Should Congress be allowed to own stock?

[Sashimi_Moto]

A couple links to kick things off..
https://www.foxnews.com/politics/kelly-loeffler-coronavirus-stock
https://www.vox.com/2020/3/20/21188074/tucker-carlson-richard-burr-stock-sale-coronavirus

Now that the table is set we can look at the STOCK ACT of 2012:
https://www.foxnews.com/politics/what-is-the-stock-act

The STOCK Act is a law that was passed in 2012 that says members of Congress and other government employees, including congressional staffers and members of the executive branch and judiciary, are not allowed to engage in insider trading based off information they learn through their jobs. If there are any legal consequences for the current controversy, this law would be at the center of it.

Considering members of congress have access to info that can affect the public policy, stock trends as well as large business financial trends it begs the question - even with the STOCK ACT in place, is it even ethical for the members of congress - considering their position and role - to even own stocks?

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[SOHK_Alumni]

Ethics don't apply to politicians. They've written the laws to ensure that.

Politicians only have three concerns:

1 -- How do I get elected? They will do and say anything to achieve that goal.
2 -- How do I get re-elected? They will sell their very souls to achieve that goal.
3 -- How do I line my pockets with power, influence and money while I can?

Ethics, their constituents nor the nation have any place among those concerns.

 

[caprtaineddie]

It is very unfortunate that members of Congress have access that may give them a heads-up on important information that many affect the market, but it would probably take a constitutional amendment to prohibit them from owning stocks.

 

[Rviator]

It would be extreme to prohibit congressman to own stock as part of an investment portfolio. Many individuals work for companies and own stock in that company. They/we also may have access to insider information. It is illegal for any citizen to use said insider information to trade in stock. The same fortunately applies to congressman. It just seems that certain rich and powerful may have access to a more "favorable" legal system.

 

[chasvs]

Blind Trusts don’t allow for buying and selling based on inside information. Any communication between the Congress Members and the Managers of a Blind Trust is already illegal!

 

[Sashimi_Moto]

I can see why so many are calling for these 2 to resign. I don't see a mechanism, real or otherwise, to prohibit it especially since it impacts those who pass the law. So it's simply a theoretical.

Looks like the tally is up to 4 now! SMH
https://thehill.com/homenews/senate...ocks-before-coronavirus-threat-crashed-market

 

[chasvs]

I can see why so many are calling for these 2 to resign. I don't see a mechanism, real or otherwise, to prohibit it especially since it impacts those who pass the law. So it's simply a theoretical.

Looks like the tally is up to 4 now! SMH
https://thehill.com/homenews/senate...ocks-before-coronavirus-threat-crashed-market

There were 4 or 5 involved. Interesting only 2 are being discussed here.

 

[VAMike]

There were 4 or 5 involved. Interesting only 2 are being discussed here.

Because there were two involved, then a couple more who were dragged in with no basis.

 

[chasvs]

Because there were two involved, then a couple more who were dragged in with no basis.

There is NO Basis for the Allegation for any of them. No informastion on what was discussed in the briefing, no evidence of what if ANY communication they had with their Brokers, and yet they accused. Sure looks like a Political hit job to me!

 

[VAMike]

There is NO Basis for the Allegation for any of them. No informastion on what was discussed in the briefing, no evidence of what if ANY communication they had with their Brokers, and yet they accused. Sure looks like a Political hit job to me!

ok, sure

 

[Sashimi_Moto]

There is NO Basis for the Allegation for any of them. No informastion on what was discussed in the briefing, no evidence of what if ANY communication they had with their Brokers, and yet they accused. Sure looks like a Political hit job to me!

I’m not sure where that’s coming from. Tucker and Fox News don’t have a history of baseless hit jobs on Rs. Burr sits on the Senate Intelligence Committee so he definitely had insider knowledge.

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