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Re:House Democrats to propose ban on lawmaker stock trading ... by nostromo on Thursday July 28, 2022 @12:48PM (#32266883)
Hear me out... few people want to run for federal office already. The pay isn't great and it's hard work.

If the US was a company, there'd be no question that we'd need to pay our leadership much better to attract top talent. We pay senators $170k a year to manage our country with a $20 trillion economy.

So what we end up with is activists who crave power and elites from rich families for whom $170k a year is a rounding error. Those families then use the power from being in office to enrich their families even more.

One solution could be to double or triple pay for US representatives along with banning stock trading and things like "speaking fees."

Re:House Democrats to propose ban on lawmaker stock trading ... by hazmazlaz on Thursday July 28, 2022 @03:07PM (#32268818)
I agree with you so much that it's difficult for me to convey. The magnitude of both the upside of good governance as well as the downside of bad governance is so great that it amazes me that we have so few pro-society incentives for competent and well intentioned individuals to serve on the highest governing bodies.

If I could wave a magic wand and change things, here's what I would do:

1. Increase pay for senators by 10x, and for congresspeople by 5x.

2. Institute term limits, maximum of 4 consecutive terms.

3. After leaving office, total ban on direct employment of any kind for a period of time equal to the time spent in office. During this 'freeze' period, give them a pension equal to their pay while in office.

4. Strict limits on the nature of employment allowed for spouses/children/close relatives.

5. Strict limits on volunteer/nonprofit work, board positions, and anything else that isn't direct employment.

6. Lifetime ban on political lobbying.

7. Ban on any investing outside of a blind trust for the duration of their time in office plus the duration of the 'freeze'.

Overall, my thesis is that we should take away as much as possible of the opportunity and the incentive for corruption for the purpose of financial gain. We do that by paying officials gobs of money and preventing them from participating in the system outside of their defined role as a government official.

Re:House Democrats to propose ban on lawmaker stock trading ... by techdragon on Thursday July 28, 2022 @03:22PM (#32269000)
I'd cut those numbers in half, 5x and 2.5x and the pension at half pay... Over a Million a year for a few years is a great way to bank up a "set for life if I'm smart with my money" stockpile (at least it has been until now, and may continue to be for a little while) and so you want it a little lower to avoid a constant churn of people charging at the gates for a shot at that money.

Otherwise totally agree. I'd even go so far as to say permanent ban on any employment with a step down salary/pension for life, halving with each multiple of the time in office.

Re:House Democrats to propose ban on lawmaker stock trading ... by julienb_sea on Thursday July 28, 2022 @04:30PM (#32269739)
This is a great way to ensure politicians are utterly disconnected from the private economy. I don't think we want this scenario to play out. Politicians need to have skin in the game and a real understanding of the consequences of their decisions.
Re:House Democrats to propose ban on lawmaker stock trading ... by drdaeman on Thursday July 28, 2022 @05:28PM (#32270327)
I don't think even this would work, unless, you know, we start exiling politicians to Mars or something like that, where they'd be completely out of touch with the society that they were in.

Sure one can (theoretically, this is just not going to fly in practice because those who are already in power won't let it happen) prohibit direct employment and other official forms of affiliation, but it would be hard to prohibit receiving gifts, talking with good friends, getting invitations and so on. Yes, you can list such things, and let judges review it, but humans are creative and there always will be loopholes.

Re:House Democrats to propose ban on lawmaker stock trading ... by nradov on Thursday July 28, 2022 @03:14PM (#32268905)
You can't reasonably impose employment limits on adult relatives of elected politicians. That would legally be considered a punishment without legal due process. If my sister gets elected to Congress, that's not my problem.
Re:House Democrats to propose ban on lawmaker stock trading ... by jdpedrie on Thursday July 28, 2022 @04:36PM (#32269798)
You could with a constitutional amendment, which would absolutely be a requirement for much of the GP proposal.
Re:House Democrats to propose ban on lawmaker stock trading ... by lolsal on Thursday July 28, 2022 @05:51PM (#32270528)
I'd propose the increase be tied to minimum wage, even if the multiplier is huge: salary = 200,000 x 7.25, or whatever the math and numbers work out to be.
Re:House Democrats to propose ban on lawmaker stock trading ... by throwaway_4ever on Thursday July 28, 2022 @01:03PM (#32267120)
How does paying a politician MORE than 3x median US pay make them less out of touch with the average American? We don't need politicians 15x out of touch with the median American's lifestyle. In NYC governor's last election, there was a question about how much the median house costs in Brooklyn, and two high level candidates gave absolutely bonkers answers like $90k and $120k, when it's actually $900k.

You only want people as politicians because they feel it's their civic duty to serve their countrymen, not because it's a lucrative career.

Re:House Democrats to propose ban on lawmaker stock trading ... by Uehreka on Thursday July 28, 2022 @02:48PM (#32268608)
Part of the problem is that if the job doesn’t pay well, it attracts people who are independently wealthy and who are more likely to represent the interests of the wealthy. For most wealthy politicians, the bulk of their wealth comes from a business they own that pays out hundreds of thousands of dollars (or millions of dollars) per year, not their 100K-ish government salary.

