The nutless SEC just doesn’t pursue the violations. According to the STOCK Act of 2012, a member of Congress who performs a trade of a stock that will be affected by legislation, prior to posting the legislation for public view, can be charged with insider trading. They don’t have different laws, they just live above them.
The reporting lag of the STOCK Act is also far too long - but, in actuality, I think we should just bar congressmen from having any investments outside of index funds.
Eight Democrat Senators agree with you. It was introduced in September, read twice, and never brought to a vote. It was then referred to the Committee on Homeland Security and Governmental Affairs where it will likely die. They could mandate a vote if they deem it compelling. That was six months ago, so I wouldn’t hold my breath.
The nutless SEC just doesn’t pursue the violations. According to the STOCK Act of 2012, a member of Congress who performs a trade of a stock that will be affected by legislation, prior to posting the legislation for public view, can be charged with insider trading. They don’t have different laws, they just live above them.
The reporting lag of the STOCK Act is also far too long - but, in actuality, I think we should just bar congressmen from having any investments outside of index funds.
Eight Democrat Senators agree with you. It was introduced in September, read twice, and never brought to a vote. It was then referred to the Committee on Homeland Security and Governmental Affairs where it will likely die. They could mandate a vote if they deem it compelling. That was six months ago, so I wouldn’t hold my breath.
https://www.congress.gov/bill/117th-congress/senate-bill/3494