3 ms·
Just prediction markets? They should be banned from all trading and active investing, period.
by the13 5mo ago
Just prediction markets? They should be banned from all trading and active investing, period.
- aanet 5mo ago+1000
- adverbly 5mo agoExactly! If we're gonna give this actual attention, we should be focusing on the fact that they should be banned from any form of insider trading or major conflict of interest!
- strulovich 5mo agoThey are blocked from insider trading I think this in the previous comment undervalue just how many more complicated ways there are for corruption to bubble. Assume super strict rules. Consider this example to circumvent them: Senator-elect A makes an LLC and invest their money (with some friends) in it (before taking office) They can’t even talk to the money manager. But the manager can see their actions, and the senator can know their ow investments and work in their favor.
- nyc_data_geek1 5mo agoUnusualWhales begs to differ
- roncesvalles 5mo agoBut then how will they make money? They only make a $174k base salary and a 15% cap on how much they can earn from other employment sources. I'm only saying this semi sarcastically. Often the senator's aides earn more than the senators themselves.
- foxyv 5mo agoIt would be nice if government officials had to do a national index fund (Vanguard or similar) stock purchase plan along the lines of employee stock purchasing in private companies.
- andrewflnr 5mo ago> Often the senator's aides earn more than the senators themselves. Fine. People motivated by money should take jobs other than sitting in Congress.
- cbdevidal 5mo agoAgreed. One thing I appreciate about New Hampshire’s state congress is their pay is fixed at $100/year.
- tstrimple 5mo agoGreat way to ensure only the independently wealthy can participate in politics.
- cbdevidal 5mo agoOr they have side gigs. Many of the founders of our nation had side gigs[1]. New Hampshire is number one freest state[2], 20th place for GDP per capita[3], 8th happiest state in the nation[4], and second-safest state in the nation[5]. They must be doing something right. [1] https://theturnaroundauthority.com/2014/07/02/professions-of-our-founding-fathers/ https://theturnaroundauthority.com/2014/07/02/professions-of... [2] https://www.freedominthe50states.org/overall/new-hampshire https://www.freedominthe50states.org/overall/new-hampshire [3] https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_GDP https://en.wikipedia.org/wiki/List_of_U.S._states_and_territ... [4] https://wallethub.com/edu/happiest-states/6959 https://wallethub.com/edu/happiest-states/6959 [5] https://www.usnews.com/news/best-states/rankings/crime-and-corrections/public-safety/violent-crime-rate https://www.usnews.com/news/best-states/rankings/crime-and-c...
- 6AA4FD 5mo agoMany if not most intelligent and skilled people are highly motivated by money, not just in pursuit of material comfort but security for their spouse, offspring, and extended family. I am skeptical of an arrangement where those incentives are at odds with care for critical infrastructure like our political process. That being said, the current arrangement makes it vastly more profitable to destabilize the economy and sell short than stabilize it and buy long, which is clearly unacceptable to me.
- noworld 5mo agoBan the trading and upping the base pay would probably improve accessibility.
- cortesoft 5mo agoJust disallow any personal investment choices. Either they have to invest in an index fund, a mutual fund, or have a manager who makes independent investment decisions. They could even do the sort of things corporate execs at publicly traded companies do, and fill out forms well in advance about future investment purchases, to avoid the ability to time purchases to inside information.
- brendoelfrendo 5mo agoYeah, I kind of agree with your semi-sarcastic take. While that salary is well above the US average, the fact is that they almost certainly don't make enough to own or rent a home in DC, and a second home in their constituency. It all but ensures that there can't be an honest member of congress, unless they feel like sleeping in their office.
- ocdtrekkie 5mo agoWhat can Congresscritters expense? I'd assume they need to travel between their home state and DC frequently. Would lodging for work where they do not have a home be expensable somewhere? Isn't the solution to needing two homes to do the job for the government to provide that as a work expense rather than permitting funky financial hijinks?
- tstrimple 5mo agoIt’s better than it used to be. Since 2023 House members can expense up to $30k / year in travel costs and lodging in DC. Prior to that, they had to eat those costs which were estimated to average around $28k per year based on number of days in session.
- IAmBroom 5mo agoPoor unfortunate souls.
- stvltvs 5mo agoBlind trusts.
- redorb 5mo agoThe fact senators have been able to stay in the senate for 20+ years, means they are probably making plenty of money. We need another round of FBI bribe stings to clean things up
- bs7280 5mo agoPeople should not be getting into politics for the money. I want senators who are doing it because they want to see a change in the world.
- pojzon 5mo agoThey want to see a change! In theirs account balance. Its still part of the world. Their world.
- deleted 5mo ago[deleted]
- qwertyuiop_ 5mo agoWhat’s the ceiling ? https://www.quiverquant.com/congresstrading/politician/Nancy%20Pelosi-P000197 https://www.quiverquant.com/congresstrading/politician/Nancy...
- deleted 5mo ago[deleted]
- 2ndorderthought 5mo agoIf you can't make it on 175k you might need to go to rehab.
- TimTheTinker 5mo agoThe 15% cap likely only applies to IRS-reportable gains on the congressperson's personal tax return. That unfortunately doesn't preclude insider trading by spouses, within IRA accounts, or within wholly or partially owned c-corporations controlled by the congressperson or a close family member. We need a federal law that says: "the definition of material non-public information (MNPI) is extended to mean any non-public information those in federal, state, or local government are privy to that may affect securities prices, and individuals in or adjacent to government are equally subject to prosecution for trading on it".
- Ekaros 5mo agoWell they could always set policies where 174k is a good living salary...
- maxbond 5mo agoNot to say they shouldn't be prohibited from trading in more markets or all markets, but prediction markets are so narrow in scope there could be a market on the way a particular senator votes on a particular bill. There will definitely be prediction markets made on the outcome of major proceedings the senator would be voting in, such as confirmations, on multiple platforms.
- caymanjim 5mo agoThere's momentum on this, including from within Congress. I think it's likely in the future. I don't see it happening before at least two more Congressional elections.