The upshot of this is that when “the people” get pissed and start saying things like “Don’t pay congress until they fix the government shutdown!”, it unilaterally screws anyone who was working or middle class prior to election, as they now have no salary and can’t hold out as long as the multi-millionaire politicians who have a law firm back home or a huge stock portfolio paying their rent.

The idea that, under the current system, people are running for congress for the money isn’t exactly in line with how things currently operate.

Re:House Democrats to propose ban on lawmaker stock trading ... by chmod775 on Thursday July 28, 2022 @03:22PM (#32268999)
> Part of the problem is that if the job doesn’t pay well, it attracts people who are independently wealthy and who are more likely to represent the interests of the wealthy.

Just don't elect them. When running for office in most places, being considered wealthy or coming from a wealthy family is a considerable hurdle to overcome (as is being extremely poor).

Re:House Democrats to propose ban on lawmaker stock trading ... by Uehreka on Thursday July 28, 2022 @05:06PM (#32270110)
> When running for office in most places, being considered wealthy or coming from a wealthy family is a considerable hurdle to overcome

I wouldn’t call it a major hurdle. Many voters have inconsistent beliefs: They may think wealth is a sign of virtue and hard work during campaign season and then start saying “cut congressional salaries!” when they get angry, not realizing that they voted for people who are insulated from the very tactic they are pushing. It’s not enough to just say “well then don’t elect them”, we need to make sure the system of incentives we’ve created doesn’t funnel towards bad outcomes.

Re:House Democrats to propose ban on lawmaker stock trading ... by sohdas on Thursday July 28, 2022 @03:37PM (#32269176)
Trump?
Re:House Democrats to propose ban on lawmaker stock trading ... by twblalock on Thursday July 28, 2022 @01:32PM (#32267639)
> You only want people as politicians because they feel it's their civic duty to serve their countrymen, not because it's a lucrative career.

We also want successful, competent people to enter politics and we should not be giving them reasons to avoid it, such as forcing them to sacrifice their financial freedom and success.

Also, there is a very clear correlation between low legislator pay and corruption in other countries. Let's not make bribes and kickbacks more attractive by taking away other options politicians have for building wealth.

Re:House Democrats to propose ban on lawmaker stock trading ... by com2kid on Thursday July 28, 2022 @01:55PM (#32267920)
You want to pay people in positions of power so much money that they are afraid of losing their salary by being caught up in a corruption scandal.

This is how America got rid of large swaths of police corruption. Go back 100 years and bribing police was trivial, they made so little money that taking bribes was how they kept afloat financially.

Now days? An officer making $120k a year isn't going to take a $100 bribe to let a drunk driver go free.

Re:House Democrats to propose ban on lawmaker stock trading ... by runarberg on Thursday July 28, 2022 @02:12PM (#32268150)
No, but the same officer will use excessive force and make unwarranted arrests, etc. There is real accountability for a cop that is caught accepting a bribe, there is none for violence.

In our current political system a politician has no accountability for accepting favors or campaign funds. There is no accountability for passing bad laws or being corrupt. This behavior will continue regardless of the base salary, or at least until there are repercussions against it. Currently there are none.

Re:House Democrats to propose ban on lawmaker stock trading ... by LordDragonfang on Thursday July 28, 2022 @02:31PM (#32268397)
>Go back 100 years [...] they made so little money that taking bribes was how they kept afloat financially.

Hell, even today that's still the case in many countries with a large number of underpaid public servants - specifically China, where extorting bribes is considered a perk of the job.

Contrast to Singapore, which pays its members of parliament 3x the median household income and is tied for second place on the (lowest) Corruption Perception Index.

https://www.youtube.com/watch?v=kBBre3bpvyk

Re:House Democrats to propose ban on lawmaker stock trading ... by hgomersall on Thursday July 28, 2022 @03:09PM (#32268844)
First you need to make the corruption illegal.
Re:House Democrats to propose ban on lawmaker stock trading ... by kelnos on Thursday July 28, 2022 @06:31PM (#32270840)
Making things illegal, or, rather, enforcing those laws, is an uphill battle if you don't also structure the incentives in such a way that it's easier to follow them than to break them.

Also what does "make corruption illegal" even mean? Corruption takes many forms, and there will always be loopholes through which the most savvy can escape legal repercussions. I would much rather structure things so not being corrupt is just the easier, better, more natural choice. That's also not easy, but sounds more achievable to me.

Re:House Democrats to propose ban on lawmaker stock trading ... by tobylane on Thursday July 28, 2022 @03:31PM (#32269114)
And enforce it with an office that won’t get defunded by someone who can delay their corruption by a year or so. I believe Singapore solved this, but can multi party systems copy them?
Re:House Democrats to propose ban on lawmaker stock trading ... by JamesBarney on Thursday July 28, 2022 @04:53PM (#32269968)
When you pay people very little you get

1. The selfless (or the insane or crazy activists) 2. The rich 3. The corrupt

When you pay people a lot you also get

4. Competent hard working people who aren't necessarily selfless. (this is most people)

This group of people makes up the vast majority of people in the US, so why not have some of those people represent us.

