These people should also not be permitted on the board of any companies within 2 years of service. This way they dont pass laws benefitting private companies and as a reward they make a 2 million dollar salary as a board member in a business they really know nothing about.
2 Likes
Agreed!
They are doing inside trading. They should be made accountable.
1 Like
I agree but I don’t think we should ban them from owning any stock. If they owned them prior to being in office. But not allowed to do anything with the stock market for there time in office and 2+ years after being in office.
1 Like
All investments by Congressmen and government employees and their families., should be limited to index funds. Limiting to index funds gives them a vested interest in making the US economy work and work for all.
2 Likes
I would say government can invest as any American would but cannot profit off stock or hold stock they are regulating. As well as immediate family members (spouse, kids etc.
It’s not an issue of owning stock, it’s the blatant insider trading that is the issue. It’s a good thing that our politicians have financial incentives to owning stock. But if they act on material nonpublic information, they should be held accountable to the same laws as the rest of us.
I would agree. Banning trading is while holding public office is a bit extreme. But making insider trading for government officials and prosecuting would be more reasonable.
This will prevent corruption. Urgent to implement. People who want to serve should serve for selfless reasons, and that’s why they should be there for a limited amount of time.
1 Like
It’s a good idea, but how will you ensure they don’t? They can have family or friends do the investing or use a company name.
I think a total ban is too extreme. I would be a proponent for more transparency (like insiders and major stakeholders holdings should be filed with the SEC), a mandate that only diversified instruments be traded during their term (index based investments or mutual funds where they don’t have discretion on the positions held), and/or use of a separately managed account (where they don’t have discretion on what is contained in the portfolio). I also think these restrictions should extend to immediate family members and associated entities.
The Article II emoluments clause is fairly effective in keeping the President from gaining, while in office, financially: but the Article I emoluments clause obviously is not a deterrent, in fact it permits Congress to legislate for itself the ability to game the system for financial gain. This would be a good add-on to a term limits amendment.
I’d like to see this extend to family member of politicians as well.
1 Like
Agreed. Owning any stock of the company/industry you oversee should automatically get you banned until all ties are sold or removed. Their success should not sway the legal judgment of our governing body.
1 Like
Also, they will trade stock of companies they are overseeing, creating a conflict of interest. This needs to be banned immediately, please!
1 Like
I spent most of my career on congressional staff in DC. Staff should be banned from stock ownership or trading. They are privy to non-public information at least as much as members of Congress are, if not moreso.
1 Like
No one in a public service position in any branch of Federal Government should be able to buy/sell/trade stocks
Prohibit the buying or selling of individual stocks and futures of Federally elected officials, SES employees, Federally appointed officials, and those members of their team/office that have direct connections with those individuals. A special provision would be placed on any member residing in the same household or claimed as a dependent with those positions to be named preventing from buying and selling individual stocks and futures.
Twice a year, buying and selling seasons would be open for buying or selling general funds such as ETFs or mutual funds. Which would become public for 10 trading days before the buys and sells take place. There would be no restrictions on a set contribution to a 401(k) or TSP (Thrift Savings Plan) from their earned government pay.
1 Like
I would suggest that they may use the stock market till in office, but they can only sell what they already have after getting into office. Still an amaerican citizen. They should be able to keep some form regulation on their money.