Senators to propose ban on US lawmakers and executive branch members owning single stocks, once again. The Hacker News thread is also quite informative, for example:
I started building out tools to track congressional stock trading in 2020.
Since then, I believe there have been 9 other proposals similar to this one. None of them have been even called to a vote.
It seem like Congress is pretty unwilling to regulate its own trading. Until they are, feel free to track the trading here: www.quiverquant.com/congresst…
Like many others, I feel quite disillusioned and uninspired by this:
All show and no go.
Like most such “reforms”, it is intended for naive public consumption while also being easily circumvented. Setup a trust or corporation run by a family member and continue with business a usual.
Senators being allowed to do what is for all intents and purposes insider trading, is frankly, completely insane. Pelosi is perhaps the most egregious example: House Speaker Nancy Pelosi has accrued millions from husband’s trades: report :
The speaker, one of the richest members of Congress, has vehemently denied sharing any information with her spouse — a venture capitalist.
However, many have questioned trades made by Paul Pelosi that happened to coincide with major congressional decisions.
In June, he exercised call options to purchase up to $5 million in the graphics card manufacturer Nvidia just weeks before the House considered a bill to provide more than $50 billion in subsidies to domestic semiconductor manufacturers, the Beacon said.
Yeah. She’s not going to jail. So I’d strongly support efforts to curtail this, but I just do not believe that you actually can effectively do so in practice. Ultimately, the forms of power are interchangable: if you’re influential, for example because you’re in Congress, then you’ll always have easy opportunities to get (more) rich off of it, and also vica versa.