Re:House Democrats to propose ban on lawmaker stock trading ... by kelnos on Thursday July 28, 2022 @06:28PM (#32270820)
... and the problem with US politics in particular is that people who are selfless but not rich/corrupt will have a very hard time getting elected, because they don't have the money to run their campaigns, or the ability to raise it.
Re:House Democrats to propose ban on lawmaker stock trading ... by rascul on Thursday July 28, 2022 @08:51PM (#32271842)
I'm might be Ok with paying something in line with market rates for comparable positions. I don't know how that works or what positions might be comparable, though.
Re:House Democrats to propose ban on lawmaker stock trading ... by noasaservice on Thursday July 28, 2022 @02:54PM (#32268669)
> You only want people as politicians because they feel it's their civic duty to serve their countrymen, not because it's a lucrative career.

And that's where sortition (vote by lottery) is probably the best system, combined with a way to vote to remove and "Redo lottery".

Whomever is elected by lottery would be provided a "unswayable" amount of money, basically buying corruption away. They would be set for their life.

A lottery of all eligible citizens would also have secondary effects of encouraging high education across the whole populace, so that when Joe or Jane Doe is selected, they do a good job for the citizens.

Re:House Democrats to propose ban on lawmaker stock trading ... by vasco on Thursday July 28, 2022 @01:41PM (#32267756)
> You only want people as politicians because they feel it's their civic duty to serve their countrymen, not because it's a lucrative career.

Why? I mean you just say that as if it's some universal truth. I don't see how focusing on civic duty is any better as a way to find good candidates than optimizing for high achieving people looking for lucrative fields to work on. I don't know which would yield better results but none is better by default in my view unless you have some romantic view of what politics should be, rather than what it is, a job.

Re:House Democrats to propose ban on lawmaker stock trading ... by pessimizer on Thursday July 28, 2022 @01:57PM (#32267960)
You don't see how a desire for public service would suit someone in public service better than the desire to get rich?
Re:House Democrats to propose ban on lawmaker stock trading ... by gnaritas99 on Thursday July 28, 2022 @02:22PM (#32268298)
It might suit them, but it doesn't suit us. The desire for public service is in no way a qualifier for competence.
Re:House Democrats to propose ban on lawmaker stock trading ... by throwaway0a5e on Thursday July 28, 2022 @01:10PM (#32267253)
>How does paying a politician MORE than 3x median US pay make them less out of touch with the average American?

Being dependent on their salary for their lifestyle would make them more in touch than the current "use the power of the office to make money via alternative means" situation.

Re:House Democrats to propose ban on lawmaker stock trading ... by unethical_ban on Thursday July 28, 2022 @03:07PM (#32268820)
>You only want people as politicians because they feel it's their civic duty to serve their countrymen, not because it's a lucrative career.

That sounds great. I agree in principle.

However, I believe the parent is asserting that in practice, the kinds of people who are competent and able to effectively manage a large organization are the kinds of people that can make a lot of money in the private sector, and thus only go into public office if it is lucrative anyway.

Should it be lucrative because they can get bought by special interests, or should it be more lucrative simply because they get compensated above board more?

Perhaps someone who makes a million dollars a year would be someone less likely to be corrupted by a few more campaign dollars and kickbacks than someone making $170k.

Re:House Democrats to propose ban on lawmaker stock trading ... by krapp on Thursday July 28, 2022 @07:23PM (#32271266)
>I believe the parent is asserting that in practice, the kinds of people who are competent and able to effectively manage a large organization are the kinds of people that can make a lot of money in the private sector, and thus only go into public office if it is lucrative anyway.

So pay them less in the private sector as well. Our willingness to accept people hoarding unlimited wealth and power because "capitalism" while seeking to limit government as much as possible is a perverse incentive that's leading the US to becoming an oligarchy. If we're not willing or able to raise the quality of life for the poor, then bring everyone else down a notch or two.

Re:House Democrats to propose ban on lawmaker stock trading ... by pjbeam on Thursday July 28, 2022 @02:19PM (#32268246)
I could not afford my life on a senator's pay. Not even close. Couldn't take the job even if it was offered to me on a silver platter.

President's pay comes with housing so my family could probably make that work, would be belt tightening--especially because I'd be on the hook for the food in state dinners and such.

Not that I think anyone wants me to be a senator or the president but rather I couldn't afford to be. I'm too wealthy for it to be an upgrade and too poor to take the pay cuts in stride.

Re:House Democrats to propose ban on lawmaker stock trading ... by Alupis on Thursday July 28, 2022 @02:32PM (#32268408)
What kind of lifestyle are you imagining couldn't survive on a single-income of $174,000[1] per year. This, of course, doesn't account for spousal income (if any).

When you're a senator, you also receive a lot of "perks" that reduce your overall expenses. Most travel comes out of an office fund, hotels, rental cars... many meals can also be expensed to the same fund, etc. Clothing even in some cases.

[1] https://en.wikipedia.org/wiki/Salaries_of_members_of_the_Uni...

Re:House Democrats to propose ban on lawmaker stock trading ... by rgbrgb on Thursday July 28, 2022 @02:27PM (#32268356)
I'm betting your first book deal (could be ghostwritten) would more than make up for the discrepancy. You might also invest in a hotel down the street and suggest foreign dignitaries stay there. Or employ your kids who can do the same! So many good ways to more than make up the salary drop.
Re:House Democrats to propose ban on lawmaker stock trading ... by pjbeam on Friday July 29, 2022 @07:15AM (#32275503)
This is my point--bad pay leads to icky places.
Re:House Democrats to propose ban on lawmaker stock trading ... by Sporktacular on Thursday July 28, 2022 @07:14PM (#32271192)
Good, because you sound like you couldn't be a representative for anyone.

