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This is already the law. Since the "Stop Trading on Congressional Knowledge Act of 2012", they already have to disclose any stock trades made by themselves, a s
by gkoberger 5y ago
This is already the law. Since the "Stop Trading on Congressional Knowledge Act of 2012", they already have to disclose any stock trades made by themselves, a spouse or a dependent.
Because this hasn't fixed the issue, and most don't seem to have any shame, these recent laws (originally coming from Ds but Rs have their own version) prevent them from trading individual stocks while in office.
- animal_spirits 5y agoI think the problem with this act is AFAIK it states they have to report the trades 45 days AFTER they make them. Not before they make them. So they all just wait until 45 days later when it’s not relevant anymore. New news cycle, people forget
- notacoward 5y agoAFAICT they wait even longer than that, and suffer no consequences. For example, Rand Paul waited 16 months to disclose his wife's trades in Gilead Sciences. https://www.washingtonpost.com/politics/2021/08/11/rand-paul-gilead-stock/ https://www.washingtonpost.com/politics/2021/08/11/rand-paul... RP is a particularly grotesque piece of work (not only in this regard), but he's far from alone. Staffers are subject to the same rules, and at least 182 of them have done the same thing. https://www.businessinsider.com/congress-staff-violated-stock-act-conflicts-of-interest-possible-2021-12 https://www.businessinsider.com/congress-staff-violated-stoc...