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Re: Stock Trading Bill

Post by Number6 »

ProfX wrote: Mon Jan 30, 2023 1:48 pm It's important to focus on the legislators themselves as not only can they benefit from insider trading, they actually can write legislation that can directly affect the stock price.
Yes, and they can write legislation that benefits companies they plan to join after they leave Congress. Nothing is perfect but there has to be sufficient and enforceable penalties to prevent them from doing that.
When you vote left, you vote right.
JoeMemphis

Re: Stock Trading Bill

Post by JoeMemphis »

Number6 wrote: Mon Jan 30, 2023 1:43 pm This bill sounds good but I don't know it applying it to the spouse and dependents is Constitutional; I hope it is. I was looking over the wording in the bill and it looks pretty good. Once the bill is enacted, all members would be required to place their investments in a blind trust within 120 days. They can get a number of 45-day extensions but the total number of extensions cannot exceed 180 days. If they don't want to do a blind trust they could put their investments in a mutual fund.

What I didn't see in the bill was any prohibition or punishment on members for giving information to their non-dependent children or others who could profit off that information.
Trading stocks with insider information is already illegal. So non-dependent children and others could be charged as well.
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Number6
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Re: Stock Trading Bill

Post by Number6 »

JoeMemphis wrote: Mon Jan 30, 2023 8:36 pm Trading stocks with insider information is already illegal. So non-dependent children and others could be charged as well.
I realize that. I think it should be included to act as a reminder of what not to do and what the consequences will be if you violate the law.
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Re: Stock Trading Bill

Post by JoeMemphis »

Number6 wrote: Tue Jan 31, 2023 12:13 pm I realize that. I think it should be included to act as a reminder of what not to do and what the consequences will be if you violate the law.
I hear you. But why have two laws that say the same exact thing? Things are already complicated enough. If you need to make changes to the one in the future, somebody has to remember to change the other.

Bottomline, we are saying the same thing should happen. So that’s a good thing.
Bludogdem
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Re: Stock Trading Bill

Post by Bludogdem »

The House and Senate can write rules that restrict members from trading stock. But not family members.

Any legislation prohibiting family members of members of congress from trading stocks isn’t going to fly with the courts.

Best to be left to insider trading statutes. Simply enforce the insider trading statutes.
gounion
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Re: Stock Trading Bill

Post by gounion »

Bludogdem wrote: Tue Jan 31, 2023 2:03 pm The House and Senate can write rules that restrict members from trading stock. But not family members.

Any legislation prohibiting family members of members of congress from trading stocks isn’t going to fly with the courts.

Best to be left to insider trading statutes. Simply enforce the insider trading statutes.
Um, we're not talking about a rule. We're talking about a LAW. And yes, they could write one to restrict spouses and dependents.
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Re: Stock Trading Bill

Post by Bludogdem »

gounion wrote: Tue Jan 31, 2023 2:13 pm Um, we're not talking about a rule. We're talking about a LAW. And yes, they could write one to restrict spouses and dependents.
Supreme Court might frown on a law that specifically bans non members of congress from activities available to everyone else.
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Re: Stock Trading Bill

Post by gounion »

Bludogdem wrote: Wed Feb 01, 2023 9:25 am Supreme Court might frown on a law that specifically bans non members of congress from activities available to everyone else.
Yep, considering the crazies on the current court.

But it doesn't matter, the last thing Congress will ever do is police itself.
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Re: Stock Trading Bill

Post by Glennfs »

What they will probably do is pass some law with no teeth and no enforcement then claim we have addressed the situation.

How darn near everyone leaves elected office wealthy is to me a red flag.
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gounion
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Re: Stock Trading Bill

Post by gounion »

Glennfs wrote: Wed Feb 01, 2023 10:57 am What they will probably do is pass some law with no teeth and no enforcement then claim we have addressed the situation.

How darn near everyone leaves elected office wealthy is to me a red flag.
No, they won’t. Such a bill won’t ever make it out of Committee, especially in this Republican Congress.
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Re: Stock Trading Bill

Post by Glennfs »

gounion wrote: Wed Feb 01, 2023 10:59 am No, they won’t. Such a bill won’t ever make it out of Committee, especially in this Republican Congress.
Of course you are correct it isn't as if Nancy Pelosi's husband made millions in stock trades when she was in charge
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gounion
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Re: Stock Trading Bill

Post by gounion »

Glennfs wrote: Wed Feb 01, 2023 11:01 am Of course you are correct it isn't as if Nancy Pelosi's husband made millions in stock trades when she was in charge
Yep, and how much money in stocks did the McConnells make? And how many Chinese companies allied with his wife made billions? Even more - since there were many Chinese contracts made while she was Secretary of Transportation.

Point is, you just call the Dems on it, while the GOP is just as guilty. Hell, GOP Rep Chris Collins called his son with an insider stock tip from a White House event, and ended up going to prison over it.
Glennfs
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Re: Stock Trading Bill

Post by Glennfs »

gounion wrote: Wed Feb 01, 2023 11:07 am Yep, and how much money in stocks did the McConnells make? And how many Chinese companies allied with his wife made billions? Even more - since there were many Chinese contracts made while she was Secretary of Transportation.

Point is, you just call the Dems on it, while the GOP is just as guilty. Hell, GOP Rep Chris Collins called his son with an insider stock tip from a White House event, and ended up going to prison over it.

I fully agree with you that Republican leadership is just as corrupt as democratic leadership.
" I am a socialist " Bernie Sanders
JoeMemphis

Re: Stock Trading Bill

Post by JoeMemphis »

gounion wrote: Wed Feb 01, 2023 11:07 am Yep, and how much money in stocks did the McConnells make? And how many Chinese companies allied with his wife made billions? Even more - since there were many Chinese contracts made while she was Secretary of Transportation.

Point is, you just call the Dems on it, while the GOP is just as guilty. Hell, GOP Rep Chris Collins called his son with an insider stock tip from a White House event, and ended up going to prison over it.
So why do we need another law that says what you just described is illegal? After all a family went to prison for insider trading. I believe that was the point the BD made earlier. We already have laws against insider trading. We just need to enforce them. Passing more laws is meaningless if we don’t enforce them any better than the laws currently on the books.
gounion
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Re: Stock Trading Bill

Post by gounion »

JoeMemphis wrote: Wed Feb 01, 2023 11:18 am So why do we need another law that says what you just described is illegal? After all a family went to prison for insider trading. I believe that was the point the BD made earlier. We already have laws against insider trading. We just need to enforce them. Passing more laws is meaningless if we don’t enforce them any better than the laws currently on the books.
The only reason that happened was because it was so blatant and he did it on video from the White House lawn. But I just don’t think that, if you are a public official, you should be trading stocks period, because you can either have inside info or your votes can make a difference in stock prices.

I don’t want people voting based upon their stock holdings. Period.
JoeMemphis

Re: Stock Trading Bill

Post by JoeMemphis »

gounion wrote: Wed Feb 01, 2023 11:28 am The only reason that happened was because it was so blatant and he did it on video from the White House lawn. But I just don’t think that, if you are a public official, you should be trading stocks period, because you can either have inside info or your votes can make a difference in stock prices.

I don’t want people voting based upon their stock holdings. Period.
So we need to close the loophole as it applies to members of Congress. Extending the law to friends and family is unnecessary as clearly current insider trading laws cover those individuals. We just need to do a better job of enforcing current law. Writing another law to cover people already covered under current law accomplishes nothing.
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