Also, presidents don't pay for state dinners out of their salaries. The - state - pays for it.

Re:House Democrats to propose ban on lawmaker stock trading ... by gnaritas99 on Thursday July 28, 2022 @02:20PM (#32268266)
If you don't pay as well as the market pays, you're not going to get competent people. This notion that good people would do it anyway is naive.
Re:House Democrats to propose ban on lawmaker stock trading ... by oneoff786 on Thursday July 28, 2022 @12:52PM (#32266940)
Stock trading bans are huge detriments to rich people and minor detriments to poor people. 170k is frankly a lot of money. Sure, it could be more. I don’t think it’s all that necessary though.

Something that makes it hard for rich people to represent poor people without losing some wealth seems great to me.

Re:House Democrats to propose ban on lawmaker stock trading ... by Sevii on Thursday July 28, 2022 @12:53PM (#32266954)
Let's do a trade. Congress people get paid 1mil/year adjusted for inflation plus pension, but in return they don't get to own stocks or real estate while they are in office.
Re:House Democrats to propose ban on lawmaker stock trading ... by mfer on Thursday July 28, 2022 @01:03PM (#32267128)
> they don't get to own stocks or real estate

So, they can't own a home in a location they represent? I don't see that going over well. Your primary home is real estate. So is that little family cottage.

Also, congressional reps need to have a home is Washington. So, they have to rent there?

Re:House Democrats to propose ban on lawmaker stock trading ... by paulryanrogers on Thursday July 28, 2022 @01:14PM (#32267336)
Renting may be a new experience for them. And with such a huge bump in salary I think they can take the hit.

After all it is positioning real estate as investments that contribute to its unaffordability.

Re:House Democrats to propose ban on lawmaker stock trading ... by rococode on Thursday July 28, 2022 @01:23PM (#32267495)
That's pretty trivial to work around... you can own one primary residence, and one additional residence in DC. You can't own 10 buildings.

That said, I don't think real estate is as easily abused as stocks. Much harder to influence the value.

Re:House Democrats to propose ban on lawmaker stock trading ... by vkou on Thursday July 28, 2022 @01:37PM (#32267688)
> So, they can't own a home in a location they represent?

They could always try renting. A lot of people manage to get by doing just that.

Re:House Democrats to propose ban on lawmaker stock trading ... by dhritzkiv on Thursday July 28, 2022 @01:13PM (#32267295)
Many reps do rent in DC, sometimes in frat-house-like conditions with other reps.[1]

[1] https://www.cnn.com/2013/12/04/politics/real-alpha-house/ind...

Re:House Democrats to propose ban on lawmaker stock trading ... by wyre on Thursday July 28, 2022 @03:12PM (#32268875)
Why isn’t this the basis for a tv show?
Re:House Democrats to propose ban on lawmaker stock trading ... by AftHurrahWinch on Thursday July 28, 2022 @05:17PM (#32270226)
It was, the cartoonist behind Doonesbury did it for 2 years.

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

Re:House Democrats to propose ban on lawmaker stock trading ... by hedora on Thursday July 28, 2022 @01:10PM (#32267252)
I'd take it further: $1M/year for life, have to divest all investments they own coming in to office (i.e., turn them to cash). Accepting any third party payment during or after being elected (and during campaigns) is treason.

If their kids accept their inheritance, the rules apply to them too. The rules always apply to spouses.

Let them invest in whole-market funds / ETFs, but only allow withdrawls 5 years after leaving office.

Re:House Democrats to propose ban on lawmaker stock trading ... by pessimizer on Thursday July 28, 2022 @01:55PM (#32267928)
I agree. Make them wards of the state. Corruption has been far more destructive than incompetence, because corruption filters for and protects incompetence. Let public servants make a sacrifice.
Re:House Democrats to propose ban on lawmaker stock trading ... by TheEzEzz on Thursday July 28, 2022 @03:03PM (#32268776)
I increasingly think something like this is the way. You can only get money out of politics by putting money into politics. We have to align incentives correctly, and money is the way to do it. Nobody would every run a business where they pay their leaders $170k but allow those same leaders to make millions from outside stakeholders by leveraging their job role in ways that don't align with the company's goals. That's what politics currently looks like; the incentives are quite literally as backwards as is possible.

We're a capitalist society. That doesn't mean "let companies do whatever they want, including buying politicians", it means "we use capital as a means of setting incentives to drive good outcomes". Let's use our capital incentives correctly to drive good outcomes from our elected leaders. They work for us.

Re:House Democrats to propose ban on lawmaker stock trading ... by twblalock on Thursday July 28, 2022 @01:47PM (#32267834)
Nobody sane would take that deal.
Re:House Democrats to propose ban on lawmaker stock trading ... by wyre on Thursday July 28, 2022 @03:14PM (#32268904)
Only on HN is a 1 million dollar salary a bad deal
Re:House Democrats to propose ban on lawmaker stock trading ... by twblalock on Friday July 29, 2022 @01:49AM (#32273581)
It's a bad deal for the kind of people who are capable of succeeding in national politics.
Re:House Democrats to propose ban on lawmaker stock trading ... by idiotsecant on Thursday July 28, 2022 @02:12PM (#32268147)
Nobody sane would take $1M USD per year for life?

