Should sitting Congressman have their ability to trade stock curbed?

Jump to Last Post 1-3 of 3 discussions (9 posts)
  1. Credence2 profile image81
    Credence2posted 12 days ago

    "Former presidential candidate and New Jersey Senator Cory Booker says that senators shouldn’t be allowed to own individual stocks after news that Senators Richard Burr (R-NC) and Kelly Loeffler (R-GA) sold stock holdings ahead of the COVID-19 market crash. What’s more, it’s alleged both senators made their stock moves after receiving intelligence briefings about the coronavirus outbreak."

    https://www.msn.com/en-us/news/politics … r-BB11tPCK

    ------------------

    Just another example of how the "playing field" needs to be leveled. How much insider information and other wise prior knowledge not available to the general public do our elected members of Congress use to enrich themselves at our expense?

    I, like Liz Warren, wanted to see much more of this free wheeling influence peddling and unfair advantage hamstrung from ALL corners.

    But the resistance of those who benefit from inequity is always going to be furious, as who is going to willingly give up their advantages, unfair, unethical or not?

    That is at the heart of it for many aspects of life in our society, outside of my problem with Congressmen lining their pockets instead of doing what they were sent to Washington to do.

    Just venting on a Sunday morning, your opinion, please.

    1. promisem profile image98
      promisemposted 12 days agoin reply to this

      Yes. Likewise Presidents who make big trades right before major announcements to the public that impact the stock market.

      And their children should be subject to insider trading laws.

      1. Credence2 profile image81
        Credence2posted 12 days agoin reply to this

        Yes, indeed, just like we need to curb the influence of lobbyists and "big money" in Washington. But who has the courage to do it?

    2. Eastward profile image94
      Eastwardposted 12 days agoin reply to this

      I do think they should have their trading ability curbed. Does anyone really believe we can trust the politicians to make unbiased decisions on companies and industries they are invested in? I sure don't.

  2. IslandBites profile image86
    IslandBitesposted 12 days ago

    James Inhofe (R-Okla.)) and Dianne Feinstein (Dem-Calif.) too.

    These are their answers:

    Inhofe sold at least $180,000 in stocks on Jan. 27, days after the Senate’s coronavirus briefing, according to Senate records. Inhofe also sold at least $50,000 in stock in an asset management company on Feb. 20, four days before the stock market crashed.

    Inhofe said in a statement Friday that he did not attend the Senate coronavirus briefing on Jan. 24, and instead met with children from Oklahoma who were in Washington, D.C., for the annual March for Life and with the nominee to be U.S. ambassador to Tanzania.

    Inhofe added that he does not "have any involvement in my investment decisions" and instructed his financial adviser in December 2018 to begin selling all of his stock holdings two months after he was elected chairman of the Senate Armed Services Committee.

    "I instructed my financial advisor to move me out of all stocks and into mutual funds to avoid any appearance of controversy. My advisor has been doing so faithfully since that time and I am not aware of or consulted about any transactions," Inhofe said.

    ---

    Feinstein, one the longest-tenured Senate Democrats, sold at least $500,000 in shares of Allogene Therapeutics, a California biotechnology company, on Jan. 31 and at least $1 million in Allogene stock on Feb. 18, according to Senate records.


    A spokesman for Feinstein told The New York Times that she had nothing to do with the decisions to sell her stocks.

    “All of Senator Feinstein’s assets are in a blind trust,” Tom Mentzer said in a statement. “She has no involvement in her husband’s financial decisions.”

    “During my Senate career I’ve held all assets in a blind trust of which I have no control,” Feinstein tweeted. “Reports that I sold any assets are incorrect,” said Feinstein.

    Feinstein said her husband sold shares in a cancer therapy company that “is unrelated to any work on the coronavirus and the sale was unrelated to the situation.”

    1. Credence2 profile image81
      Credence2posted 12 days agoin reply to this

      Thanks, IB, I certain do not want to give the impression that this is a scourge limited to Republicans only.

      It is a problem with all of Congress. But, I will just bet you that Republicans are going to be more resistant with needed changes and remedies and that increases the weight of their responsibility as to why these practices are not addressed.

    2. GA Anderson profile image91
      GA Andersonposted 12 days agoin reply to this

      Speaking only from your provided information, and accepting those statements to be truthful, I don't see a problem with either's actions.

      But . . . Inhofe's claim that he didn't attend the Congressional briefing—inferring that he was unaware of the information in the briefing, is a bit more of a stretch than I think probable. It causes me to wonder why he felt the need to imply a lack of knowledge.

      GA

  3. Live to Learn profile image78
    Live to Learnposted 12 days ago

    Common decency would call that all 4 Congress people identified immediately resign. And any more identified should do likewise. Those who claim blind  trust my butt. They have insider info, they share it, and decisions are made. They may not have made the decisions but they influenced them.

    1. Credence2 profile image81
      Credence2posted 12 days agoin reply to this

      I concur with your stance on this...

 
working

This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://maven.io/company/pages/privacy

Show Details
Necessary
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
Features
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Marketing
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Statistics
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
ClickscoThis is a data management platform studying reader behavior (Privacy Policy)