Senator Hawley introduces "Pelosi Act" banning lawmakers from trading stocks

[Rigby5]

Currently congress members do not have to divest investment, but do have to disclose them.

{...
Under the STOCK Act — Stop Trading on Congressional Knowledge Act — lawmakers must file a report when they buy or sell stock. The form, known as a periodic transaction report, or PTR, must be submitted within 45 days for every trade valued at over $1,000. The PTR is then made public.
...}

 

[ThisIsMe]

By virtue of being a legislator, one becomes the ultimate insider.

A legislator can pass laws that stifle on company and promote another in the same business. Legislators, by controlling what businesses can, and cannot do in the market create their own inside information.

Yep, and when their bank accounts get a nice boost after legislation is passed, that needs to be looked into.

 

[ThisIsMe]

Currently congress members do not have to divest investment, but do have to disclose them.

{...
Under the STOCK Act — Stop Trading on Congressional Knowledge Act — lawmakers must file a report when they buy or sell stock. The form, known as a periodic transaction report, or PTR, must be submitted within 45 days for every trade valued at over $1,000. The PTR is then made public.
...}

Wasn’t the stock act repealed? Or gutted? I think they still have the law that says they can’t trade in insider information, but the online reporting requirements were basically gutted. So, they are barred from trading in insider information, but are not required to make the transactions online easily readable…something like that.

 

[Rigby5]

Wasn’t the stock act repealed? Or gutted? I think they still have the law that says they can’t trade in insider information, but the online reporting requirements were basically gutted. So, they are barred from trading in insider information, but are not required to make the transactions online easily readable…something like that.

Not sure.
Covid may have refocused attention away from it?

{...
The Stop Trading on Congressional Knowledge (STOCK) Act of 2012 (Pub. L. 112–105 (text) (PDF), S. 2038, 126 Stat. 291, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The law prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees. It confirms changes to the Commodity Exchange Act, specifies reporting intervals for financial transactions.

Originally written and introduced by Washington Congressman Brian Baird, the STOCK Act gained popularity following a 60 Minutes segment on congressional insider trading in 2011, after which Republican Senator Scott Brown and Democratic Senator Kirsten Gillibrand reintroduced bills to combat the practice. In February 2012, the STOCK Act passed in the Senate by a 96–3 vote; the only no votes were senators Jeff Bingaman, Richard Burr, and Tom Coburn.[2] Later the House of Representatives passed it by a 417–2 vote.[3] The bill was supported heavily by vulnerable incumbents and signed into law by President Obama.[4] According to the current United States Senate Select Committee on Ethics, "A member, officer, or employee of the Senate shall not receive any compensation, nor shall he permit any compensation to accrue to his beneficial interest from any source, the receipt or accrual of which would occur by virtue of influence improperly exerted from his position as a member, officer, or employee."[5]
...}

 

[Kondor3]

Sounds good in theory but wouldn’t work in practice.

If they have inside information, they would just inform trusted friends and family. And I’m sure they already do that.

Then let rig-up a law that gives 'em twenty years in a Federal pen for doing so...

 

[miketx]

Is the "Pelosi act" where someone shoves a hammer up your ass? My room mate wants to know. He's a carpenter.

 

[Lesh]

LOL! As if Republicans don't do this as well..all the time~

This ought to get about four votes… if it ever gets that far

 

[evenflow1969]

It's DOA already! Oh! VH!

Yep, it sure is. These people spend some times millions of their own money to get elected for jobs that pay what is it now a days 150 to 200 k? The money is made by being able to invest in shit they make decisions on. They will never give that shit up, but hey we get to listen to their lip service on it. I guess we can all use a good laugh. That's all we will ever get out of it.

 

[XponentialChaos]

Then let rig-up a law that gives 'em twenty years in a Federal pen for doing so...

Fine with me. Write up all the laws they can to deter this kind of behavior.

I just don’t see them being effective is all I’m saying.

 

[Doc7505]

It needs to include the executive and judicial branches also.

Agreed, only if they include Joey Xi, Brennan, Hillary, Bubba Billy and Obama.

 

[Doc7505]

Yep, it sure is. These people spend some times millions of their own money to get elected for jobs that pay what is it now a days 150 to 200 k? The money is made by being able to invest in shit they make decisions on. They will never give that shit up, but hey we get to listen to their lip service on it. I guess we can all use a good laugh. That's all we will ever get out of it.

The same goes for term limits for Congress and the Senate. It will be a cold day in hell. That's for sure.

 

[The Duke]

Then let rig-up a law that gives 'em twenty years in a Federal pen for doing so...

They wrote the laws to make that NOT happen in the late 80s and passed them. They voted themselves the Lords of America.

 

[BluesLegend]

Washington is distracting you with the small money. Meanwhile the federal government spends $4-$7 trillion a year. That's how a certain Dem political power couple amassed a $2 billion dollar 'foundation' and $150 million in personal wealth. Dems rake in millions on side deals selling their office and votes.

 

[evenflow1969]

The same goes for term limits for Congress and the Senate. It will be a cold day in hell. That's for sure.

Term limits and reducing their ability to profit off their votes are the two things that would fix our shit and the two things we will likely never see. Kinda sucks really. Oh well, I spend most my time on lake Erie what's left over is spent in the woods so laws really don't effect me much. All I really have to pay attention to is bag limits. Guess I should not let the whole politics thing fire me up as much.

 

[Doc7505]

Term limits and reducing their ability to profit off their votes are the two things that would fix our shit and the two things we will likely never see. Kinda sucks really. Oh well, I spend most my time on lake Erie what's left over is spent in the woods so laws really don't effect me much. All I really have to pay attention to is bag limits. Guess I should not let the whole politics thing fire me up as much.

~~~~~~
Wish I was still healthy enough to be able to spend my time in the woods or fish in the lake again.

 

[evenflow1969]

~~~~~~
Wish I was still healthy enough to be able to spend my time in the woods or fish in the lake again.

I take happy people to do happy things. No better way to make a living. People ask me what I do for living I tell them hunting and fishing guide. They ask me what I do on my days off I say hunt and fish. I really have not worked a day since I switched to this business. Port Clinton April through the end of duck season typically around Jan 5th. Keys February through March. Either way I live in vacation wonder land year round. It's a really good life to lead. This year I am staying north because I have a new granddaughter coming in the next three weeks. Pretty joyous reason to stay north.

 

[BlindBoo]

We should designate the Fascist "Haulin Hawley" as the official "Running Man"

What a prick.

btw, is the former speaker of the House the only member of Congress to trade in stock.