Call me insane I guess.

Re:House Democrats to propose ban on lawmaker stock trading ... by hedora on Thursday July 28, 2022 @01:57PM (#32267959)
Which part? If you get elected to the Senate, you and your kids are set for life.

Do you really want people greedier than that running the country?

Re:House Democrats to propose ban on lawmaker stock trading ... by dahfizz on Thursday July 28, 2022 @02:37PM (#32268477)
A million dollars per year for life? Most people would kill for that deal. Not the HN crowd, but most people without hesitation.
Re:House Democrats to propose ban on lawmaker stock trading ... by badrabbit on Thursday July 28, 2022 @01:09PM (#32267238)
Better Idea: $300k base and a performance bonus up to 100% more based on sponsored laws and an additional 100% for passed laws with an extra 100k for no votes missed or abstained. So a perfectly performing congressperson gets a mil.
Re:House Democrats to propose ban on lawmaker stock trading ... by zeruch on Thursday July 28, 2022 @01:15PM (#32267345)
I'm not sure about the specifics you outlined, but I do think a comp package that incentivizes grown-ass behavior (read: full attendance, voting, actual participation in the legislative process) is a great idea.

I don't think rewarding certain behaviors like sponsoring is good, because its too easily abused. When a KPI becomes a target, its no longer a KPI.

Re:House Democrats to propose ban on lawmaker stock trading ... by avn2109 on Thursday July 28, 2022 @02:50PM (#32268629)
If we're designing a system of incentives and constraints for legislators, let's pay bounties for laws deleted.

There are probably 2 or 3 orders of magnitude too many laws currently in America (have you ever estimated trying to read and comprehend the entire law? Borderline impossible in a single lifetime even under very optimistic reading-speed assumptions etc).

If this metric becomes a target and ceases to be a good metric, that sounds ideal because it'll have the side effect of drastically simplifying the legal code.

Re:House Democrats to propose ban on lawmaker stock trading ... by zeruch on Thursday July 28, 2022 @05:21PM (#32270278)
"let's pay bounties for laws deleted." That's still a target that can be abused for self-gain, so...no.

To be blunt, your whole polemic reads like a CATO fever dream, which is the opposite of what I was suggesting; ideological contrivance isn't a solve, and complexity at a nation our size and scope ain't gonna get reduced to a nice pamphlet of rules. It's the same reason you can't run a FAANG company the same way you run a 6 person A-round company.

Re:House Democrats to propose ban on lawmaker stock trading ... by badrabbit on Thursday July 28, 2022 @07:08PM (#32271141)
Repealing laws counts towards the kpi
Re:House Democrats to propose ban on lawmaker stock trading ... by thebiss on Thursday July 28, 2022 @02:22PM (#32268299)
Can you clarify when/how a KPI ever not a target?

Bonuses and promotions always go to those who exceed them, and "improvement plans" or "restructuring" is reserved to those who miss.

Re:House Democrats to propose ban on lawmaker stock trading ... by cwkoss on Thursday July 28, 2022 @02:32PM (#32268419)
https://en.wikipedia.org/wiki/Perverse_incentive#The_origina...

Any imperfect measure that becomes a target gets pursued at the expense of the original intent.

Re:House Democrats to propose ban on lawmaker stock trading ... by badrabbit on Thursday July 28, 2022 @07:12PM (#32271171)
It's not a perverse incentive, there is a limit to it. And it has a counter balancing incentive in the form of having to run for an election. If you passed bad laws for the sake of metrics you get voted out because there is someone else that wants to do better than you. A perverse incentive is not the same as compensation for doing your job.
Re:House Democrats to propose ban on lawmaker stock trading ... by zeruch on Thursday July 28, 2022 @05:22PM (#32270284)
You restated what I meant better than I stated it. Thank you.
Re:House Democrats to propose ban on lawmaker stock trading ... by cortesoft on Thursday July 28, 2022 @01:16PM (#32267366)
I don't think number of laws passed is a good performance metric... it is basically like paying developers per line of code.
Re:House Democrats to propose ban on lawmaker stock trading ... by badrabbit on Thursday July 28, 2022 @01:55PM (#32267925)
More like bonuses for LoC . The idea is to encourage decision making and discourage gridlocks and not attempting to pass laws because they don't have support.
Re:House Democrats to propose ban on lawmaker stock trading ... by cortesoft on Thursday July 28, 2022 @02:39PM (#32268492)
You are going to end up with a lot of meaningless laws… they will pass laws like “apple pie is now the official American dessert”
Re:House Democrats to propose ban on lawmaker stock trading ... by badrabbit on Thursday July 28, 2022 @05:23PM (#32270292)
Hopefully their opponent will use that against them on election year to prevent that
Re:House Democrats to propose ban on lawmaker stock trading ... by okasaki on Thursday July 28, 2022 @01:57PM (#32267958)
How about 2M per year, but at the end there's a vote and if you have less than 50% approval you have to give it back?
Re:House Democrats to propose ban on lawmaker stock trading ... by Bloating on Thursday July 28, 2022 @03:24PM (#32269021)
that would save a lot of taxpayer money for sure
Re:House Democrats to propose ban on lawmaker stock trading ... by zeruch on Thursday July 28, 2022 @01:11PM (#32267262)
...or afterwards for 5 years.
Re:House Democrats to propose ban on lawmaker stock trading ... by AlgorithmicTime on Thursday July 28, 2022 @12:54PM (#32266975)
We should let them own a house in their constituency, at least.

