Vote for No Insider Trading

[TheOneX]

So I am trying to think of a movement to start that all sides can get on board with that would have the most positive impact. I think that would be to only vote for candidates that would make it illegal for politicians to own and trade individual stocks. One of the primary forms of corruption within the government is insider trading. Making it virtually impossible to participate in insider trading has the potential to eliminate a lot of corruption and drain the swamp.

My thoughts on the effects of such a movement are very much in their infancy, but I think this would be a huge positive for this nation that would also cross the political divide at the grassroots level.

[Martin Hash]

I think you’ve hit on something.

[The Conservative]

Ummm... it's already illegal...

https://www.congress.gov/bill/112th-con ... D&s=1&r=32

Stop Trading on Congressional Knowledge Act - Amends the Securities Exchange Act of 1934 and the Commodity Exchange Act to direct both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to prohibit purchase or sale of either securities, security-based swaps, or commodities for future delivery or swap by a person in possession of material nonpublic information regarding pending or prospective legislative action if the information was obtained: (1) knowingly from a Member or employee of Congress, (2) by reason of being a Member or employee of Congress, or (3) from other federal employees and derived from their federal employment.

[TheOneX]

Ummm... it's already illegal...

https://www.congress.gov/bill/112th-con ... D&s=1&r=32

Stop Trading on Congressional Knowledge Act - Amends the Securities Exchange Act of 1934 and the Commodity Exchange Act to direct both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to prohibit purchase or sale of either securities, security-based swaps, or commodities for future delivery or swap by a person in possession of material nonpublic information regarding pending or prospective legislative action if the information was obtained: (1) knowingly from a Member or employee of Congress, (2) by reason of being a Member or employee of Congress, or (3) from other federal employees and derived from their federal employment.

Insider trading is illegal yes, public officials being able to own and trade stocks while in office is not. The problem with just insider trading being illegal is it can be very difficult to prove, and largely goes unpunished. Banning their ability to even be able to manage a stock portfolio is a different beast, that is much more difficult to hide.

[The Conservative]

Ummm... it's already illegal...

https://www.congress.gov/bill/112th-con ... D&s=1&r=32

Stop Trading on Congressional Knowledge Act - Amends the Securities Exchange Act of 1934 and the Commodity Exchange Act to direct both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to prohibit purchase or sale of either securities, security-based swaps, or commodities for future delivery or swap by a person in possession of material nonpublic information regarding pending or prospective legislative action if the information was obtained: (1) knowingly from a Member or employee of Congress, (2) by reason of being a Member or employee of Congress, or (3) from other federal employees and derived from their federal employment.

Insider trading is illegal yes, public officials being able to own and trade stocks while in office is not. The problem with just insider trading being illegal is it can be very difficult to prove, and largely goes unpunished. Banning their ability to even be able to manage a stock portfolio is a different beast, that is much more difficult to hide.

It's so amazing that links I provided a while back are so easily forgotten...

https://www.businessinsider.com/congres ... 021-9?op=1

[Arc Light]

It's sure to go nowhere but both sides are introducing legislation to help rein it in.

Democrat:
https://www.ossoff.senate.gov/press-rel ... -congress/

Republican:
https://www.hawley.senate.gov/hawley-in ... g-congress

[The Conservative]

It's sure to go nowhere but both sides are introducing legislation to help rein it in.

Democrat:
https://www.ossoff.senate.gov/press-rel ... -congress/

Republican:
https://www.hawley.senate.gov/hawley-in ... g-congress

To put into a "blind trust"... I've heard those terms before... how blind can the trust be when everyone is connected?

[Martin Hash]

It's sure to go nowhere but both sides are introducing legislation to help rein it in.

Democrat:
https://www.ossoff.senate.gov/press-rel ... -congress/

Republican:
https://www.hawley.senate.gov/hawley-in ... g-congress

To put into a "blind trust"... I've heard those terms before... how blind can the trust be when everyone is connected?

Trustor can have no contact with trustee.

[The Conservative]

It's sure to go nowhere but both sides are introducing legislation to help rein it in.

Democrat:
https://www.ossoff.senate.gov/press-rel ... -congress/

Republican:
https://www.hawley.senate.gov/hawley-in ... g-congress

To put into a "blind trust"... I've heard those terms before... how blind can the trust be when everyone is connected?

Trustor can have no contact with trustee.

In DC really? Everyone knows everyone... that was part of the problem with some lawsuits I thought in the past. Anyone on K street knows everyone else... and everyone is tied into someone somehow, it's worse than 5 degrees of Kevin Bacon...

[Martin Hash]

The fact that there’s clear illegal insider trading but no penalties means Elites are above the law so nothing can be done.