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Congress Needs to Stop Day Trading, Says Sen. Mark Warner

  • 240 points
  • 7 days ago

  • @kantrowitz
  • Created a post

Congress Needs to Stop Day Trading, Says Sen. Mark Warner


@sslayer 7 days

Replying to @kantrowitz 🎙

Does anyone actually believe this is going to accomplish anything meaningful? I'm sure there is thousands of more loopholes to get around it. We should be focused on accountability to the American people, not just the rich.

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@ramesh31 7 days

Replying to @kantrowitz 🎙

Awkward title. It implies congress is considering a ban on retail day trading.

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@UIUC_06 7 days

Replying to @kantrowitz 🎙

All the discussion about how much Senators and Representatives should be paid and whether it leads to bribery misses the most important moral point, which is:

They are in a position to influence stocks, and hence must be barred from owning them, other than in a blind trust.

It's the same moral principle as "Judges must recuse themselves from cases in which they have a financial interest."

We want them to vote on regulating Big Tech based on their understanding of the issues and their constituents' desires, not on their holdings of Big Tech stocks. Yes, I know that's naïve and there are campaign contributions to think of, but that's a separate topic of law.

Discussing whether they get "enough" to live on also misses the fact that they're not doing it for living expenses -- they're doing it to get rich.

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@Bostonian 7 days

Replying to @kantrowitz 🎙

As I've said before, publish the trades of politicians and Fed officials online every evening. If they make hundreds of millions trading on information the public is unaware of, disseminate that information quickly. Politicians say things they know are untrue, but they will trade in what they perceive to be their interests.

"Some of the most egregious stock trading in Congress occurred when several Senators dumped large volumes of stock in Winter 2020, right after Congress was briefed on the magnitude of the Covid threat. Sen. Kelly Loeffler sold millions in stock. Her fellow Georgia Sen. David Purdue made a windfall by dumping and buying back stock. Sen. Richard Burr offloaded more than $1.6 million in stock ahead of the market crash (and then made a suspicious call to his brother-in-law, who promptly called a broker)."

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@andrewclunn 7 days

Replying to @kantrowitz 🎙

Insider trading for EVERYONE! The market is already part scam part gambling. Let's give private business a shot by making publicly traded ones little more than a pyramid scheme.

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@zw123456 7 days

Replying to @kantrowitz 🎙

CEO's and officers of corporations have to disclose their trades of their company stock. It is only fair that the public officials making the laws that govern the operations of said corporations should have to disclose all their stock activities as well, since almost any law they pass could potentially impact almost any company.

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@revscat 7 days

Replying to @kantrowitz 🎙

We will see a black hole evaporate via Hawking radiation before a bill such as this becomes law. The United States Senate is the body representing the capitalists/landed gentry/aristocracy/etc., and from my amateur reading of US history it always has been. The House is only slightly better.

There may be politically powerful voices which speak out on issues such as these, but only briefly. Tomorrow will be a new crisis, or celebrity death, or something which takes attention away. And because the politicians voicing support for change are in the minority, and support for their efforts non-existent, then there is no momentum to push it forward beyond the crisis of the week.

This has been true for as long as I can remember. I have never seen evidence, current or historical, that gives evidence otherwise. Instead, voters are blamed, blamed for a system they have little to no power to affect in any significant way.

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@chiefalchemist 7 days

Replying to @kantrowitz 🎙

If you've ever wondered why anyone would run for Congress given the pay, this is your answer. What's amazing is how many of them will shamelessly promote the idea of corruption in other countries, and then day trade and grasp their hypeocricy.

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@faangiq 7 days

Replying to @kantrowitz 🎙

Just pay these people 50 mil a year and tell them to go away.

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@m_ke 7 days

Replying to @kantrowitz 🎙

Only way we'll ever get rid of Pelosi.

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@xt00 7 days

Replying to @kantrowitz 🎙

It has to also include the typical provisions for insider trading like "telling others material information related to stocks / companies etc". I tend to like the idea people are proposing of requiring the information to be disclosed in real-time when the trade is made (also not like "at the closing bell" BS that I'm sure people would push for..). Like it would be awesome to see people making trades 10 mins after a briefing and going, huh.. ok cool, so looks like Lockheed won the contract... :-)

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@ISL 7 days

Replying to @kantrowitz 🎙

Members of Congress make ~$174k/yr. [1]

It will be an unpopular opinion, but I believe that we should pay better (and demand better) for a job with that much responsibility. Otherwise, a congressperson will be forever tempted to align their incentives with service to causes other than their electorate.

I'm fairly certain we should be paying our elected officials at least as much as our football coaches.

[1] https://www.senate.gov/artandhistory/history/common/briefing...

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@iamleppert 7 days

Replying to @kantrowitz 🎙

How is it acceptable for them to engage in these activities while on the job? It should be illegal based upon their job duties. During office hours, and while at the office, like everyone else, they should be required to carry out their job duties and not engage in personal or outside activities. Trading stocks and the like has nothing to do with their job and should not be done while at your job.

If a congress person is caught doing anything else besides their job, they should be fired immediately for cause. We need to put the public service back in public service.

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