I'm open to disallowing real estate speculation.

Re:House Democrats to propose ban on lawmaker stock trading ... by listless on Thursday July 28, 2022 @01:41PM (#32267752)
"few people want to run for federal office already. The pay isn't great and it's hard work."

Is there any data to back that up? Because it seems to me like people are falling all over themselves and saying all kinds of crazy shit just to get into office. It looks to me like we have the opposite problem - certain kinds of people CRAVE this power and attention and will do anything to get it.

Re:House Democrats to propose ban on lawmaker stock trading ... by JoblessWonder on Thursday July 28, 2022 @01:46PM (#32267824)
I think he is confusing it with "few people can realistically run for federal office already."

As you mentioned, people love power. But there is a very, very thin slice of the population that has the ability to run for a federal office.

Re:House Democrats to propose ban on lawmaker stock trading ... by pessimizer on Thursday July 28, 2022 @01:59PM (#32267986)
I agree. Seems like they spend more than one (or two) orders of magnitude more than the salary of the job to get the job.
Re:House Democrats to propose ban on lawmaker stock trading ... by listless on Thursday July 28, 2022 @04:39PM (#32269828)
Are we seeing a change to that with folks like AOC, MTG, Boebert, ect? AFAIK, none of them were wealthy by any means.
Re:House Democrats to propose ban on lawmaker stock trading ... by jc_811 on Thursday July 28, 2022 @01:00PM (#32267065)
I think one issue with this line of thinking is that the USA is completely and fundamentally not a company, and shouldn't be run as such. A company's goal is to maximize profits. A country's goal is to maximize the well-being of their citizens. A company's employees are expendable. A country's citizens need to have their needs looked after 24/7 and are indispensable.
Re:House Democrats to propose ban on lawmaker stock trading ... by brianwawok on Thursday July 28, 2022 @12:53PM (#32266959)
Lawmaker pay is a rounding error.

Clearly we can't pay lawmakers $0 and expert high effort + no corruption.

is there any proof of any way that saying pay from 170k a year to ??? 1 million USD? a year would have any impact on the problems?

Do countries with less corrupt lawmakers pay more than the US? I doubt that...

Re:House Democrats to propose ban on lawmaker stock trading ... by hedora on Thursday July 28, 2022 @01:16PM (#32267362)
Manchin has made it clear he will happily (and literally) burn the entire planet down for $5M/year.

If lobbying is legal, than bribes should be too.

I'd chip into the "Pay Manchin a ransom of $50M to not do $50T of damage to the planet" fund.

Re:House Democrats to propose ban on lawmaker stock trading ... by arebop on Thursday July 28, 2022 @02:33PM (#32268429)
Suppose you did pay each legislator $50M to work for the good of the whole country. Do you think this would prevent Manchin from being influenced by a $5M lagniappe? It's an extra 10%! And a certain well-known politician infamously took care to fleece the secret service for overpriced golf cart and hotel room rentals, despite getting hundreds of millions per year in emoluments revenues. Some people are really motivated by every penny despite what economists might tell you about marginal utility.
Re:House Democrats to propose ban on lawmaker stock trading ... by Bloating on Thursday July 28, 2022 @03:25PM (#32269035)
Who's version of whats good?
Re:House Democrats to propose ban on lawmaker stock trading ... by pessimizer on Thursday July 28, 2022 @02:01PM (#32268008)
> If lobbying is legal, than bribes should be too.

Also selling your vote. Then we can at least choose the pol who sends the biggest check.

Re:House Democrats to propose ban on lawmaker stock trading ... by kelnos on Thursday July 28, 2022 @07:28PM (#32271305)
Another commenter here claimed that in Singapore, they pay 3x the national median salary. Singapore is not my cup of tea government-wise, but they are viewed as one of the least corrupt governments in the world.

Certainly that's not solely due to how they are paid, but I'm sure it factors in.

Re:House Democrats to propose ban on lawmaker stock trading ... by brianwawok on Friday July 29, 2022 @12:40PM (#32279129)
Median salary in the US is 67k.

3 of that is a rounding error from what our reps are currently paid.

Not sure what that argument is going?

Re:House Democrats to propose ban on lawmaker stock trading ... by dragonwriter on Friday July 29, 2022 @12:46PM (#32279190)
> Median salary in the US is 67k.

No, it's not. Median household income is about $67k. Median salary (or, at least “median annual earnings for workers who worked full time”) is about $56k.

Re:House Democrats to propose ban on lawmaker stock trading ... by brianwawok on Friday July 29, 2022 @03:33PM (#32280916)
Ok, does not change my post in any way.
Re:House Democrats to propose ban on lawmaker stock trading ... by mfer on Thursday July 28, 2022 @01:05PM (#32267153)
> Do countries with less corrupt lawmakers pay more than the US? I doubt that...

This assumes ones level of corruption has to do with income. Is that true or are there other factors?

Re:House Democrats to propose ban on lawmaker stock trading ... by alkonaut on Thursday July 28, 2022 @06:13PM (#32270694)
Why would paying more help? You want representatives that represent the public well. Sure you might not want all of congress to be welders, but I also don’t think parliaments around the world should be filled with people who chose between being high rate lawyers or business leaders and holding public office.

