234

The Senate has a new plan to ban congressional stock trading. Here's what's in it. (www.businessinsider.com)

submitted 3 months ago by Theprogressivist@lemmy.world to c/politics@lemmy.world

16 comments fedilink hide all child comments

On Wednesday, a key Senate panel approved a bill that would ban lawmakers from trading stocks.

The Senate Homeland Security and Government Affairs Committee approved the legislation — known as the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act — by an 8-4 vote.

Republican Sens. Rand Paul of Kentucky, Ron Johnson of Wisconsin, Mitt Romney of Utah, and James Lankford of Oklahoma voted against it.

"The public doesn't think we should profit from having information that they don't have, and we shouldn't" Democratic Sen. Jeff Merkley of Oregon, one of the key sponsors of the bill, told reporters in his office on Tuesday.

It's a sweeping bill — but it wouldn't take full effect until 2027 Under this bill, members of Congress — along with the President and Vice President — would be banned from purchasing stocks and cryptocurrencies beginning 90 days after the bill's signed into law.

Then, on March 31, 2027 — two and a half years from now — a more complete ban takes place. Those same politicians, as well as their spouses and any dependent children, would have to sell off all of their stocks within 120 days after that.

you are viewing a single comment's thread
view the rest of the comments

[-] NoIWontPickAName@kbin.earth -5 points 3 months ago

Cool cool, and what about these people’s retirement funds?

Not every congressperson is a long term person.

This would really fuck over the average person trying to become a congressperson.

Not all of them are dynasty

[-] xmunk@sh.itjust.works 9 points 3 months ago

They'd still be allowed to invest in bonds and mutual funds (including index funds I believe) so they can still gain money with the market... They're just limited on how targeted they can be.

[-] NoIWontPickAName@kbin.earth 2 points 3 months ago

this post was submitted on 24 Jul 2024

234 points (98.3% liked)

politics

19138 readers

3354 users here now

Welcome to the discussion of US Politics!

Rules:

Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.

Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.

Example:

Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive. Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.

That's all the rules!

Civic Links

• Register To Vote

• Citizenship Resource Center

• Congressional Awards Program

• Federal Government Agencies

• Library of Congress Legislative Resources

• The White House

• U.S. House of Representatives

• U.S. Senate

Partnered Communities:

• News