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Squidworth89 t1_isu50uc wrote

Reply to comment by SobeysBags in Stop The Corruption by sillychillly

Insider trading is a legal term. The laws exempt congress; therefore it isn't technically insider trading.

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mhb20002000 t1_isua953 wrote

Wrong. Insider trading is illegal for everyone. Insider trading happens when you have knowledge gained from your inside position and you use that information to trade in. An example would be a Ford employee knows that they are about to recall a bunch of cars and shorts the Ford stock. This is illegal for everyone.

What Jared and other Congress members are backing is a ban on trading stocks period (some allow for blind trusts) because Congressmen and women learn information that would impact the markets generally and not necessarily a particular stock. I.e. February 2020 COVID is really bad and US economy may shut down like China when it gets here.

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Squidworth89 t1_isuemgz wrote

It’s easy to prove that ford employee knew the stock would tank.

It’s not so easy to prove a politician knows a stock is going to move.

Banning equities is idiotic. It’ll only disincentives people from running. The already wealthy people will still get around it.

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MaineHippo83 t1_iswo2ke wrote

They can invest in mutual funds or use a blind trust. Actively trading stocks of say chip manufacturers when you or your spouse is voting on the CHIPS bill should absolutely be illegal

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Squidworth89 t1_isx8ckl wrote

Your vision is narrow as well as understanding of the matter.

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