Biden calls for ban on congressional stock trading

https://apnews.com/article/joe-biden-congress-stock-trading-ban-dd9a17d7ea96a8f3a4705ebe1504c72d?utm_source=reddit.com&utm_medium=referral&utm_campaign=post

40 comments

  1. President [Joe Biden](https://apnews.com/hub/joe-biden) endorsed a ban on congressional stock trading in an interview that’s being released this week, belatedly weighing in on an issue that has been debated on Capitol Hill for years.  

    “Nobody in the Congress should be able to make money in the stock market while they’re in the Congress,” Biden said. 

    The interview was conducted by Faiz Shakir, a political adviser for Sen. [Bernie Sanders](https://apnews.com/hub/bernie-sanders), and published by A More Perfect Union, a pro-labor advocacy and journalism organization. The Associated Press reviewed a video of the interview before its release.

    It’s unclear what impact Biden’s statement could have, coming only a month before his term ends. 

  2. I don’t care what side the aisle you’re on; this is a long time coming and needs to happen

  4. This is Biden throwing an elbow at Nancy Pelosi, who’s been shitting on him for months.

  6. I agree but damn the dude had to wait until the last month of his administration to say it?

  7. I’d kind of prefer if all Congressional stock trades were published immediately in real time.

    Let us all get in on those sweet insider trades.

    Plus also, politicians lie but their trades don’t. All the lying about COVID while investing in medical supply companies and stuff would have been exposed immediately.

  8. Super hard to implement but there should be some sort of American etf.

    Companies go in and out similar to how qqq and spy work but on a criteria more in line with American prosperity.

    Government officials can only invest in this etf. They are incentivized to maximize national flourishing and get rewarded in proportion with their success.

  10. Yet another “why wasn’t this blatantly wrong thing already illegal” idea

  11. Both sides will definitely come together on this issue. They’ll just be on the wrong side of it.

  13. Unfortunately, Biden should have been doing stuff like this all along instead of trying to play by the rules when nobody else is playing by the rules.

  14. You had *four fucking years* and you’re doing this now when it obviously isn’t going to happen.

    Fucks sake.

  15. You’re a year late, Joseph. This is the kind of thing to unveil when campaigning, not as a lame duck who’s already ceded presence to his successor.

  16. With minutes left on the clock, the last democratic president of the US finds policies that would have actually convinced voters to trust in his morale compass.

  17. Everyone calling for this is not realizing that it is to provide plausible deniability for Congress members to sell before a downturn. Just like the Fed governors did in ‘21 a few weeks before they started hiking rates.

    If this gains traction, it is time to go all cash.

  18. Thank you! I hope this call isn’t just to save face.

    Unfortunately, I believe they will not vote against their own interest like much of the common folk did/do. With the exception of a few (MGT and Jim, for example), these politicians are smart people. They aren’t going to agree to end their access to the stock market.

    Politicians should not be trading stocks when they have the ability to be bought and have access to information before the general public.

    I want this issue to be on state bills. Leave it to the people to vote on this. Have states vote on whether or not to allow their politicians to participate in congressional trading. Let people vote on term limits for local and state government representation. Let people automatically recall their politicians if they switch parties or don’t show up to vote. Let people have say on repercussions for those who refuse to be held accountable.

    I’m sick and tired of having the words “We the people” in our constitution, but have no power to do anything other than vote.

    Ban congressional trading. Bring in term limits. Bring back accountability. Give power back to the people. Save democracy.

    Maybe then we’ll have politicians who truly work for the people.

  19. I’d take it a step further. Congressional wage should be tied to minimum wage. They don’t necessarily get paid minimum but if they ever want a raise minimum rises with it

  21. “Hey, you guys should stop tra…”

    “No.”

    “Sounds good. I’m out.”

  22. Do you hear that sound? That’s the sound of IV’s being ripped out of an arm as Pelosi leaves the hospital and is making her way back to DC to fix this

  23. It’s about time! Too many people in government profited on the pandemic, right before it started in the US and cashed out HUGE due to insider knowledge. Should never have been allowed!!

  24. Bipartisan issue. Everyone should agree on this

  25. Don’t need to ban stock trading just drop the ridiculous 60 day required reporting bullshit. If members of congress, and for that matter government, want to trade stocks, who are we to say no. I think the biggest problem with them trading is that they aren’t required to report on it for 60 days. Ridiculous.

  26. Good. Insider trading should be illegal even if you are an elected rep.

  27. Seems like he had a lot of things planned for his second term.

  28. A fucking men Joe. Also, let’s abolish Citizens United, end corporate entities in politics, and make sure that federal jobs are kept federal. Trump is about to come in and privatize everything, essentially handing what’s left of the infrastructure over to the corporations.

  29. If elected to the House, you should be barred from working in the private sector for 5-10 years, and during such time, they should be paid their same salary.

    Congress can generate revenue in a lot of gray ways with their power and access to info. Stock trading, being offered a high paying job after their term by a big business they helped during their term, speeches, selling books as a means of legally laundering payments from someone else, etc.

    The only real way to starve off this gray revenue is to starve off their ability to use influence for personal profit during their term and after their term. 5-10 years of buffer I think would do enough.

    Designate a few retail ETFs that congress is allowed to own. Give them an opportunity to purchase or sell shares once per year at the EOY or EOTY, and have those filings be public 24 hours after purchase. The idea here being that congress only has the opportunity to invest *long term* in wide exposure ETFs, or *America* for lack of a better option. Hell, let them have 1:1 matching by the government for stock purchases. **Congress should invest in stocks in the same way Americans invest in stock– for long term investments** (yes I see you wsb, and no, I don’t mean you, wsb)

  30. So say this goes into effect. Whats stopping them from telling their families where to invest, essentially skirting the ruling?

  31. This is horrible! If you don’t allow them to stock trade, then you will only be left with politicians who want to do their actual job.

  32. Is he saying this because Pelosi is still in the hospital? Lmao

  33. This ban on Congress stock trading…will never pass in Congress.

  35. Wonderful sentiments from a guy on his way out. Too little too late.

  36. Where was he last year when AOC was trying to make this happen?

    First step, get Nanners out of power.

  37. Maybe try saying that 4 years ago rather than with weeks to go. Pfft.

  38. Just wish this wasn’t done at the absolute tail end to his term.

  39. Ahh yes. Wait until the last few weeks of your presidency to go after one of the most corrupting influences on our government. Could have done that from the beginning and most of the country would be all for it, but you know you don’t actually give a fuck and you also know everyone in your inner circle will hate you for it. They won’t care if you bring it up now that your power is 0.

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