Stock trading and Congress

https://www.politico.com/minutes/congress/01-11-2022/hawley-mulls-stock-ban/

Josh Hawley says he's looking at a proposal from Jon Ossoff that would bar members of Congress from trading stocks.

There is some bipartisan momentum on cracking down on stock buying for members of Congress.

Here's the latest: Sen. Josh Hawley (R-Mo.) told POLITICO he's looking into a proposal from Sen. Jon Ossoff (D-Ga.) that would bar lawmakers —and their families — from trading individual stocks while in office.

    "I don't own any individual stock. This is a decision my wife and I made. My own view is whether it's using broad based mutual funds or a blind trust, I just think there's a lot to be said about members not trading individual stocks."

    — Sen. Josh Hawley (R-Mo.)

It's still early: Hawley said he hasn't yet spoken with Ossoff directly on the plan. "I'm trying to get up to speed on his legislation, see what it provides for," he said. The Ossoff bill, first reported by The New York Post, has not yet been formally introduced.

Throwback: Stock trading issues dogged Georgia GOP Sens. David Perdue and Kelly Loeffler during their failed Senate campaigns in 2020. Ossoff and Sen. Raphael Warnock (D-Ga.) ultimately won those contests.

Reminder: Speaker Nancy Pelosi defended the ability of members to trade stocks while in office during a press conference last month. "This is a free market, and people — we are a free market economy. They should be able to participate in that," she said.

For what it's worth: Warnock and a bipartisan group of lawmakers have already proposed their own legislation barring members from selling stock.

I wonder how far this will go.

I wonder how far this will go.

Asking politicians to vote against their own self interest?   Good luck with that.

Occasionally political gain can outweigh personal gain. I wouldn't say it's hopeless.

Once the headline gets buried, it'll be ignored.  Or Pelosi won't take it up to avoid having a vote for it on record.

Pelosi is one of the top inside traders in congress.

There is no way this gains traction and becomes law.  It'd be nice though.  I'd even be happy with a law requiring advance notice of any trades on individual stock, something like 2 weeks or 30 days before buying or selling they announce their intention to buy or sell.  Make this law apply to spouses as well.  You could incentivize not owning individual stock by exempting mutual funds or stocks purchased by a blind trust.

Pelosi is one of the top inside traders in congress.

Exactly.
She does NOT want to have to vote against it.  So she'll just not bring it up for vote.
Easy.

https://www.axios.com/josh-hawley-stock-ban-bill-c1f17548-286c-4244-8798-ce465efffc1f.html

Scoop: Josh Hawley introducing his own stock ban bill

Sen. Josh Hawley (R-Mo.) plans to introduce his own bill to prevent members of Congress from trading stocks, while Sen. Jon Ossoff (D-Ga.) teams up with fellow Democrat Mark Kelly (D-Ariz.), Axios has learned.

Why it matters: This means there will be now be two similar bills to ban stock trades individually championed by two vastly different lawmakers—further complicating the effort to pass a stock trading ban this session.

Between the lines: This comes after talks between Ossoff and Hawley's offices fizzled out, and Ossoff had sought a Republican co-sponsor before partnering with Kelly.

Both bills would prevent sitting lawmakers and their spouses from trading stock, but there are some differences between the two proposals:

    Ossoff's bill also would apply the ban to any dependent children in addition to the spouses of lawmakers, whereas Hawley's bill would not.
    Hawley's bill would have the Government Accountability Office provide oversight, whereas Ossoff would leave that to congressional ethics committees.
    Any violations of Hawley's measure would require lawmakers or their spouses to disgorge any investment to the U.S. Treasury. Additional penalties also may be leveled by Congressional ethics committees.
    A Democratic aide familiar confirmed to Axios that Ossoff's bill also includes penalties for violations.

“Year after year, politicians somehow manage to outperform the market, buying and selling millions in stocks of companies they’re supposed to be regulating," Hawley said in a statement to Axios. "It’s time to stop turning a blind eye to Washington profiteering.”

The bottom line: A stock trading ban already faced long odds, despite widespread public support, in part due to House opposition from Speaker Pelosi. Today's developments make those odds even longer.

Great, they still can't work together. lol

https://www.axios.com/josh-hawley-stock-ban-bill-c1f17548-286c-4244-8798-ce465efffc1f.html

Quote

Scoop: Josh Hawley introducing his own stock ban bill

Sen. Josh Hawley (R-Mo.) plans to introduce his own bill to prevent members of Congress from trading stocks, while Sen. Jon Ossoff (D-Ga.) teams up with fellow Democrat Mark Kelly (D-Ariz.), Axios has learned.

Why it matters: This means there will be now be two similar bills to ban stock trades individually championed by two vastly different lawmakers—further complicating the effort to pass a stock trading ban this session.

Between the lines: This comes after talks between Ossoff and Hawley's offices fizzled out, and Ossoff had sought a Republican co-sponsor before partnering with Kelly.

Both bills would prevent sitting lawmakers and their spouses from trading stock, but there are some differences between the two proposals:

    Ossoff's bill also would apply the ban to any dependent children in addition to the spouses of lawmakers, whereas Hawley's bill would not.
    Hawley's bill would have the Government Accountability Office provide oversight, whereas Ossoff would leave that to congressional ethics committees.
    Any violations of Hawley's measure would require lawmakers or their spouses to disgorge any investment to the U.S. Treasury. Additional penalties also may be leveled by Congressional ethics committees.
    A Democratic aide familiar confirmed to Axios that Ossoff's bill also includes penalties for violations.

“Year after year, politicians somehow manage to outperform the market, buying and selling millions in stocks of companies they’re supposed to be regulating," Hawley said in a statement to Axios. "It’s time to stop turning a blind eye to Washington profiteering.”

The bottom line: A stock trading ban already faced long odds, despite widespread public support, in part due to House opposition from Speaker Pelosi. Today's developments make those odds even longer.

Great, they still can't work together. lol

Politicians are always trying to put everything in at once.
They should compromise and do the spouses first then agree to revisit it in two years to see if they need to add the kids too.  Just so they have something.

But nope.  All or nothing.

There was a good website that green yellow redded the senate and house.

Feinstein was flagged the worst.

Cant find the site again.




Anyone see "that moron" grill fauci over insdier trading?