Will lawmakers actually be banned from trading billions in stocks?

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Will lawmakers actually be banned from trading billions in stocks? What's inside the new Senate bill to hold Congress accountable

DAILYMAIL.COM
By JON MICHAEL RAASCH
28 July 2024

After a decade demurring on the matter, Congress has finally advanced a law to ban themselves from trading stocks following years of members raking in millions using inside information.

The Senate Committee on Homeland Security and Governmental Affairs on Wednesday advanced a congressional stock trading ban 8-4 through the panel. The measure will now head to the Senate floor for consideration by the full chamber.

The bill, if passed, would ban members of Congress, their spouses and dependents and the president and vice president from buying or owning stocks and other assets.

If enacted the law would force members to liquidate their assets, with one lawmaker noting how it'd crush people like Donald Trump and prevent him from running for office.

But others in the GOP think it's necessary to stamp out corruption and stop people like former Speaker Nancy Pelosi from getting blockbuster returns.

'No Member of Congress should abuse their privilege to profit off of the American people,' Missouri Sen. Josh Hawley, the lead Republican on the bill, exclusively told DailyMail.com in a statement.

Two of the youngest senators helped lead negotiations on the proposed stock trading ban

'For too long, politicians of both parties have prioritized their stock portfolios over serving those who elected them.'

(more)
https://www.dailymail.co.uk/news/article-13673143/congress-members-trading-stocks-senate-bill.html

Politicians are commonly elected with assets of 100 - 200 thousand. A couple of years later they are worth 5 million. A couple of years after that they are worth 40 - 50 million. AOC was a waitress/bartender when elected. Now, she is worth millions after only a few years in office. And a few years from now, she will be close or over a 100 million.

[catfish1957]

Don't worry.  Never estimate the ability of a congresscritter to circumvent honesty and honor.

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BTW: Just to emphasize how much the fix is in, the IRS, the DOJ, and the SEC, have no interest at all in Pelosi. Martha Stewart went to prison over some relatively small stock trade. Pelosi is trading millions everyday with incredible returns and nobody cares. Pelosi always seems to buy just before a bump, and then manages to sell just before the downturn.

Pelosi's latest Gordon Gekko play was with NVIDIA. She made millions as she always does.

There are people and companies actually spying on her to know what she is trading on the markets so they can follow her. After all, she never loses.

[The_Reader_David]

BTW: Just to emphasize how much the fix is in, the IRS, the DOJ, and the SEC, have no interest at all in Pelosi. Martha Stewart went to prison over some relatively small stock trade. Pelosi is trading millions everyday with incredible returns and nobody cares. Pelosi always seems to buy just before a bump, and then manages to sell just before the downturn.

Pelosi's latest Gordon Gekko play was with NVIDIA. She made millions as she always does.

There are people and companies actually spying on her to know what she is trading on the markets so they can follow her. After all, she never loses.

There is a reason the DOJ, SEC and the like have not interested in congressmen's and senators' insider trading:  Congress explicitly excluded themselves from insider trading laws like those used in the case of Martha Stewart.  I'm sure the DOJ as currently constituted would be delighted to prosecute Republican lawmakers for insider trading, except they can't because insider trading by members of Congress (unlike insider trading by the rest of us) is not illegal.