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this post was submitted on 26 Jan 2024
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Lawmakers should not be allowed to trade stocks
Say it louder for the people in the back
It’d be better just to require blind trusts. The trust has a fiduciary duty to invest their money well, and the politician can write a letter requesting a certain high-level investment strategy prior to the start of their term (ie, primarily large cap, primarily bonds, high/low risk tolerance). If they want they can add or remove money as USD during their term and they’ll get back whatever’s left at the end.
Only T-bonds.
That's not really what people consider "stocks" but yes of a lot of economists and political theorists were able to debate the details of the policy people could decide and urge their reps to do the right thing. Worth a shot I guess.
What is your solution, that she resign or that she divorces her husband whom she married in college? Her husband's primary income is from the investment firm he owns, so basically she cannot be a legislator while married to him if those are the rules.
Sounds perfectly reasonable to me.
I would sooner reform shared finances of married couples, at least that of congress, or better yet bar shareholders from running for office, than end Nancy's marriage of 60 years over her supposed insider trading (which I've never even seen a decent argument about, if anything Paul's trades are kind of shit given her position of power).
Carter sold his family's peanut farm.
Legislators, members of governments and their households should either be forbidden from doing insider trading, with regular detailed audits to ensure it, or should be forced to use blind trusts for investments.
I wish more people could have been like Carter. He wasn't perfect, far from it, but he was a legend given the time period and how he spent his later years.
Her husband's not a lawmaker. Once again: lawmakers should be banned from trading stocks.
That's exactly the issue, in the USA marriage gives joint ownership of assets barring anything outlined in prenuptial agreements. So while Nancy Pelosi has never traded any stocks she still reports all of her husbands stock trades as per the transparency legislation that she helped pass into law. Paul Pelosi would also be banned from trading stocks, his lifelong primary employment, as a result of the ban.
Insider trading is theoretically illegal in all other contexts, why are congress creeps special?
Former Congressman Stephen Buyer went to prison for 2 years for insider trading.
What is Nancy Pelosi's insider trade? I recommend submitting a tip to the SEC, you could get payed a pretty penny for it if it leads to evidence and a conviction.