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January 14, 2022
Sen. Josh Hawley Introduces Long Overdue Legislation to Bar Insider Trading in Congress
In a move that should have been made long ago, Senator Josh Hawley (R-MO) has introduced the Banning Insider Trading in Congress Act. As reported by the Post Millennial, the bill would “amend the Ethics in Government Act of 1978 to prohibit transactions involving certain financial instruments by Members of Congress.”
Congressmen and women, under the provisions of the bill, would be barred from investing in securities, futures, commodities, and derivatives. It would allow six months for newly elected members of Congress to divest or transfer such investments to a “blind trust,” and lays out punishments for violations which include forfeiture of profits, inability to claim the lost profits on taxes, and fines.
Though a long time in coming, the legislation is timely, after Pelosi garnered criticism recently for comments regarding the trading of stocks by members of Congress.
The Blaze reported that Pelosi said, “This is a free-market economy. They [members of Congress] should be able to participate in that.”
Former Director of the Office of Government Ethics under Obama Walter Shaub destroyed Pelosi for her comment.
It's a ridiculous comment! She might as well have said "let them eat cake." Sure, it's a free-market economy. But your average schmuck doesn't get confidential briefings from government experts chock full of nonpublic information directly related to the price of stocks.https://twitter.com/atrupar/status/1471152961577439234\u00a0\u2026— Walter Shaub (@Walter Shaub) 1639593716
“It's a ridiculous comment! She might as well have said ‘let them eat cake.’ Sure, it's a free-market economy. But your average schmuck doesn't get confidential briefings from government experts chock full of nonpublic information directly related to the price of stocks.”
Joe Rogan also tore into Pelosi for her comments saying,
“She’s giving this like very simplistic, almost vague answer. Because should you be allowed to participate in the stock market when you’re influencing the direction of the stock, or when you know which direction something’s going to go in? Or when you’re going to pass a law that’s going to benefit these businesses, that’s going to force the stock to go up, and you know that, so you invest a s**t-ton of money before it happens? That seems like it’s a problem. That seems like it’s a problem.”
At the beginning of 2021, as Biden was taking the reins, Pelosi scored with fortuitous purchases of Tesla stock which were boosted by several Biden executive orders soon after her investment.
There’s no doubt people in Congress are making investment decisions based on everything they know to be going on, any person with a brain would do the same. The problem is that what Congress does has the potential to destroy or make valuable certain investments, and they would know what is going to happen before it hits the market. If regular civilians were to trade on such information, they’d be locked up in prison, so either members of Congress should start being thrown behind bars or they shouldn’t be allowed to play the game.
I’d be fine with many members of Congress being locked up regardless, so they should count their lucky stars I don’t make the rules.
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