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46 members of Congress have violated a conflicts-of-interest law (www.rawstory.com)

submitted 5 months ago by jeffw@lemmy.world to c/politics@lemmy.world

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[-] ryper@lemmy.ca 76 points 5 months ago* (last edited 5 months ago)

The standard fine for violating the STOCK Act is $200, but frequently the House Committee on Ethics and the Senate Select Committee on Ethics waive the fee.

Craig Holman, a Capitol Hill lobbyist on ethics and campaign finance rules for nonprofit Public Citizen, said the fee is one of two reasons why the STOCK Act is frequently violated.

“The penalty is so minimal that these millionaire members of Congress really don't care about it," Holman told Raw Story. “The second provision is the ethics committees are not really enforcing it or taking it seriously.”

So basically this "law" is just a suggestion.

[-] Neato@ttrpg.network 39 points 5 months ago

So the penalty for insider trading is $200. That's just a Pay to Play fee for illegal market trading. Let's put some jailtime on that act, FFS.

[-] Etterra@lemmy.world 15 points 5 months ago

Remember, that law was written by those who it will affect most. They'll never make it more than a slap on the wrist.

[-] FiniteBanjo@lemmy.today 3 points 5 months ago* (last edited 5 months ago)

Some background information for those interested: the top traders in congress this year are 50:50 DNC and GOP, top trader was DNC Brian Higgins until he left office this year. Generally GOP do place higher but former speaker of the house Nancy Pelosi also often makes the top ten given she married the owner of an investment firm when they were both in college, 25 years before she entered congress, and they have joint assets.

The law, 2011-2012 S.2038 - STOCK Act, was introduced by Independent Democrat Senator Joseph I. Lieberman. It had 1 roll call in the house, 417 to 2, and 13 roll calls in the senate with many changes and amendments proposed until it passed 96 to 3.

Personally, I don't expect anything to ever come from the STOCK act in terms of punishments, but I'm happy that we have it or we wouldn't even be having these conversations in the first place.

[-] dalekcaan@lemm.ee 6 points 5 months ago

The standard fine for violating the STOCK Act is $200, but frequently the House Committee on Ethics and the Senate Select Committee on Ethics waive the fee.

The penalty is $200, but only if they feel like paying it.

[-] OminousOrange@lemmy.ca 9 points 5 months ago

The cost of doing business.

Income-based fines should really be more commonplace.

[-] UnpopularCrow@lemmy.world 42 points 5 months ago

Fun fact: NASA employees are unable to even talk with congressional representatives about proposed scientific missions because it is considered a “conflict of interest”. Let that sink in. Meanwhile…

[-] unreasonabro@lemmy.world 1 points 5 months ago

Antilobbying policy?

[-] AA5B@lemmy.world 26 points 5 months ago

identified as having violated the STOCK Act during 2023-2024

To be specific, these are people who didn’t file required financial disclosures on time during those years.

If a congressman committed insider trading, but filed disclosure and paperwork on time, they wouldn’t be counted here

[-] cultsuperstar@lemmy.world 24 points 5 months ago

It's not like anything is going to happen. Laws are more like guidelines for them.

[-] Raiderkev@lemmy.world 8 points 5 months ago

Surely they will enact legislature to put a stop to... Checks notes... Themselves

[-] Semi_Hemi_Demigod@lemmy.world 4 points 5 months ago

Must be another one of those checks and balances I keep hearing about

[-] LaterRedditor@lemmy.world 14 points 5 months ago

[-] robocall@lemmy.world 13 points 5 months ago

Only 46?

[-] gAlienLifeform@lemmy.world 13 points 5 months ago

Those were just the ones that were lazy enough to not bother hiding it

[-] tipicaldik@lemmy.world 10 points 5 months ago* (last edited 5 months ago)

pretty much just amounts to a congressional "swear jar"

[-] lemmyman@lemmy.world 8 points 5 months ago

Just because I was curious: I counted 23 R, 22 D, 1 I. That might be off by one or two but I was surprised (well maybe not really) how evenly split it was

[-] JakJak98@lemmy.world 4 points 5 months ago

Its a one party system in a two party costume.

[-] HeyThisIsntTheYMCA@lemmy.world 5 points 5 months ago

Of course fucking Sarbanes is on the list

[-] Semi_Hemi_Demigod@lemmy.world 4 points 5 months ago

As someone who's done a ton of work getting companies to be SOX compliant I have a fresh new hatred for our system of government. I get a new one just about every day at this point.

[-] HeyThisIsntTheYMCA@lemmy.world 3 points 5 months ago

I only did that for a decade before switching to a cash basis field. It was so good for my sanity.

[-] Bluefalcon@discuss.tchncs.de 3 points 5 months ago

Didn't Martha go to jail for inside trading?

[-] jeffw@lemmy.world 4 points 5 months ago

Wasn’t it just house arrest? Idk that feels like a lifetime ago

[-] Bluefalcon@discuss.tchncs.de 7 points 5 months ago

5 months in federal correctional facility.

[-] unreasonabro@lemmy.world 2 points 5 months ago

The Supreme Court, Congress... your leadership seems to have a problem delaying gratification. You know that's a predictor of success later in life, right? The ability to delay gratification. People who are unable to do that tend to leave a lot of messes for others to clean up, which is no way to run a successful criminal enterprise. Just saying.

[-] CharlesDarwin@lemmy.world 2 points 5 months ago

Maybe time to invest in that NANC ETF...

this post was submitted on 05 Jun 2024

365 points (99.7% liked)

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