Republican Candidate for U.S. Senate in CT
April 19, 2022
(3) Place in a blind trust all stock holdings of federally elected officials, federal appointees who require Senate confirmation, as well as spouses and staff for said offices.
It’s not just about the corrupt practice of trading stocks on insider information, it’s about knowing how a new law will affect share price. Is your congressman’s yay or nay vote based on your interests or his stocks?
Americans who are leading the government and creating law should not have their votes, debate positions, or any type of recommendations influenced by personal monetary considerations. It’s not just about insider trading, it’s about knowing which stocks are owned and how legislation (or a specific provision) will affect share price.
Blind trusts will create more honest decision making and foster greater trust between elected officials and the people.
In 2012, the STOCK Act was passed to prevent congressional insider trading and conflicts of interest. But the law is ineffective. And you'll be shocked to find out it was designed that way.
If it wasn't designed that way, how is it that multiple lawmakers bought and sold pharmaceutical stock just before COVID hit, made thousands, and were never indicted? Or how about the Dallas and Boston Federal Reserve Presidents who were forced to resign because of "controversial" trading?
The 2012 law also has no real punishment for lawmakers who fail to properly disclose trades.
Standard penalties are a $200 fine. That's right, a whopping $200.
And sorry, fine isn’t the right term. They’re actually called late fees. Yes, "late fees." And many infractions are overturned by congressional “ethics” committees.
In fact, Business Insider reported last month that 1 in 10 lawmakers have recently violated the law by failing to report their financial trades. The excuses range from ignorance of the law (oh my God, they’re actually saying that) to accounting mistakes.
There are also numerous conflicts of interest cases where members of Congress are sitting on committees that hold oversight of industries in which they own stock. This is another violation of law.
Today, April 2022, the American people have little trust in government institutions. And it’s not hard to understand why.
If we take away insider stock knowledge, the considerations on how to vote on any given legislation changes overnight – a positive change for the people.
If we want to restore power back to the American people, the rampant legalized corruption in Washington must end. Members of Congress must put their investments into a blind trust.
If you agree we need to stop the rampant insider trading in Congress, then send me an email and join my team. email@example.com