There is a very strong bipartisan effort to prevent members of Congress from trading stock.
For much of the last two years, this has been getting tossed around.
Now, however, it may finally have enough support in the Senate to get passed.
Watch Out Stock Portfolios
There is a lot to unpack here, so let’s get into this.
Senators Kirstin Gillibrand (D.N.Y.) and Josh Hawley (R-MO) have teamed up to present the legislation in the Senate.
CNN reported that the “legislation that would prevent members of the executive and legislative branches — as well as their spouses and children — from trading individual company stocks.
“The legislation will also ban blind trusts, require increased filing transparency, and significantly increases penalties for violations, including fines of at least 10% of the value of the prohibited investments for members of Congress.”
Gillibrand stated, “Sunlight is the best disinfectant. It is critical that the American people know that their elected leaders are putting the public first – not looking for ways to line their own pockets.”
Hawley added, “Politicians and civil servants shouldn’t spend their time day-trading and trying to make a profit at the expense of the American public, but that’s exactly what so many are doing.
“My bill with Senator Gillibrand is common sense: ban elected and executive branch officials from trading or holding stocks, and put the American public first.”
BREAKING: Senators Kirsten Gillibrand and Josh Hawley are going to introduce a new bill that would outright ban ownership of individual stocks by members of Congress and their aides.
— unusual_whales (@unusual_whales) July 19, 2023
Now, anyone that thinks members of Congress join to be a public servant is delusional… they join to get rich, and getting insider stock information is part of that deal.
So, here is really great part about this… we don’t need it to pass to find out who the insider traders are in Congress.
Watch and see who votes against this legislation under the cover of promoting capitalism.
These are the people that are not only worried that the money train will dry up, but they have a much bigger fear.
What happens if this legislation passes and suddenly all these members of Congress who have been producing huge profits in the stock market start to lose money?
They know they will be watched, and when their stock portfolios plunge, it will be all but a confession of guilt for insider trading.
My guess is that you will see some old-timers like Pelosi vote for the legislation and retire, since she already made her money.
But you will see a major resistance from about 30 to 40 percent of Congress, and they, my friends, and I don’t care who they are in terms of popular, unpopular, Republican, Democrats, or Independent, they are the thieves that have been insider trading.
Source: CNN