The current pay is more than enough. If anything, it could be extended beyond the term to guarantee quarantine periods between office and businesses.

Allowing stock trading is insane. Allowing the amount of campaign money currently circulating is also insane. Provide candidates with campaign funds and limit spending, so they can’t be indebted to corporations once in office.

Basically: just look at some country where politicians aren’t just racing around raising money, and ask “what’s done there and can the same be done in the US?”. This is the that-would-never-work-here thing again.

Re:House Democrats to propose ban on lawmaker stock trading ... by dragonwriter on Thursday July 28, 2022 @06:21PM (#32270780)
> I also don’t think parliaments around the world should be filled with people who chose between being high rate lawyers or business leaders and holding public office.

I think that the people I pay to write laws and run a large organization should have...substantial understanding and skill concerning the relation of the structure and content of law to it's pragmatic effects and the practicalities of running large organizations.

Why would I want anything else?

Do I want more diversity of choices? Sure, I want diversity of meaningful policy preference options that would result from having an electoral system that favored proportionality (which is pretty much the best pragmatic definition of representative democracy) rather than duopoly.

Re:House Democrats to propose ban on lawmaker stock trading ... by deltarholamda on Thursday July 28, 2022 @01:57PM (#32267952)
The fix for this was in the founding documents. We just jacked it up over the years.

Congress passes laws. They aren't supposed to pass a vague law and then hand over the actual rule-making to unelected government bureaucracies.

The House is the people's house. Each Representative represents some relatively equal number of constituents. The Senate is the States' house. The state legislatures sends senators. The Senators represent the interests of their State.

We jiggered with this, and this is how rich people and corporations can influence so much of what goes on. The original system encourages accountability.

Re:House Democrats to propose ban on lawmaker stock trading ... by rgbrgb on Thursday July 28, 2022 @02:22PM (#32268290)
Trying to get clarification, as a layman here I think I'm missing your point. My understanding is that laws are by their nature kind of vague because the world is full of edge cases and they always require interpretation as they encounter new cases.

> hand over the actual rule-making to unelected government bureaucracies.

Are you referring to the judicial branch? Isn't that the system laid out in the founding docs?

> We jiggered with this

What jiggering are you referring to?

Without understanding your point, I'm all for this legislation as we've seen so many recent US officials enrich themselves with the power they wield.

Re:House Democrats to propose ban on lawmaker stock trading ... by deltarholamda on Thursday July 28, 2022 @03:09PM (#32268831)
>Are you referring to the judicial branch? Isn't that the system laid out in the founding docs

No, I'm talking about the executive branch agencies. An example would be, Congress passes a protected species act; they empower the EPA to regulate how this protected species act is enforced; the EPA makes policy of how the protected species act is enforced.

This isn't completely insane, as it's a complicated process. But in actuality, what happens is the EPA becomes a revolving door for special interests ("I worked at the EPA for 5 years, and now I'm head of Environmental Quality at BP!"), corporations "encourage" lawmakers to carve out exceptions in the law that help or protect the corporations, and the agency in general can be used as a weapon to selectively reward or punish people or companies while the ones who could be held accountable--the Congressional lawmakers--can wash their hands of all responsibility. ("It's the EPA, I didn't take away your farm because they found a mushroom species that's protected.")

You're right that edge cases are hard. But the current paradigm of "enact sweeping reforms through vague legislation, and leave the details up to underpaid, overworked, and possibly ideological civil servants who can never be fired in any practical way" isn't sustainable. We know what happens, because it has happened.

Legislators participate in the revolving door policy, too. They do favors for corporate sponsors, and later they get a job there, or with a lobbying group that is funded by corporate sponsors, or with some other back-scratching deal. While doing something about insider trading is a good thing, that's not the real problem, and it feels to me that something like this is more like a bone thrown to keep the yapping dog quiet.

Re:House Democrats to propose ban on lawmaker stock trading ... by Zamiel_Snawley on Thursday July 28, 2022 @02:34PM (#32268439)
> hand over the actual rule-making to unelected government bureaucracies.

I think they mean executive agencies like the FDA, FCC, EPA, etc. These agencies make rules that effectively carry the force of law. For example, the BATFE is (in)famous for arbitrarily changing their rules to criminalize things they don't like, with no new mandate from the legislature. These rules are effectively laws, because if you break them, you can go to jail for many years.

> We jiggered with this

I think they are referring to the 17th Amendment to the US Constitution, which made it so Senators are elected by the people instead of selected by state legislatures.

Re:House Democrats to propose ban on lawmaker stock trading ... by Bloating on Thursday July 28, 2022 @03:27PM (#32269065)
Edge cases, often left to law enforcement to selectively enforce... lets see how that works out
Re:House Democrats to propose ban on lawmaker stock trading ... by pookha on Thursday July 28, 2022 @02:59PM (#32268713)
I'm pretty sure he's railing against an EU commission-like government where unelected bureaucrats create legislation. In the US only elected representatives can draft legislation (House or Senate).
Re:House Democrats to propose ban on lawmaker stock trading ... by tastyfreeze on Thursday July 28, 2022 @05:23PM (#32270293)
Constitutionally you are correct. However, the Federal Register is approximately 4 times larger than the US Code. That is four times more rules that are enforced like laws than actual laws passed by Congress. Additionally, agencies are under the Executive that is explicitly prohibited from making laws.

