Unusual Stock Trading by Whales in US Congress

Re:Unusual Stock Trading by Whales in US Congress by smt88 on Thursday April 15, 2021 @01:42PM (#26823709)

I think it's easy to rephrase this as follows:

People should not be able to make bets on matters over which they secretly control the outcome.

That means any federal official should have their investments behind a blind trust of some sort, no exceptions.

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Re:Unusual Stock Trading by Whales in US Congress by paulryanrogers on Thursday April 15, 2021 @01:59PM (#26823989)

Isn't this already an illegal conflict of interest?

Are federal representatives immune?

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Re:Unusual Stock Trading by Whales in US Congress by infinite8s on Thursday April 15, 2021 @02:25PM (#26824337)

Congress excluded itself from insider-trading laws. Convenient, eh?

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Re:Unusual Stock Trading by Whales in US Congress by _underfl0w_ on Thursday April 15, 2021 @03:34PM (#26825142)

Can anyone cite a source for this? I don't doubt the legitimacy, but would like to know more about it.

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Re:Unusual Stock Trading by Whales in US Congress by vageli on Thursday April 15, 2021 @03:41PM (#26825243)

It doesn't seem to be true any longer with the STOCK act.

https://en.wikipedia.org/wiki/STOCK_Act

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Re:Unusual Stock Trading by Whales in US Congress by busymom0 on Thursday April 15, 2021 @08:29PM (#26827887)

It was repealed silently and unimanously in 2013:

https://www.youtube.com/watch?v=dZINKG-gPT0

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Re:Unusual Stock Trading by Whales in US Congress by Jommi on Thursday April 15, 2021 @01:58PM (#26823960)

Edit it to "secret bets" or even "non publicly announced".

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Re:Unusual Stock Trading by Whales in US Congress by smt88 on Thursday April 15, 2021 @03:27PM (#26825066)

I'd have to think it through more, but my gut says that I don't care if the bet is secret. Although I would separately support a law that all elected officials must have extreme transparency into their finances.

I think people should give up all of their right to privacy (when it comes to business, finances, travel, and even conversations) when they acquire a large amount of power. In my head, a US senator would have that much power and that little privacy, whereas a US representative in the House would not.

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