“If legislation is advanced to help restore trust in government and ensure that those in power are held to the highest ethical standards, then I am proud to support it"
Well the truth is likely different than people want to hear. Every trade over $1000 dollars has been reviewed by an ethics committee since the stock act was passed back in 2012. It made sure Congress members trading with insider information was a crime. Aka, everyone who’s bitched about insider trading since 2012 has been going off their feelings of how it’s unfair rich people can make money off the insane amounts of money they have.
They’ve clearly not been enforcing that very well. Sure, they now submit their trades a month afterwards. Nothing happens unless they’re very obviously telling other people to also trade on that info
They might not be enforcing it strongly enough, but it’s already illegal. Meaning the punishments and review process should just be reviewed/changed. That said if you look at where everyone made giant amounts of money last year it was Nvidia. It wasnt about insider information. The company just took off, and the legislative branch has actually put restrictions on the company, not voted to allow them to operate freely. Had Nvidia been able to sell in China and build more factories there the company would have been able to increase more rapidly. So the insider information would have been to sell Nvidia stock, not buy it.
If we want to fix the issues at its core we need to find ways to ban everyone from investing in the stock market, not just government members.
Well the truth is likely different than people want to hear. Every trade over $1000 dollars has been reviewed by an ethics committee since the stock act was passed back in 2012. It made sure Congress members trading with insider information was a crime. Aka, everyone who’s bitched about insider trading since 2012 has been going off their feelings of how it’s unfair rich people can make money off the insane amounts of money they have.
https://www.congress.gov/bill/112th-congress/senate-bill/2038
They’ve clearly not been enforcing that very well. Sure, they now submit their trades a month afterwards. Nothing happens unless they’re very obviously telling other people to also trade on that info
They might not be enforcing it strongly enough, but it’s already illegal. Meaning the punishments and review process should just be reviewed/changed. That said if you look at where everyone made giant amounts of money last year it was Nvidia. It wasnt about insider information. The company just took off, and the legislative branch has actually put restrictions on the company, not voted to allow them to operate freely. Had Nvidia been able to sell in China and build more factories there the company would have been able to increase more rapidly. So the insider information would have been to sell Nvidia stock, not buy it.
If we want to fix the issues at its core we need to find ways to ban everyone from investing in the stock market, not just government members.