Congress in many respects has abdicated it lawmaking authority to the Executive by creating administrative agencies. Violating agency rules will not land you in a court with a jury of your peers as required by the Constitution either. You will end up in a court run by the accusing agency with a judge appointed by the agency. But hey, they aren't laws just rules with criminal and financial penalties for violating them.

Re:House Democrats to propose ban on lawmaker stock trading ... by Tiktaalik on Thursday July 28, 2022 @07:27PM (#32271296)
The thing is though is that the Senators aren't the people that really need to be top talent, it's the bureaucrats that actually implement the legislation and policies that needs to be top talent. Those are the people that should be being paid CEO level salaries because they're the ones that are genuinely running the massive organizations.
Re:House Democrats to propose ban on lawmaker stock trading ... by runarberg on Thursday July 28, 2022 @02:16PM (#32268203)
That is the wrong solution. There is no evidence that corrupt behavior decreases when wealth is increased. In fact there is evidence to the contrary. A congressperson that can accept bribes with impunity will continue to do so on top of a larger base salary just like they did on top of a lower one.

The real solution is to actually tackle the corruption it self (as proposed by OP).

Re:House Democrats to propose ban on lawmaker stock trading ... by justnotworthit on Thursday July 28, 2022 @04:16PM (#32269579)
Official pay was debated by the usa founders. You can imagine a small amount making sense; you can imagine a large amount making sense. You can pretend you're Plato writing The Republic, if you want.

The reality is simple: Official pay is irrelevant. It's the system itself that helps or harms, and most countries are plutocracies.

Re:House Democrats to propose ban on lawmaker stock trading ... by nitwit005 on Thursday July 28, 2022 @02:54PM (#32268667)
The length of the campaign season matters more than the pay.

People aren't paid while campaigning, and the US campaign "season" has grown to ridiculous length. It's not realistic to work some other job while doing it anymore (unless that job is being a member of congress), so it has become quite expensive.

Re:House Democrats to propose ban on lawmaker stock trading ... by devmunchies on Thursday July 28, 2022 @12:52PM (#32266944)
I could get behind something like this. If you are re-elected, it would raise your salary.

At the very least, I don't see a problem with blind trusts or only investing in broad index funds and in a specific trading window. Politicians should be able to invest for retirement like everyone else.

Re:House Democrats to propose ban on lawmaker stock trading ... by tastyfreeze on Thursday July 28, 2022 @05:01PM (#32270049)
Paying them more wont change the types of people that are drawn to politics. Power corrupts regardless of the salary. The only way to fix corruption is to make it illegal and prosecute it ruthlessly.
Re:House Democrats to propose ban on lawmaker stock trading ... by kelnos on Thursday July 28, 2022 @07:32PM (#32271344)
That sounds unrealistic. How do you make corruption illegal when the people who benefit from corruption are the ones who have the power to make it legal? At the very least, they get to decide which cases to pursue.
Re:House Democrats to propose ban on lawmaker stock trading ... by tastyfreeze on Friday July 29, 2022 @01:53AM (#32273606)
The only non-violent way the Constitution affords us. Article V Convention of States. For congress to overturn an amendment requires a 2/3 majority in both houses. That doesn't mean it can't happen. Just much more difficult than passing a bill.
Re:House Democrats to propose ban on lawmaker stock trading ... by chmod775 on Thursday July 28, 2022 @03:27PM (#32269066)
Why preclude people who may genuinely want to change things for the better? In your opinion there only seem to be power hungry people (wealthy or not) and career politicians.
Re:House Democrats to propose ban on lawmaker stock trading ... by gnopgnip on Thursday July 28, 2022 @05:55PM (#32270556)
Banning trading individual stocks is not the same thing as banning investing. A blind trust isn't a problem for a huge number of fortune 500 company executives.
Re:House Democrats to propose ban on lawmaker stock trading ... by alexfromapex on Thursday July 28, 2022 @02:45PM (#32268569)
I hear what you're saying but $170k a year is not small potatoes. Higher wages may be justified to prevent a temptation for accepting bribes though.
Re:House Democrats to propose ban on lawmaker stock trading ... by sakopov on Thursday July 28, 2022 @06:54PM (#32271022)
This seems logical, but you're being naïve if you think politicians aren't going to skirt these regulations. I mean, shit, they're already insider-trading out in the open and nobody events wants to spend 3 seconds looking into it. Keep in mind, that's a swift prison sentence for a mere mortal.

We need people who truly want to make a difference and take pride in the outcomes of their work. I'm thinking of the likes of "founding fathers" who came out of turmoil and persecutions to build something better. They knew they ain't going back to the shit they came from and they carried that forward for several generations. We no longer have that craving to do better. It's been long-lost during decades of enormous prosperity and chill lives. Our problems are miniscule in comparison to what they once were.

So now, we have people who don't give a shit about anything except for their iPhones and daily celeb videos on TikTok. It's this lack of curiosity and any kind of knowledge about the state of things from general population is how you end up with greedy sociopaths running everything in politics. This country needs a decade of actual turmoil to wake everyone up out of their idle stupor. Nothing will change until everyone is fed up and craving for normalcy. In other words - we're kind of doomed.