As the debate rages over whether or not members of Congress and their families should be allowed to trade stocks, Virginia Democratic Rep. Elaine Luria had a colorful description. of a bill that would ban the practice.
In an interview with Punchbowl News, Luria stated that the proposed ban was “Bulls**t!” Following the elegant characterization of the bill, Luria went on to explain his opposition to the bill, which is quite interesting.
REPORT: Democratic Rep. Elaine Luria doesn’t like Congress’s stock trading ban proposal, calls it ‘Bullsh*t’ https://t.co/MitpPioX5f
– Daily Call (@DailyCaller) February 10, 2022
Here’s why Rep. Luria opposes the bill
Rep. Luria continued as to why he objected to the new bill.
“Why would you assume? I mean, the people you’re choosing to represent you, it doesn’t make sense for you to automatically assume that they’re going to use their position for some nefarious means or to benefit themselves. So I strongly oppose any legislation like that.”
Quite an interesting argument. After all, why would do Do you vote for someone you suspect may be unethical or using their position for their own benefit?
On the other hand, stock trading has proven to be a lucrative side job for members of Congress who only get by on their $174,000 a year. Currently Rep. Luria herself owns between $1 million and $5 million in Facebook stock and NVIDIA stock, and $500,000 – $1 million in Netflix stock.
Pelosi now says that Congress should not be allowed to trade stocks; this after he’s made millions trading stocks… (illegally)
— Chicago1Ray 🇺🇸 (@Chicago1Ray) February 10, 2022
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Already a law on the books
While probably not many Americans know this, there is already a law on the books regarding sitting members of Congress and playing the stock market. The Stop Trading on Congressional Knowledge Act, or STOCK, passed in 2012, and was designed to create more transparency about stock market transactions by lawmakers.
It was also apparently designed to curb insider trading. Of course, the devil is in the details.
The fine for violating the STOCK law is minimal, a $200 slap on the wrist. Excuses for violations of the law include not knowing the law existed and accounting errors.
Recently, Business Insider reported that in 2021, as many as 55 members of Congress were identified as failing to properly report financial transactions as required by the STOCK Act.
Congress moves toward banning members from trading stocks https://t.co/BFytpV1TSn
The profits are too big… you’ll end up with no teeth or no app.
— VeryStableGeniusTrump2️⃣⏺2️⃣4⃣🍊 (@RealTrump2020_) February 9, 2022
Americans on board with banning congressional actions
Americans have agreed to ban members of Congress to trade stocks for a while. A poll by a group called States Action Convention showed that 76% of voters think members of Congress and their spouses have an “unfair advantage” when it comes to the stock market. Only five percent of those who participated in the survey approved of members of Congress trading stocks, 19% had no opinion.
The latest bill, the TRUST Law was presented to Congress in January by Elaine Luria’s fellow Democratic legislator from Virginia, Rep. Abigail Spanberger. The bill would require members of Congress, their spouses and dependent children to put all investments into a blind trust for up to 6 months after leaving Congress.
Blumenthal Bought Robinhood Stock While Asking Congress to Investigate GameStop Trading Frenzy https://t.co/HjmY0qTNqA House Speaker Nancy Pelosi (D., Calif.), one of the most prolific stock traders in Congress, backed a proposal Wednesday to ban members from trading stocks.
— Kimberly Towne (@KimmieT218) February 10, 2022