Pelosi is flat wrong and this problem must be fixed

badlatitude

Super Anarchist
27,832
4,051
I don't understand why no one seems to get this. Congress should be allowed to trade, they should not be allowed to trade on stock where there is an incentive to make a decision in favor of a corporation to allow them to make more money. That's the difference, and also how people get rich. If the STOCK ACT works, why are reports of individual trades hidden for many months? This whole thing needs an overhaul or needs to be stopped.


Pelosi rejects stock-trading ban for members of Congress: 'We are a free-market economy. They should be able to participate in that.'




House Speaker Nancy Pelosi on Wednesday rejected the idea of barring members of Congress and their spouses from holding or trading individual stocks while in office.

"We are a free-market economy. They should be able to participate in that," Pelosi said when asked by Insider at her weekly press conference.

Insider also asked Pelosi about Conflicted Congress, a five-month-long investigation by Insider that found that 49 members of Congress and 182 senior congressional staffers had violated the STOCK Act, a law to prevent Insider trading.

The speaker said she hadn't yet seen the project, but added that it's important that members comply with the law.

Pelosi's position put her at odds with progressives such as Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez, both of whom have called for barring members of Congress from trading stocks while in office.

 


"It is absolutely ludicrous that members of Congress can hold and trade individual stock while in office," Ocasio-Cortez recently tweeted. "The access and influence we have should be exercised for the public interest, not our profit. It shouldn't be legal for us to trade individual stock with the info we have."

And on Tuesday, Warren told Insider that she had seen Insider's investigation, calling out the "brazenness" of members and staffers trading stocks even while having access to privileged knowledge.

"We need both tougher laws and enforcement of those laws," the Massachusetts Democrat said. "The American people should never have to guess whether or not an elected official is advancing an issue or voting on a bill based on what's good for the country or what's good for their own personal financial interests." 

When asked about progressives' position on the issue, Drew Hammill, a spokesperson for Pelosi, signaled that the speaker preferred a transparency-focused approach to insider trading.

"The STOCK Act exists to shine a bright light on trades by members of Congress," Hammill said. "Sunlight is the best disinfectant."

Pelosi's husband, investor Paul Pelosi, frequently trades significant numbers of stocks. With her husband's assets considered, Pelosi ranks among the wealthiest members of Congress, an Insider analysis found.

"The speaker does not own any stocks," Hammill said. "As you can see from the required disclosures, with which the speaker fully cooperates, these transactions are marked 'SP' for spouse. The speaker has no prior knowledge or subsequent involvement in any transactions."

Insider has identified numerous examples of federal lawmakers trading stocks in industries they oversee as part of their congressional committee assignments, including within the defensehealthcare, and energy industries.



 




 

Ease the sheet.

ignoring stupid people is easy
19,464
1,976
Politicians should be able to trade.

The bigger question is "do you trust them to trade"?

If the answer to that is no, why do they get elected?

 

Ease the sheet.

ignoring stupid people is easy
19,464
1,976
They should have to put their money in blind trusts while they are lawmakers.

But they won't because they make more by cheating the public.
Blind trusts are used by Australian politicians.

It's the wrong solution to the problem. It accepts that politicians will be corrupt.

Just don't elect corrupt politicians.

Now, I've got to go feed my unicorn......

 

AJ Oliver

Super Anarchist
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1,803
Sandusky Sailing Club
Why is clean gummint the responsibility of the Dems only ?? 

Is the unspoken quiet part that the GOPPER Riech is irredeemably corrupt ?? 

That could well be, since it is, after all, true.  

 

AJ Oliver

Super Anarchist
12,894
1,803
Sandusky Sailing Club
The trouble
Well yes, the real problem is insider trading, not just trading, as my gal Liz points out. 

And Congress critters can obtain insider info in a number of ways. 

But I would also go along with a total ban on Critter trading. 

Just waiting for those policy wonks of the GOP to weigh in on this . . . right @The Joker  ????  

What are the GOP policy proposals on this issue ?? What do they recommend ??  Why  ?? 

The Jokster has no clue whatsoever about this or any other issues of public policy. 

He just waits for Hannity to tell him what to think. 

 

Blue Crab

benthivore
15,076
2,238
Outer Banks
In with the new: 
images


Out with the old:  image.jpeg

 

Steam Flyer

Super Anarchist
41,126
8,069
Eastern NC
I don't understand why no one seems to get this. Congress should be allowed to trade, they should not be allowed to trade on stock where there is an incentive to make a decision in favor of a corporation to allow them to make more money. .....

... Insider has identified numerous examples of federal lawmakers trading stocks in industries they oversee as part of their congressional committee assignments, including within the defensehealthcare, and energy industries.  ...
Trading in businesses they are involved with regulating is the very definition of "corruption."

Pelosi's husband is no different. It's also true he made a YUGE pile o'money in Cali real estate before that, but it is not right that he may use knowledge gained from her as an advantage.

That's far from the worst though.

- DSK

 

learningJ24

Super Anarchist
4,344
390
Why is clean gummint the responsibility of the Dems only ?? 

Is the unspoken quiet part that the GOPPER Riech is irredeemably corrupt ?? 

That could well be, since it is, after all, true.  
Because the Conservative wing can only agree on one word, "NO!".

 

Bus Driver

Cunning Linguist
Because the Conservative wing can only agree on one word, "NO!".
To be accurate, they are not "conservatives".

Their words and deeds make clear they wish to return us to a time they feel America was "great".  Thus, they are regressive.

The "great" they pine for is pre-Roe v Wade and pre-Civil Rights.  Think 1950s. Of course, they reject the tax structure of that time.

 

learningJ24

Super Anarchist
4,344
390
To be accurate, they are not "conservatives".

Their words and deeds make clear they wish to return us to a time they feel America was "great".  Thus, they are regressive.

The "great" they pine for is pre-Roe v Wade and pre-Civil Rights.  Think 1950s. Of course, they reject the tax structure of that time.
I think you are shortening the time line, they want to return to Antebellum America.  Tariffs rather than income or land taxes, control of who votes, ownership of labor; what's not to like.  

The working definition of 'conservative' that I've always used is someone who wants to keep things the same or return to a previous 'better" (for them) time period.  "Regressive" simply refers to a flavor of conservative rather than a different critter.  The only regressive liberals would be utopians, a far rarer beast.

 

Steam Flyer

Super Anarchist
41,126
8,069
Eastern NC
quod umbra said:
Ultimately the problem is, how do you stop it? 
Take Madame Pelosi as a perfect example. You think she doesn't telegraph pending legislation to her husband so he can execute trades base on legislation in the pipeline? Do you think Hiliary Clinton really hit it all on her own in Porkbelly Futures?
Even if elected officials had to but their money behind some sort of wall so they could not profit from pending legislation or pending policy changes, you really think they could possibly be shielded from their investments?

I agree it is awkward, and has real bad optics even if pure intent, but how do you fix it?
Further, yes this fails on the side of bad, but man there is a whole bunch of crapthat is really much worsethe political elite do to enrich themselves when they pretend to represent We The People.
Obviously, we fix it by having a Trump-inspired mob break into the Capitol, steal stuff, smear shit on the walls, in an attempt to kidnap and kill a bunch of Congresscritters

- DSK

 
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